Banking rules and remedies.
i am having sip investment in mutual fund, due to some reason failed to keep the money at the exact time of deduction and bank deducts a charge of nearly Rs. 500 per transaction and simply says it is as per their rule. The name of the bank is KOTAK. I also learnt that other Public banks are deducting only Rs. 100 and what to do. Is the banking in India is uniform or not. Imagine a man making SIP of Rs. 500 will face this how. more
Dear all, banks are business establishments and like any other business establishment, they are free to fix their charges for various services. Before opening an account with a particular bank, one must go through them which are available on their web sites. Once an account has been opened with a particular bank, these charges and other terms and conditions have been accepted by the account holder.
Kotak Mahindra Bank's service charges are available on their website. For your convenience, you may visit http://www.kotak.com/general-schedule-features-and-charges-savings-accounts-effective-august-1-2015.html
Public sector banks still do banking with social objectives in mind but this may not be applicable to private sector banks which are solely profit oriented and thus their charges are too high. They deal with classes and not masses.
Hope this clarifies the situation. more
Yes, as Mr.Ashok puts it each Bank has its own policy and rates. Banks like ICICI, HDFC, Axis Bank, Kotak Bank have different rates and certainly not comparable with Nationalised Banking rates. Please check with the Bank (Kotak) why they have charged Rs.500 ? more
Banking rules should not be differs from bank to bank and it should be uniform policy and RBI has to frame guidelines accordingly. more
Each bank has its own policy. This policy provides for different charges levied on different customers. If you are an important customer, private banks even waive off the charges. Negotiate with them. more
Mr Kuppusamy, pl check the forms which you have signed while opening the sip account and verify if any charges are applicable for default in remittance of the sip amount; if there are no such charges specified in the form nor you have not received any intimation of revision in the tariff for failed transactions, you may report the case first to the head office of the bank (concerned dept) and if there is no response then report the matter to the banking ombudsman of the region you belong to (the address details will be available in the branch premises itself on a board hung along with the notice board);
as a precaution pl ask the officer/manager to give you a copy of the tariff rules for your records and verify the same for levying such charges.(http://www.kotak.com/standard-tariff-structure-mutual-fund-transactions.html