[Resolved]  IDBI Bank — Illegitimate Charges - Breach of Trust

Address:

Mumbai City, Maharashtra

This refers to illegitimate charges for the maintenance of a demat account levied on my account. I had opened an account with IDBI Bank in 2010. During that time I was told by an IDBI correspondent that there are no charges for a demat account and hence recommended opening the same for purposes of investing in infrastructure bonds. With that trust, I went ahead with opening the account. Three years later on 17th June 2014, I see a Demat Charge of Rs. 1158 automatically deducted from my bank account. Upon discussing this matter with a bank representative, I was told that Demat charges of Rs. 386 per year are fees for maintaining the demat account and hence those charges reflect on my account. I was assured by the Chembur branch executive that a charge of no more than Rs. 386 will be levied annually for maintenance of the account from then onwards. On 9th December of 2014, my account was debited with Rs. 2809 without any precedence. The bank stated that these are charges for the year 2015 levied in advance. Upon questioning the bank representative, they were unable to rationalize this advance charge. However, they were still adamant that these charges shall prevail. This clearly demonstrates a BREACH OF TRUST. I request the consumers to be extra cautious of IDBI bank and to not get lured by their representatives' marketing campaigns.