HDFC Bank to charge Rs. 500 to close bank accounts!

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Is this even legal to apply this on existing customers? I mean when someone opened an account, they were under the impression that closing that account would be free but now the bank says pay up 500 bucks? seems unfair.

policies have changed with time. when i opened my icici account, i think the requirements did not even exist. and then it was 5k and later on it was 10k.

when i opened my stanchart account, it was 15K for the account i had. and later it was increased to 25K.

of course charging for closing a bank account is pretty much a blackmail and RBI needs to intervene.

but the article did say that the HDFC would charge only in some cases. like if the customer has not been maintaining the minimum balance required by them or the account is pretty new. :|
 
are you sure that it hurts your credit rating? i know that this is something that happens in USA (and Europe?). but here in india too?
Oh these things are tracked big time here. Everytime you take a credit card, or any loan, there is a check done against your rating in CIBIL. Every default of yours (late payment, bounced cheque etc) is noted down. There are points associated to each. I don't have information on what gets or removes how much, but the scale does exist. It is just that many aren't aware of this, which isn't always a good thing as sometimes there are - pts in your account for no fault of yours. ex: you paid on time but it got reflected late due to a holiday, or you closed a card because of the companies issues and didn't pay the dues as you weren't supposed to, etc. These things go into your credit rating and next time you apply for something these things show up in the score.

Enquiries also land spoil your score, particularly if for higher amounts. Let's say you are looking for a housing loan of 50 lakhs. You ask 3 banks to negotiate on a deal. All 3 go to CIBIL for a certain large amount to see if it is safe to give you that amount. However, the side effect of this is it shows that you are on the lookout for multiple loans, and so might not be a good prospective customer to have as you (will / are) over burdened with too much already
 
policies have changed with time. when i opened my icici account, i think the requirements did not even exist. and then it was 5k and later on it was 10k.

when i opened my stanchart account, it was 15K for the account i had. and later it was increased to 25K.

of course charging for closing a bank account is pretty much a blackmail and RBI needs to intervene.

but the article did say that the HDFC would charge only in some cases. like if the customer has not been maintaining the minimum balance required by them or the account is pretty new. :|
O_O

They INCREASED ur min. bal req?

Thats just... wrong
 
mmm. i think it applies to everyone. even for people with old accounts. i have always taken it to be like this. never really checked as i try to play it safe. the day i find it hard to manage AQB, i would close my account in these private banks and get an account in a sarkari bank. :) salaried accounts however have different policies. my accounts are regular savings accounts.
 
Yes, In that case Sarkari Bank is the best choice. Bcoz keeping 25K as minimum balance means half of the salary. :Drool ():
 
Ah.. well atleast ICICI didnt hike it for me

well i did get a note from them. and i think it's posted on the forum in some thread... so i guess it was applicable on my account.

Yes, In that case Sarkari Bank is the best choice. Bcoz keeping 25K as minimum balance means half of the salary. :Drool ():

well salaried people do get accounts with enough flexibility. managing with your own regular savings account is of course troublesome :)
 
Since the day RBI made interest rate on savings account balances to be decided freely by each bank, all banks are inventing solutions to somehow keep the maximum float with them and still reduce the fund cost at the same time.
 
So, this is the reason I left the accounts abandoned. ICICI was my Salary Account, So I don't think I need to worry about. What Say ??
After three months or so they will convert salary account to normal account and keep adding fines. If you shift your job and you have no option but have a ICICI salary account, with first salary credit they will deduct these fines.
 
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