Savings account?

Question

I am a senior citizen & had opened a savings account with bank Mahim Branch, Mumbai, India. Being a senior citizen, (age 78 years) they promised me a lot of things including no minimum balance required to be kept in account. Taking their word to be true, i opened the account even though it was at a distance from my house. I even opened a few fixed deposits with the same branch. I am a person who likes to maintain long term relationship with everyone (including my bankers) therefore it was a nasty shock to suddenly find out that a debit of Rs 625/- . I politely inquired from your branch about the same. They told me that it was for non maintenance of minimum balance of Rs 5000/- . When i pointed out that it was told to me that zero balance was allowed they said they had no powers to reverse the penalty and i should complain to higher authority. I did the same and complained to Ms Sawant who is the asst Branch manager. Complaint is given below "i had sb a/c with mahim branch and as Sr citizen i was exempted from keeping minimum balance.suddenly without any letter or email bank changed the rule and not rs 1000 but 5000 as minimum balance .i was already Sr citizen as my age now is 78 this was and is in yr record therefore rule of minimum balance was not applicable in any case.so intimation to me is irrelevant.so penalty of rs 625 is not legitimate and i am entitled to refund. case is being handled by Mrs sawant.sir please study the case and revers the charge. mdkale pl reply" Please look into the matter asap and refund the penalty ( Rs 625) asap. Please note i still have a few FD's with you and planning to open more. MD Kale (CA)

Answer 1

Dear Mr Kale

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

The bank is in order in levying charges for non-maintenance of minimum balance in your account with them.  However, you being a senior citizen and the promise of no requirement of minimum balance, please make a written request to your home branch for refund / reversal of the charges.  I am confident that the bank would consider your request and refund the charges.  Do get a clarification regarding the maintenance of average minimum balances for future.

RAJA