Canara Bank — ECS DR RTN SC SB charges-Canara Bank

Address:

Bengaluru

An amount of Rs. 1000 was to be deduced from my Canara Bank SB against a SIP, which got rejected due to insufficient account balance. So bank charged Rs. 589 which is way too high. It is about 60% of the amount. Bank will pay same amount in 8 years if I deposit Rs. 1000 with them. There is no prior warning or a grace of 1-2 days. Banks are using this as a tool to fill up their balance sheets.

Desired Resolution:
I completely agree the mistake from my side. But the charges are unreasonable too high without a warning or a grace period. It should be proportional to the amount or it should be in range of Rs. 100-200. Please consider it as voice of common citizen, it's hard earned money.