Yes Bank — Demat Account Opening with Misleading Information

Dear Yes Bank Team,

This is with reference to the Demat account linked with SA no.[protected]with the name Yatin Kumar
The above said Saving account is linked with demat account open and paid Rs.60, 000/- dated 18th No.2020. Since the opening of this Demat account, I have assured that all the services related to demat account handling and usage will be supported by Yes bank team, but many follow ups and calls are done but all are worthless . The service Issues are raised to the Bank officials but all are verbally communicated and assured for best services but it’s a complete waste of time and money, and now when I visited the bank to close the Demat account came to know that the amount of Rs. 60, 000/- is charged for Demat account against brokerage and is non-refundable . The documents and forms which are signed earlier need to validate again and I also required a copy as same which is not found in any communication whether its mail or telephonic conversation.
Now, it is requested to have a complete audit in this case with the bank officials on how these statement got agreed without knowing the customer that Rs.60, 000 are non-refundable and will be used during 3 years, ie minimum guaranteed amount .
In this case the role of executive is most important as he breeched the trust of customer and knowing /unknowing the terms got my signature in application form . No person will be agreed to accept the condition that even if I don’t use my Demat account Rs.60, 000 will be charged as services or brokerage.
I found it suspicious that some terms and conditions are not even fully disclosed to me and got the sign as I trust him, so a breach of trust is also done to me . The bank official cheated me by sharing some basic terms and some of them I understood and cleared by Yes bank team when I tried to close this account.
So, once again requested to appoint an audit committee to resolve the case as soon as possible.
This case give me a clear indication that Yes bank is not Trustworthy Bank now, and also required to close the account and escalating the matter to other concerned authorities also to take further action if Yes Bank Seniors still not serve to me.

Thanks & Regards,
Yatin Kumar