HDFC bank hiked service charges

HDFC Bank, India’s second largest private bank recent changes in service charges has put a new twist to already puzzled saving bank account holders after recent deregulation of saving bank a/c interest rate. Most of the bank has increased the interest rate to attract more customers.
Few are offering new improved services to retain and attract the customers. On the contra side, HDFC putting shackles to keep holding the existing saving account chunk. A strange strategy though!
Let’s have a look at new charges introduced by HDFC bank effective from Jan 01, 2012. As per the new service charges, customer would have to pay Rs. 50 per month for the accounts inoperative for more than a year. Any returned courier will also cost you Rs. 50. A healthy memory will save you Rs. 50. Yep, regeneration of TIN/PIN levied Rs 50. Standing Instruction reject will cost you Rs. 200 and cash deposit at your home branch will cost you Rs. 25 per 50,000 for the amount greater than Rs. 1 lakh/day.

Revision also has been done in existing service charges that means pay more from your pockets. For example, AMB (Average Monthly Balance) is applicable in place of AQB (Average Quarterly Balance), it is going to cost your Max Rs. 350 per month. For more information, please visit the link provided above.

I would like to see, if other banks are going to follow this new trend or HDFC bank is going to suffer. Whatever it is, in such a gloomy economic condition putting such a heavy weight on your customer does not make them feel good. I hope many of you also agree with me. I hope, customer will certainly look for other banks, which provide not better, but at least same level of services with more economical service charges or HDFC bank is planning to raise the saving account interest rates?


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