| Address: | Mumbai Suburban, Maharashtra |
I had opened an account with HSDBC Bank ltd Chembur branch more than 10 years ago (a/c no[protected]. It is a smart money saving with a deposit of Rs. 25,000/- and an O/d facily to withdraw upto 90 % of FD amount. Now any time the amount gets over 1 lakh in my account the bank changes the status of my account into Power Vintage and Power advance. Whereby i have to maintain a minimum balance of Rs.1,00,000/- in my account. It has happened to me twice and without taking my permission. They have just sent me a letter stating that i have now so many facilities and no where in the letter it is mentioned that i have to maintain a minimum balance of Rs.1,00,000/- or i pay a penalty to the bank. I want to know whether Bank has a right to do this? They have also issued me a new cheque book to that effect. It is called priviliged banking by them !
On visiting them they have returned the status of my account. But I want to make this public because there may be so many other customers who may be unaware about the details and only come to know later what has happened. Was this information helpful? | 
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Dear Mr. Panda,
Your savings account : 021-xxxxxx-006
Reference Number :[protected]
We refer to your secured message of 11 November 2011 received through
[protected]@hsbc, regarding your Hongkong and Shanghai Banking Corporation
Limited, India (HSBC) Account.
We request you to note that, as per the revised tariff structure with
effect from 01 July 2011 customers are required to maintain an a Total
Relationship Balance (TRB) of INR 3, 00, 000 in a combination of savings
account balances, term deposits, holdings in Demat account held with
HSBC India, investments and life insurance through HSBC India including
a minimum average quarterly balance of INR 50, 000 in the HSBC India
Advance savings / current account (or)
have a Mortgage relationship of INR 15 lakh (Rupees fifteen lakh only)
or more with HSBC India or Hold a Corporate Salary Account under HSBC's
Corporate Employee Program in India, with a net monthly salary credit of
INR 50, 000 (Rupees fifty thousand only) or more into the account to
avoid levy of balance based charges.
In case of not meeting the above mentioned eligibility criteria a
service charge of INR 1500.00 per quarter would be levied.
We clarify that the average balance maintained in your Savings Account
021-xxxxxx-006 for the quarter 01 July 2011 to 30 September 2011 was INR
75966.30.
Hence, INR. 1, 654.50 has been debited from your savings account
021-xxxxxx-006 on 21 October 2011 towards non maintenance of Average
Quarterly Balance in your account for the quarter 01 July 2011 to 30
September 2011.
Please be noted that if you convert your account to normal savings
account, the following criteria is followed.
Maintain an Average Monthly Balance (AMB) of INR 75, 000 in the
combination of minimum INR 25, 000 in the linked fixed deposit including
the minimum monthly balance of INR 25, 000 in the savings account/
current account and remaining INR 25000.00 either in liquid balance or
deposit balance.
In case of not meeting the above mentioned eligibility criteria a
service charge of Rs. 350/- per month would be levied.
We request you to confirm whether we can convert your account to normal
savings account.
For further queries please feel free to message us we will be glad to
assist you.
Assuring you of our best services always,
A complete list of our Phone Banking numbers is available at
http://www.hsbc.co.in/in/personal/phone.htm
Yours sincerely,
Nishanth Balakrishnan
Customer Service Executive
The Hongkong and Shanghai Banking Corporation Limited, India (HSBC)
[protected]
Dear Sir,
1. Please let me know when did I instruct HSBC to convert my Normal Savings Account to an advance Account and through what documents ?
2. Please note that I had instructed M/s HSBC through my email to [protected]@hsbc.co.in - Dated[protected] The date on which I was informed about new service Charges over email by HSBC), not to consider my account as an advance account and to covert the same to a normal savings account. HSBC has assigned Service Reference Number : [protected] to that request and I was given to understand that my account was a normal account with Average Balance requirement of Rs 75000.00
3. I have the records of these communications which can be produced, if required.
4. Hence the Non Maintenance of Av Balance charges of Rs 1500 + Tax is unjust and malicious and is an example o[censored]nfair trade practices.
5. You are requested to revert same as well is convert this savings account to Normal Savings account if already not done in your records.
[protected]
Dear Mr. Panda,
Your savings account : 021-xxxxxx-006
Reference Number :[protected]
We refer to your secured message of 11 November 2011 received through
[protected]@hsbc, regarding your Hongkong and Shanghai Banking Corporation
Limited, India (HSBC) Account.
We request you to note that, as per the revised tariff structure with
effect from 01 July 2011 customers are required to maintain an a Total
Relationship Balance (TRB) of INR 3, 00, 000 in a combination of savings
account balances, term deposits, holdings in Demat account held with
HSBC India, investments and life insurance through HSBC India including
a minimum average quarterly balance of INR 50, 000 in the HSBC India
Advance savings / current account (or)
have a Mortgage relationship of INR 15 lakh (Rupees fifteen lakh only)
or more with HSBC India or Hold a Corporate Salary Account under HSBC's
Corporate Employee Program in India, with a net monthly salary credit of
INR 50, 000 (Rupees fifty thousand only) or more into the account to
avoid levy of balance based charges.
In case of not meeting the above mentioned eligibility criteria a
service charge of INR 1500.00 per quarter would be levied.
We clarify that the average balance maintained in your Savings Account
021-xxxxxx-006 for the quarter 01 July 2011 to 30 September 2011 was INR
75966.30.
Hence, INR. 1, 654.50 has been debited from your savings account
021-xxxxxx-006 on 21 October 2011 towards non maintenance of Average
Quarterly Balance in your account for the quarter 01 July 2011 to 30
September 2011.
Please be noted that if you convert your account to normal savings
account, the following criteria is followed.
Maintain an Average Monthly Balance (AMB) of INR 75, 000 in the
combination of minimum INR 25, 000 in the linked fixed deposit including
the minimum monthly balance of INR 25, 000 in the savings account/
current account and remaining INR 25000.00 either in liquid balance or
deposit balance.
In case of not meeting the above mentioned eligibility criteria a
service charge of Rs. 350/- per month would be levied.
We request you to confirm whether we can convert your account to normal
savings account.
For further queries please feel free to message us we will be glad to
assist you.
Assuring you of our best services always,
A complete list of our Phone Banking numbers is available at
http://www.hsbc.co.in/in/personal/phone.htm
Yours sincerely,
Nishanth Balakrishnan
Customer Service Executive
The Hongkong and Shanghai Banking Corporation Limited, India (HSBC)
[protected]
Dear Ms.Sunita Sharma,
Part-1
1. I understand that you are asking for 7 days to convert my so called "Advance Account" to
"Regular Savings account" starting from 15th Nov 2011.
2. I also understand that you had "upgraded" my account to "Advance" without my explicit written
concurrence.
3. You are silent on the fact that in reply to your "Average Quarterly Balance mailer", I had explicitly
requested in writing to convert my account to "Regular
savings account" stating that I shall not be able to maintain the AQB requirements - which you
(HSBC) have received and replied on date[protected]. But you failed to carry out the instruction /
Request. As a result of this failure on HSBC, the account was treated as "Advance" for quarter
July-Sept 2011. If you had acted on this request/Instruction on[protected] the account would have
been treated as "Regular" and it would not have attracted AQB charges.
4. Please note that my request to reverse the "unjustified" charges was based on the
communication referred at point 3 above. I did not request you to
reverse the charges out of sympathy or kindness.
5. In view of above I request you once again to revise your stand " ... that Average Quarterly
Balance of accounts has been displayed in our branch notice boards and website. Hence, we regret
to inform that we are unable to reverse the charges. " . The reason why I implore you is that I have
communicated to you to convert the account much before 1st July 2011 ie. on 31st May 2011.
Part-2
6. Will it be possible for you to furnish the method of calculating the Average Balance for Quarter
1-July to 30-Sept 2011 for my account and how you have arrived at the figure of 75966.30 ? I
understand that the Average balance calculation will include savings A/c & Term Deposit both. If the
Balance in one of the term deposits was 100000.00 for the whole quarter, then the average of all
term deposit & savings account should be higher. isn't it. Please excuse my ignorance, hence I am
requesting the calculation.
With best regards