[Resolved] HDFC Bank — depository charges

akshay24314

from Mumbai, Maharashtra

Address:

Mumbai-Matunga, Mumbai City, Maharashtra, 400019

This is in reference to the transaction made into my account without intimating me by hdfc bank.

An amount of rs 620.50 has been debited on 14th aug 2019 from my salary account, mentioning about 'depository charges depository charges jul[protected]. I have never used this account.

I am aghast to see this has happened second time inspite of me not using the demat services and when the account was given to me it was told that it would be absolutely free. This is clear exploitation of customers.

Please help and give me an update on [protected]@gmail.com

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Sep 25, 2019

Complaint marked as Resolved

HDFC Bank customer support has been notified about the posted complaint.

Verified Support

Aug 19, 2019

HDFC Bank Customer Care's response Dear Customer,

The charges levied to your account pertains to Annual Folio Maintenance charges (FMC) for your Demat account. Service Tax & Education Cess is levied separately. The FMC is levied after giving adequate advance intimation in the billing statement.

Effective September 01, 2010 there is a revision in the ‘standard’ tariff with respect to the Annual Folio Maintenance Charges (FMC) from Rs. 500/- p.a. to Rs. 750/- p.a.

We have introduced a differential transaction based FMC pricing model. Basis this model, the FMC payable by you would be based on the various slabs applicable to the transactions made in your Demat account. This flexibility will give you an opportunity to reduce the FMC in the subsequent year, basis the level of transactions carried out in the current billing cycle (1 year prior to levy of FMC).

Note: All transactions (Market, Off- Market, Demat and Remat) made over the current billing cycle would be considered for computing the subsequent year’s FMC. Presently Mutual Fund & Pledge related transactions made over the current billing cycle (1 year prior to levy of FMC) would not be considered for computing the subsequent year’s FMC applicable for your Demat account

Please feel free to write to us at: [protected]@hdfcbank.com for any further assistance/clarification and we shall be glad to assist you.

-Nadia
HDFC Bank Customer Assistance