HDFC Bank to charge Rs500 to close saving bank account

According to the HDFC Bank website, for closure of savings account, the Bank customer, depending on the nature and tenure of his account, will have to pay a fee of Rs500

Private lender HDFC Bank, with the highest proportion of low-cost deposits to total, said that it has raised charges on closure of savings bank accounts and other services as it attempts to hold its customers from flocking to competitors who offer higher rates on these deposits.

According to the HDFC Bank website, for closure of savings account, the Bank customer, depending on the nature and tenure of his account, will have to pay a fee of Rs500 and if the average monthly balance falls below Rs20,000 in non-urban centres, it will charge Rs500 a month.

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COMMENTS

rajan

5 years ago

when shakespeare wrote about merchant of venice he foresaw bankers in india will demand the pound of flesh.Gone are the days of social banking. Now it is commercial profit making banks tht loots the gullible public.

slap RBI

5 years ago

Now, for a savings a/c.



Account Closure Upto 14 days - No charge

15 days upto 6 months - Rs 100/-

Above 6 months - No charge



But web 1/1/12 (HDFC's new year gift)



Account Closure Upto 14 days - No charge

15 days upto 12 months - Rs 500/-

Above 12 months - No idea :-)

*Cash Handling for cash deposit at home branch For non-managed customers



Cash deposit value upto Rs 1 lakh/day - No charge



Above Rs 1 lakh - Rs 25/- per Rs 50,000 or part thereof.


Reserve Bank not only sleeps, it snores... like Kumbhakaran did.



CBI should raid a few of its officials

most funny

5 years ago

*Cash Handling for cash deposit at home branch For non-managed customers

Cash deposit value upto Rs 1 lakh/day - No charge

Above Rs 1 lakh - Rs 25/- per Rs 50,000 or part thereof.

am i wrong

5 years ago

Now, for a savings a/c.

Account Closure Upto 14 days - No charge
15 days upto 6 months - Rs 100/-
Above 6 months - No charge

But web 1/1/12 (HDFC's new year gift)

Account Closure Upto 14 days - No charge
15 days upto 12 months - Rs 500/-
Above 12 months - No idea :-)

Reserve Bank not only sleeps, it snots... like Kumbhakaran did.

CBI should raid a few of its officials

Wrong

5 years ago

Wrong report. This is what is on the website for Savings a/c

Account Closure Upto 14 days - No charge
15 days upto 6 months - Rs 100/-
Above 6 months - No charge

Deepak R Khemani

5 years ago

Have savings A/cs and Demat A/c's with them and have had no reason to complain up to now in the last 10 years but with these type of measures will surely think of switching to some other "Customer Friendly Bank"

chandra shekhar

5 years ago

*i'm not surprised how banks are behaving but, i'm surprised to see the FIRE inside #Sucheta diminish, i believe she is over-burdened with the task in hand ...!
*the same HDFC keeps knocking at your door every now n then but we still like to bank with them ...!!
*the moot 'Q.' is are BANKS acting on behalf of their customers as true-Custodians or they have become MASTERS on their own n don't follow RBI-guidelines ...!!!
reg.,
Chandra Shekhar

bhaskar

5 years ago

What a practice! Instead of matching the rates offered by Yes Bank, Kotak Bank (6%) and others, it is stopping people from switching over.. Can HDFC and SBI do whatever they please like.. Have been a customer of HDFC Bank for some years now and sad to see the deterioration in their concern for customers..

Earlier they used to deposit the cash-back amount directly back to the account after it crosses a threshold value. Now you need to call them up and then only after 7 days will they deposit to your account. Very sure many people will be fooled by this practice.

REPLY

Narendra Doshi

In Reply to bhaskar 5 years ago

Whar are the customer friendly initiatives HDFC Bank has ever taken ? I would really like to know, Bhaskarji.

L&T Mutual Fund unveils Short Term Debt Fund

L&T Mutual Fund new issue closes on 21st December

L&T Mutual Fund has launched L&T Short Term Debt Fund, an open ended debt scheme.

The investment objective of the scheme is to generate returns for investors with a short-term investment horizon by investing in fixed income securities of shorter term maturity. The new issue closes on 21st December. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Bekxy Kuriakose is the fund manager.

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ICICI Pru MF floats Multiple Yield Fund

ICICI Pru MF new issue closes on 15th December

ICICI Prudential Mutual Fund has launched ICICI Prudential Multiple Yield Fund–Series 2-Plan B, a close-ended income scheme.

The primary objective of the plans under the scheme is to seek to generate returns by investing in a portfolio of fixed income securities/debt instruments. The secondary objective of the scheme is to generate long term capital appreciation by investing a portion of the scheme’s assets in equity and equity related instruments. The tenure of the scheme is 1,100 days.

The new issue closes on 15th December. The minimum investment amount is Rs5,000.

CRISIL MIP Blended Index is the benchmark index. The fund manager Chaitanya Pande will manage the debt portion of investments under the scheme. The equity portion will be managed Mrinal Singh.

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