Stop banks from levying Fines for less balance in Savings Accounts
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There is a very serious issue which affects ALL the savings bank account holders with all the Banks in India today. If the customers do not maintain a minimum balance in their accounts, then the Banks can deduct some fee or fine by themselves through their computer systems.
That the facts are as follows:
More than 80 p.c. of the customers who have savings accounts are subsistence level customers who face great hardships to have a little surplus which they put in their accounts.
97 p.c. of the customers transact within Rs. 3 lakh at any given point of time with their accounts and obviously remaining 3 p.c. may deal with transactions above Rs. 3 lakh. So, the minimum balance rule affects and hits hard the group of 97 p.c. customers who come from the lower class, lower middle class, and marginalized sections.
The amount of money kept in the savings bank accounts by the customers may be Re.1, Rs. 10, Rs. 100, Rs.1000, Rs.10000 or more depending on the surplus available with them. But the greatest fact is that ALL these amounts actually help the banks to get their capital and also to improve their liquidity.
So the major question is –How can the banks penalize ANY customer for keeping some amount of money in the accounts?
The customers only deserve to get interests(more or less) depending on their respective amounts; never punishment nor penalty.
All the customers deposit their money in the savings accounts after paying multiple taxes including income tax, property tax, transaction tax, CGST, SGST, professional tax and host of other taxes. But now they are forced to pay fees/ fines/ commission charges/ taxes etc on the amount kept in the Banks for –
Wallet related payments
Less Balance in their accounts etc
This may be regarded as levy and payment of fees, fines, commissions and taxes just for keeping some money in the Banks. Imagine for a minute. All these atrocious fees, fines etc are being paid by all of us just because we help the Banks and the banking system!
Suggestions and Way out
All of us may appeal to Hon’ble Supreme Court of India to consider this case as a PIL concerning the entire population of our country linked to the banking system.
It should be considered as a part of our fundamental rights and basic structure of the Constitution of India so that no Government (including legislature) should be able to pass a law (and rules) to bypass the judgment of Hon’ble Supreme Court of India in any future time.
All the Rights Groups, Consumer Organizations, Mass Media, Social Media and individual citizens should take up the issue immediately and help stop this unimaginable idea and practice forthwith.
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