HDFC BANK- SERVICE CHARGES:
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Now you'll be penalised for depositing cash in your own bank A/c!!
Impact
The second largest private sector bank - HDFC Bank Ltd., has decided to charge 50 per month if a customer's savings or current account has remained inoperative for a year.
The bank has also decided to levy a penalty for non-maintenance of minimum balance on monthly basis instead of quarterly basis. Thus now, a regular savings deposit account holder in one of HDFC Bank's metro or urban branch will have to pay 250 per month if his average monthly balance in between 5,000 and 10,000, while those having an average monthly balance of less than 5,000, will be charged 350 per month. Moreover if the average monthly balance is not maintained, customers will be permitted only three branch transactions through cheques and two cash transactions free of cost in a month. For every additional branch transaction there will be a charge of 75 and the customer will have to pay 100 for every additional cash transaction.
The bank will also charge its "non-managed" customers depositing a sum of money over 100,000 in cash during a day in their savings account at the home branch. The customer will have to pay 25 for every 50,000 cash deposit in a day over 100,000 in their home branch. It is noteworthy that "non-managed" customers are typically those clients who do not have a private banking or wealth management relationship with the bank.
The new service charges also include penalty if a standing instruction is rejected, fees on regeneration and physical dispatch of personal identification number (PIN) for phone-banking and internet banking, charges on any deliverable returned due to change in consignee's address.
We believe that the changes in the service charges and fees by the bank seems to be out of insecurity that the bank customers may be lured by other competitive banks who are offering higher interest rates on savings bank account post the deregulation of interest rate on savings bank account by the RBI.
Stringent charges levied on bank customers will not make them contented either and may prove to be detrimental in the long run for the bank itself. It is unfair for a bank to levy additional charges just to be in competition and protect its market share.
Post Your Comments
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Now you'll be penalised for depositing cash in your own bank A/c!!
Impact
The second largest private sector bank - HDFC Bank Ltd., has decided to charge 50 per month if a customer's savings or current account has remained inoperative for a year.
The bank has also decided to levy a penalty for non-maintenance of minimum balance on monthly basis instead of quarterly basis. Thus now, a regular savings deposit account holder in one of HDFC Bank's metro or urban branch will have to pay 250 per month if his average monthly balance in between 5,000 and 10,000, while those having an average monthly balance of less than 5,000, will be charged 350 per month. Moreover if the average monthly balance is not maintained, customers will be permitted only three branch transactions through cheques and two cash transactions free of cost in a month. For every additional branch transaction there will be a charge of 75 and the customer will have to pay 100 for every additional cash transaction.
The bank will also charge its "non-managed" customers depositing a sum of money over 100,000 in cash during a day in their savings account at the home branch. The customer will have to pay 25 for every 50,000 cash deposit in a day over 100,000 in their home branch. It is noteworthy that "non-managed" customers are typically those clients who do not have a private banking or wealth management relationship with the bank.
The new service charges also include penalty if a standing instruction is rejected, fees on regeneration and physical dispatch of personal identification number (PIN) for phone-banking and internet banking, charges on any deliverable returned due to change in consignee's address.
We believe that the changes in the service charges and fees by the bank seems to be out of insecurity that the bank customers may be lured by other competitive banks who are offering higher interest rates on savings bank account post the deregulation of interest rate on savings bank account by the RBI.
Stringent charges levied on bank customers will not make them contented either and may prove to be detrimental in the long run for the bank itself. It is unfair for a bank to levy additional charges just to be in competition and protect its market share.
Post Your Comments
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