HDFC Bank is charging as much as Rs. 600 per month for non maintenance of minimum balance

Source


seems unreasonable. but it's possible that this account was one of the higher end ones with higher balance requirements than normal with extra privileges. still kind of insane.

No normal saving account

MB Slabs
(in Rs.)Metro & Urban
AMB Requirement -Rs 10,000/
->=7,500 to < 10,000 -------------Rs. 150/- per month
>=5,000 to < 7,500---------------Rs. 300/-
>=2,500 to < 5,000---------------Rs. 450/-
-0 to < 2,500--------------------Rs. 600/-


Other banks are almost same like Axis bank the biggest chor bank.

just wow.

all private banks icici, kotak have similar charges for non maintenance of MAB but according to RBI rule bank cannot charge penalty after Rs 0 so balance should not be -ve but if you deposit money they will deduct their previous charges.

Its really fucked up to be punished for being poor. Banks could disable some services temporarily or charge a reasonable penalty if account holder wants to continue using account else just close the account after a time-period.

yeah considering banks do not get penalized for having empty atms or deficiency in services. it's kind of insane that how these banks get away with providing awful quality of service to customers.

Smh said:

...according to RBI rule bank cannot charge penalty after Rs 0 so balance should not be -ve but if you deposit money they will deduct their previous charges.

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This happened to me a couple of years ago. I put 2k into an ICICI account that hadn't been touched for over 2 years and woosh the money disappeared the next instant saying MAB charges for so and so quarter. Ended up closing the account as I was sure any further deposits would end up going into a blackhole. The remaining MAB charges were fortunately waived off then.

Being naive, I was under the impression that MAB stood for Minimum Account Balance rather than Monthly Average Balance and that only 10k needed to be deposited in the account every month. 😛

Even now I get charged anything between 300-500 every so often.

ICICI requires an FD of 1.25 lakhs to waive off MAB charges every month.

so can you withdraw 5000 every month from your acc and re-deposit it twice in your account ? 😛

this is from icici

Debit balances are taken as zero for MAB calculation.
Monthly Average Balance = Sum of closing balance for all days in a month (Day 1 + Day 2 + Day 3 +...... + Day 30) Divided by Number of Days in a month (30).
Example: If the balances in Current Account are: October 1 (Rs 2000), October 2 (Rs 1000), October 3 (-Rs 1000, i.e., debit balance of Rs 1000), Average Balance as on October 3 = (Rs 2000 + Rs 1000 + Rs 0) / 3 = Rs 1000/-. Note: October 3 balance is taken as Rs 0 as it is in debit balance.

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mab and minimum bal is really confusing, both require minimum bal of 10k

In India atleast it stops at zero.
In west if bank account is left unclosed and can be handed to debt collector when amount reaches certain negative value.

It really is frustrating. I opened a basic account in a public sector bank to avoid all these extra charges and the experience has been truly horrible. They treat you like dirt ( maybe just an isolated instance at the branch) and worst of it, even the basic customer service assistance is woefully lacking. For me, they just disabled internet banking for no reason one day and I had to visit their main branch in the city to even lodge a complaint. So in that respect, things at the private banks are more convenient.

customer service of some PSU banks like SBI, Central Bank and other popular ones is really bad because they have too many customers and the sarkari babu attitude. Many people who don't like these banks are stuck with it because of pensions or some govt scheme.

While service of other not so popular PSU banks like Bank of Baroda, Indian Bank, Canara Bank can be decent depending upon the local branch location.

happened to my sis with hdfc bank too. she left her job so they converted her salary acc to saving account. she called them to close the account but told we need to visit home branch to close the account (even if their own website and customer care tell that any hdfc branch will do, not just home branch). she was in another city so she just left it at that. But these bastards took the balance to negative and my sisters friend deposited 3k into it and bam all of it gone.

she had to come back to hyd to close account but still these bastards wouldn't close her account. So I printed a "Account closing form" from their website, filled it up and went to nearest hdfc and asked them to close the account or else I'll leave a complaint with ombusman then and there itself. fuckers then closed the account. so much for customer care in private banks

i have had a similar experience with icici. i got tired of the quarterly sms charges on my secondary account that i had since the late 90s.
so i decided to shut it down. filled up the form and completed all the formalities. left around 300 bucks in it which i assumed would be released to me in form of a cheque.
few months down the line... the cheque never came. and i forgot about it. after around six months, i got a bank statement in mail. apparently the account was never closed. and they had eaten up the 300 bucks because of low balance.
went to the bank, filed a complaint through twitter. bank officials got the 'message' from the above. they were quite apologetic and again got the forms filled and stuff.
in my final statement, i found out that they also ate up the interest generated from the original balance and the leftover balance.

my icicidirect account is still not shut down. i still get the password grid every couple of months. have tried enquiring how i can shut it down. apparently they did close my dmat account (which i had to shut down before applying for bank account closing). but icicidirect is more than just dmat so the parent account remains active.

did you closed both trading and dmat acc ?

don't remember actually. i had a few shares. sold them. not sure if i called up the helpline to close my account or went to their office. tbh, i never really understood how online trading worked. it was connected to my icici bank account so after i got the money from the share sale in my account, i moved the excess money to my primary account and applied for bank account closure.