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Minimum-balance-charges in banks

Kashmir Times. Dated: 8/7/2017 5:56:17 PM

Dear Editor,
Central Bank of India suddenly in June 2016 adopted uniform operational-year for all lockers as 1st July to 30th June thereby debiting the locker-linked savings-accounts of those having lockers with the bank by proportional rent till June, 2016 without informing the customers. Counter-staff also revealed that Minimum-Balance requirement was also raised from earlier rupees 1000 to 2000 that too without informing the account-holders.
Even no notice in this respect was ever seen anywhere in the bank-branches. Both these aspects resulted in bank-balance going below increased Minimum-Balance requirement making bank auto-debit accounts with no fault of customers. Bank should auto-credit such unduly charged Minimum-Balance-Charges.
Corrective steps should be taken by making operating-year for lockers either as calendar-year or financial-year. Any change in bank-charges should be duly notified to bank-customers through e-mail, SMS and prominently placed notice-boards in bank-branches.
With central government post-demonetization stressing more on banking-transactions, Minimum-Balance requirement for savings-accounts with cheque-book facility should be uniform rupees one thousand in all banks. Minimum-Balance requirement should be printed in pass-books on cover-page.
In case of revision, it can be mentioned in columns of banking-entries since it may not be practical to provide fresh pass-books with newly printed cover-page.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.