It is observed that each bank charges differently and RBI does not have any control on them.
Cheque book is charged Rs. 0.50 to 3.00 per cheque.
Every six months folio charges are charged by bank, which vary from Rs. 1 to 3 per transaction.
Non-maintenance of minimum balance charges vary from Rs. 25 / month to Rs. 300 per month.
At least we know one co-operative bank which charges with service tax comes to Rs. 112.46 per day. Accumulatively if you can't maintain the balance for a month, you have to pay 112.46 x 30 days = 3373.80. Do you know what is the minimum balance that should be maintained in current a/c of that bank ? It's just Rs. 2000.00 (Rupees Two Thousand only).
So on failing to keep a balance of Rs. 2000, you have to pay Rs. 3373.80 as penalty. And this penalty is on the amount which you have utilized from balance in your account. It's not a loan from the bank.If you calculate the interest rate then it comes to approximately 150 % per month and 1800 % per year.
How RBI or the Bank will justify above charges. Though RBI can't control banks, there should be some upper limit for all types of charges. Even if the cheque is returned by mistake on bank's side, the party is charged with the penalty and to get the entry reversed, party has to go to the bank for at least 4-5 times.
Will you like to know the name of the bank, it is Veershaivya Co-operative bank operative in Mumbai and is having 6 branches.
If you have any such problems with your bank, let India know it, comment here or write an article on our blog.
Other Articles :
Cheque book is charged Rs. 0.50 to 3.00 per cheque.
Every six months folio charges are charged by bank, which vary from Rs. 1 to 3 per transaction.
Non-maintenance of minimum balance charges vary from Rs. 25 / month to Rs. 300 per month.
At least we know one co-operative bank which charges with service tax comes to Rs. 112.46 per day. Accumulatively if you can't maintain the balance for a month, you have to pay 112.46 x 30 days = 3373.80. Do you know what is the minimum balance that should be maintained in current a/c of that bank ? It's just Rs. 2000.00 (Rupees Two Thousand only).
So on failing to keep a balance of Rs. 2000, you have to pay Rs. 3373.80 as penalty. And this penalty is on the amount which you have utilized from balance in your account. It's not a loan from the bank.If you calculate the interest rate then it comes to approximately 150 % per month and 1800 % per year.
How RBI or the Bank will justify above charges. Though RBI can't control banks, there should be some upper limit for all types of charges. Even if the cheque is returned by mistake on bank's side, the party is charged with the penalty and to get the entry reversed, party has to go to the bank for at least 4-5 times.
Will you like to know the name of the bank, it is Veershaivya Co-operative bank operative in Mumbai and is having 6 branches.
If you have any such problems with your bank, let India know it, comment here or write an article on our blog.
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