Banks for masses or for only classes?There is this great Bank called ICICI Bank, and another two great Banks called Axis Bank and HDFC . If you go down by even just one rupee on the monthly balance, which is different for urban or metro branches and for semi-urban or rural brances, you will be fined. The fine, I now understand, goes up to around Rs.300/-.
Banks any for serving the common man. They are not there to loot the customers. When I questioned the logic of a huge bank balance and fine in case the balance goes down by even one rupee, the Manager of HDFC Bank proudly claimed that there are several services they offer, that cannot be matched by any other bank.
That argument, to use some dignified terminology in this forum, to say the least, was absolutely ridiculous. Their charges are so high, even for the ATM services per annum. They just give you an accident insurance, but for which, each of the aforesaid banks simply loot you and me.
The Federal Bank for example, has a superb service, where in with just a minimum balance of just Rs.1000, one can use the ATM card in any ATM of any bank, any number of times, subject to Rs.20,000 every day. This is one example of customer delight. The Canara Bank allows unlimited withdrawals in their branch ATMs.
These are examples that should be emulated by the rich banks. They should either come down from their ivory towers and start serving the common man. They cannot loot customers in the name of services.