AXIS BANK - minimum balance is 10,000 or 1000 fine

Bank is a commercial organisation and they have to show profit to exists. Rate of Interest on loan are decreasing, NPAs are increasing, income on ancilliary service has gone down, hence the only alternative is increase charges on depositors. more  

During the last couple of months, private and public sector banks have become harsh on customers. The main issue is minimum balance, and if it is not maintained, customers are charged. Recently an acquaintance of mine mentioned to me that from his account in ICICI Bank, in Tamil Nadu, Rs 8000/- was deducted in the beginning of April 2017, towards MAB Charges for the previous year. Before doing so, they did not inform him. He found out only when he checked his account online. When he called up the Bank, they said he is supposed to maintain a balance of Rs 10,000/- which was not there for sometime. So they recovered charges of Rs 8000/- when some amount was credited in the account. In terms of efficiency and customer service, ICICI is a good bank, but deducting such an amount without informing the customer is a rogue and sleazy act. Banks cannot become so unfriendly and un co-operative. They should have cautioned the customer that he will be charged for non maintenance of minimum balance as soon as they detected below minimum balance. Instead, they did it in a covert manner which is not correct which concerned higher bank authorities should take a note. SBI has also introduced a minimum balance of Rs 5000/- and very soon other Banks may follow suit. Those who formulate laws in Banks should understand that the financial situation of a customer cannot be on a high all the time. A business loss or job loss can make a customers’s account stagnant or without activities. Bank procedures need to be very much transparent to keep the customer well informed of any debit/credit activity in his account. Also Banks should make account closing procedures simple for customers who wants to close their accounts. Why can’t Banks accept an email or letter from the customer to close the account, and initiate account closing formalities. I have read many reviews of ICICI Bank not responding to email or letter to close accounts but continue to debit MAB Charges. For Banks, this minimum balance rule is a new way of making money by exploiting middle class customers. more  

Axis Bank is a looter. I used debit card at petrol pump and CNG pump, as per govt 0.75% cash back was given but now axis Bank is deducted 5%service charge two times. more  

I fully agree that bank's primary function is to receive and disburse cash. they are not supposed to charge for these mandatory services. on the one hand our PM wants cashless economy and e transactions we are treated by banks like they are favouring us doing their duties. RBI should intervene and fixed charges only for additional services exempting the standard banking operations like cash deposits and withdrawals, minimum balance to be maintained, remove restrictions on number of operations in the account, ATM and locker operations more  

Instead of shouting at them, just leave out these kind of banks and get an account in a post office or we need to adopt a new kind of saving money. more