Control and limit on Minimum Average Balance Fine collected by Bank
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The banks are imposing a high amount of fine for not maintaining sufficient balance in savings account on monthly basis.
The fine is also based on the shortfall of funds in account against.
I recently come across a HDFC savings bank user without deep banking knowledge who had her salary of Rs 9000 credited to her old salary account which was converted to regular savings account.
And lost around Rs 6000 /Year as fine.
How do RBI or ba justify such a high amount as fine??
Is this not serious exploitation?
Why would people need savings account if the Savings are shaved off???
Through this petition I request that RBI and PMO to regulate the Banks not to collect such high fines. The amount of fine must not be above acceptable rates. Like the drug and surgical implant costs govt should reduce this.
Use if banks are Turing out to be a curse for a class of people.
Earlier banks use to charge around Rs 130 per year for ATM and now post GST it is around Rs 270..
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