Banks
How to get your Banking Problems Solved by Ombudsman PDF Print E-mail
Written by The RupeeManager Team   
Saturday, 10 December 2011 10:34
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Despite the Banks having a complaints redressal machinery, Banking Ombudsman and RBI get over 60000 complaints. But it is also true that almost 50% of the complaints are invalid and are beyond the purview of the Banking Ombudsman. Let us put down the baby steps that we need to do if we have a grievance:

1. First lodge a complaint to the Bank concerned in writing. Banks have a specific complaint register and they have meetings where a customer can walk in and register a complaint. Ask for a receipt.

2. Please keep details of the official receiving the complaint.

3. If the Bank does not respond within 30 days, lodge a complaint with the Ombudsman. Complaints pending at other judicial forums will not be entertained by the BO. You don’t need to pay any fee to the Banking Ombudsman.

Last Updated on Saturday, 31 December 2011 12:00
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HDFC Bank Charges You Rs 500 for Closing Accounts PDF Print E-mail
Written by The RupeeManager Team   
Saturday, 10 December 2011 10:13
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While HDFC Bank has become No.1 in market capitalization and has done well, some of the charges that it levies does not appear to be customer friendly. Or is it a small issue that should be ignored in view of the Bank's overall good services? Do tell us.

Here's some information about charges for premature withdrawal of fixed deposits and for closing your account (Source)

HDFC Bank is going to charge Rs 500 to close your savings bank account. Also, if the average monthly balance falls below Rs 20,000 in nonurban centres, it will charge Rs 500 a month.

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HDFC Bank is Number One in Market Capitalization PDF Print E-mail
Written by The RupeeManager Team   
Wednesday, 16 November 2011 18:22
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HDFC Bank has crossed State Bank of India (SBI) in market cap, not asset size.  This is really commendable achievement considering that it is only one sixth the size of SBI.

HDFC Bank's performance also points out that asset size is not crucial to performance and, therefore, the quest for consolidation in India's commercial banks is misplaced.  

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