[Resolved]  Savings Account — Non Maintenance of Minimum Balance

Kotak Mahindra Bank is one of the worst bank which i ever have seen. I am working as a life insurance agent at Kotak Life Insurance Ltd., for which i get a commission on the policies which i have got to the company & the commission amount will be credited to my kotak mahindra bank which was opened by kotak Life insurance company itself. Now my account balance is showing a negative balance. When i checked with the customer care for the reason of negative balance in my account, they told me that i have to maintain a minimum account balance of Rs.5, 000 every quarter, if not maintained a charges of Rs.750 + service charges will be imposed (deducted from the account)every quarter. Actually the account is a commission account & now i have stopped doing the business, so my account balance would be around Rs.700. After deduction of the penalty charges by the bank people my account now is showing a negative balance. Such kind of banks will be difficult to survive in a present competitve world. When we look at SBI & other banks they are offering a minimum balance of Rs.500, which is good enough. Few banks are offering with zero balance account. When this is a case, why cant kotak bank reduce its minimum balance limit from immediate effect.