Standard Chartered Bank — Concerns over certain Banking steps

Address:

Jaipur, Rajasthan

To Whom So ever it may concern. Account No: [protected] Bank Name: Standard Chartered Bank Branch: M.I.Road, Jaipur, Rajasthan. Firm Name: Vivanta We have an Over draft account here in Jaipur. Our account has been active since August 2013. You can check the account details. I would like to put across my concerns straight away. Concern 1:- We got a limit of 1.25 crores initially. We were not comfortable with it, because we wanted lower limits. But bankers kept saying that they do not work on ticket sizes of less than 1 crore. For which we got charged Banking charges of Rs 105337.50/-. Before sanctioning such a amount I am sure the bankers could have understood our turnover by seeing our statements. We had a small turnover. I don know how on earth was the bank expecting us to achieve a turn over of 10 crores in 10 months. While our turnover was comparitively much lesser. In August 2014, our limits got revised to 50 lacs, with which we are comfortable and have not complained against it too. But now why does the bank work on ticket sizes less than 1 crore. Are you lying to your customers? By charging high banking charges and then later revising them. Infact from January to July, my limits had been seized to 32 lacs merely because our turnover was not being met. Obviously, it could not meet. Our firm is a small start up firm. Which is performing well acccording to its size. I would like you to look into this, and hereby respond to this matter. I would like you to revise the charges charged in the beginning, and refund a certain amount. Concern 2:- Recently an L/C had been opened towards my account. The L/C had opened on 19th january 2015 which got discounted on 24th February 2015. In total it took 37 Days to discount. I understand a bank taking 15 days to discount an L/C but 37 days? That is ridiculous. We are being charged interest on our over draft for those extra days only due to incompetency of the bank. Firstly, the document was sent to the wrong address, which wasted 5 working days. And for which i had to personally send somebody to collect from Blue dart, which actually should have been done by your bank. Your banker confirmed our address, but the document got sent to some other address. Secondly, another document which was to be sent to the L/C issuers bank which is Oriental Bank of Commerce, got returned and wasted again 4 working days of mine. Now, i only have to ask, if its the banks fault why does the customer suffer for it? I want the interest that I had been charged for these extra days to be refunded. This is absolutely not right. Concern 3:- Tell your bank officials to talk properly to there clients. Your bankers keep telling statements like, we do not work on ticket sizes less than 1 crore and less than 2 crore. Saying that they are doing a favor by allowing my O/D account of 50 lacs to function. I would like to remind you, nobody is doing any favor for anybody. As a bank you work for us and we work for you. Nor am I doing a favor for you and nor are you. I need you but even the bank needs customers like us. That is not how professionals function. This has to be addressed. I would like a written apology for using such statements towards us. Concern 4:- I would also like to know why our interest rates are not being revised when RBI has reduced its REPO rate by in total .50 basis points. I believe that this benefit should be passed on to your customer too. Why are we not getting the benefits of this. Thanking You Chirag Patni Business Manager Vivanta