Question about minimum account balance in HDFC

D

dpandey

Level F
Hi Guys,

someone who works for me just started using a savings account that had been idle for 2.5 years (there was no money in it). The account had been created by his previous employer.

HDFC has deducted about Rs 9000 (multiple transfers of Rs 700). as penalty for not maintaining the minimum amount.

I was wondering what his options are right now.

- Is there any chance HDFC will forgive the penalty?
- Will they let him close the account without paying the remaining penalty? (the total, I am assuming would be 30 months * 700 ~ 21 thousand)
- Or is the best option to cut his losses and never to deal with HDFC again.

Thanks
 
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As per RBI regulations,
-Minimum balance penalty cannot be levied on inoperative (dormant) accounts during the period of inoperation.
-Minimum balance penalty cannot be levied so as the balance of the account turns negative.

So in your employee case, what has already been deducted (Rs 9000) is gone but the total you are assuming Rs 21000 (700*21) is not applicable.
 
rajanmehta said:
So in your employee case, what has already been deducted (Rs 9000) is gone but the total you are assuming Rs 21000 (700*21) is not applicable.
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There were 13 debit transactions of Rs 700 each yesterday (prob 600 + 18% GST). Hard to believe they wont do it again. There is either a loophole in the RBI order or they are just taking their chances.

Anyway, I sent him to the bank today. One employee offered to help him recover some of the money (~3000) if he signed up for a pension plan (prob atal). The min balance was also reduced to 5000 (lowest for an urban branch). This guy got sweet talked into signing up for the pension plan.

So I sent him back again to request cancellation of the pension plan. This time the HDFC guy made him to sign an account closure form. He was told this is the only way out of the pension plan.

So that is where things are. I am pissed off that they tried to manipulate this poor barely literate guy. Unfortunately, I am not in the same city, so can't do much.

If the account is closed, recovery of any money would prob become more difficult.

anmolbhard004 said:
this.
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My own experience has been that banking processes are quite malleable. If you pull the right strings, you can get things done.
 
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Well here's my just recent exp. I have an axis salary account since a decade now and no idea when I activated their demat.
But this wednesday they slapped me a charge of some 590 towards demat.
When I contacted axis cc, they told to dial demat services. When I did, the ivr asked me to enter my cell no for validation and then said system doesn't recognize this no. and bla bla. Tried over 20 times, finally reached out the the rm who again is a dubass lady kept giving reasons she will ttyl and she never got back to me.

Sent an email to demat team they said as per rbi bla bla I have been slapped charges and then there was some category mentioned and I fall in the lowest category with NIL charges yet I have been charged for higher slab. Pure bs!

Will open another thread for this but seems banks are taking undue advantages around fooling customers in the name of rbi.
 
Write to RBI about BANK minimum balance deduction with non-operative account.
Write to SEBI about Demat charges ...

and wait, if something positive happens will be good, if not than ... move on with lesson.
 
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