Complaint Details

Status	:	Closed
Complaint No	:	0038119/2015
Category	:	Banking
Date	:	03-02-2015
Subject Line	:	Regarding Reversal of Min Bal Non Maintenance Chg - Kotak Mahindra Bank
Complainant	:	Rakesh A R
Address	:	SOWPARNIKA SP-V-210-2 KARIYAM SREEKARYAM PO
Complainee	:	Kotak Mahindra Bank
Address	:	No.4M-411, S.K.L.N.S. Complex, 3rd Block, Kammanahalli

Complaint Details
My customer relationship number is 46089327.

This is the second time, a clear violation of RBI rules have been made on my saving account from Kotak Mahindra bank. An amount of Rs.842.70 has been deducted twice(total Rs.1685.40) from my savings account on 1st January, 2015 stating the reason as 'Min Bal Non Maintenance Chg for Apr 13 and May 13'.

I have already brought to Kotak Mahindra bank's notice that this account was opened as a zero balance savings account as promised by their bank representative who visited my office for account opening drive. The penal charge for non maintenance of minimum balance which was deducted from my account on July 31, 2014 was refunded on Nov 20, 2014 after raising several tickets with Kotak Mahindra bank's service desk(SR#1-3025692904) and finally with the nodal officer(SR#1-3036039131 & SR#1-3156081305).

As advised by Kotak's bank officials, I have changed my account scheme to one which requires Rs.10,000 as minimum balance and I have been maintaining it ever since the Ac scheme was changed. I don't understand why I am again being charged wrongly for the same reason when the previous ticket raised has been resolved following a total refund of deducted amount back to my account from Kotak bank.

Whenever I make a transaction online or at an ATM, I instantly receive SMS on my registered mobile number regarding the transaction. But I wonder why I never get an SMS or atleast an email notification when the amount is being deducted by Kotak Mahindra bank as charges like this. The amount deducted from my account by your bank came to my notice while checking the statement online. I wouldnt even have known about this deduction if I hadnt checked my account online. This is a clear disregard for RBI rules and customer relationship.

Please find below the extract from RBI notification dated November 20, 2014 related to 'Levy of penal charges on non-maintenance of minimum balances in savings bank accounts':

Levy of charges for non-maintenance of minimum balance in savings bank account shall be subject to the following additional guidelines:
(i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable.
(ii) In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder.
(iii) The policy on penal charges to be so levied may be decided with the approval of Board of the bank.
(iv) The penal charges should be directly proportionate to the extent of shortfall observed. In other words, the charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account. A suitable slab structure for recovery of charges may be finalized.
(v) It should be ensured that such penal charges are reasonable and not out of line with the average cost of providing the services.
(vi) It should be ensured that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance

I have attached my account statement and RBI notification for your reference.

I request your help to get a full reversal of the charges which were applied wrongly on my account at the earliest.

Replies