Program Management Fee?

Question

I can see that the my bank has deducted Rs. 114.5 from my account under the name- Program management fee for Jan-March 2016. What is this fee about? What is the program the bank is offering? The bank did not notify me earlier about any such fees. I did not opt for any service, hence to deduct customer’s money without taking their concent is not lawful.

Answer 1

Dear Rakzim

At the outset, let me clarify that this site is designed and managed 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.

If bank is making certain deductions, which have not been authorized by you, the best course would be to handover a written complaint to the home branch, seeking clarification regarding the debits.  Once it is in writing, the home branch would be under obligation to respond to you.  Once the bank reverts with the details of charges / clarifies the reason for such debits, you need to decide whether their response is to your satisfaction and if not may further email your grievance to the Nodal Officer.  The contact details of the Nodal Officer would be available on Bank's website.  The Nodal Officer would ensure a proper response to your issue.

RAJA