One Hundred and three rupees recovered by bank for not keeping 100 rupees minimum balanceThis relates to a recent real experience.
My wife had opened a Savings Bank account in one of the nationalised banks in the last week of February 2017 by remitting the minimum needed one hundred rupees. The account did not avail cheque book facility or ATM card facility. The idea was to gradually add small amounts saved periodically from the limited income she/we have.
But on 26 th March 2017 the bank recovered about 21 rupees for sms charges. The irony is that there was just one sms till then that also confirming the opening of the account. On the last day of March 2017 the bank again recovered Rs 51.76 as charges for not maintaining minimum balance. Can we imagine? The balance dropped only because the bank recovered charges without any prior intimation. The deficiency was for just 6 days in the month and due to the bank recovering a charge. And for that they recover more than fifty percent of the needed minimum balance. How unjust and cruel.
In April second week, we remitted an amount many times more than the needed minimum to shore up the balance. In May last the bank again recovered 51.76 as minimum balance charges. We were shocked. Whatever way the bank may justify, in effect the bank has recovered Rs 103.52 as charges for not maintaining minimum balance of Rs 100 for just 22 days.
What is the apt word to describe the bank's action?
We have given a letter to the bank to reverse the recovered charges, as they are for no fault of ours. We have also requested them to cancel the sms facility forthwith as the charges do not reflect reality based charges. We are waiting for the results.
I would like members to react on this and cite their own experiences if any.