Standard Chartered Bank — exorbitant account maintenance charges

Address:

L142, Gulshan Vivante, Sector 137, Gautam Buddh Nagar, Uttar Pradesh, 201304

I had opened a demat account with standard chartered depository services with their branch at vasantlok, newdelhimore than 15 years ago. At the time of opening the demat account, the annual charges were inr 500. Subsequently, the account was transferred by the depository to standard chartered securities with their branch office at deen dayal upadhya marg, new delhi which was quite far from my residence. I visited scc office at deen dayal upadhya marg on 30th nov. 2017 to update my kyc details, change of address and change of bank document when i was shocked to be told that i had to pay outstanding account maintenance charges amounting to more than rs 9000 for a period of 2 years before submission of kyc documents etc. I found the amount exhorbitant for the only security with them was idbi bonds for an amount of inr 20000 only. However, i paid the amount by a cheque and submitted the documents for kyc, change of address and change of bank mandate. The documents submitted which were duly vetted by the dealing official were returned to me by post with flimsy rejection remarks that osv and ipv details of 2nd & 3rd holder were missing and occupation details of 2nd holder were not mentioned. Early this year, i was informed that the account is being transferred to standard chartered bank. Being dissatisfied by their service, i now wish to close the account/ transfer it to another depository. However, i am told that before closure/transfer, i have to pay another rs 9000 for the years 2018& 2019. I find their maintenance charges of rs 4500per annum for securities amounting to rs 20000 only highly arbitrary & exorbitant especially when there have been no transactions in the account.