Demat Account Maintatinace Charges

2 years ago

Hi I have been charged a sum of Rs 885 from Axis bank under the statement of breach of contract.

They say I have recently applied for a new broker (which is true) and they say that while I opened the account with them I signed up for a Demat account where I would be liable to pay Axis Bank maintenance charges if I opened another demat account.

Now my question is, I opened this bank account back in 2014 as a salary account. All the agent from Axis bank did was took signatures from me and never mentioned about the Demat account application and neither of the consequences that I am facing today.

I asked for a refund and they have denied it. Do I have any rights? What should I do?

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Ankur Goel @ Complete Law Shield

Responded 2 years ago

A.you signed without reading forms.
you can try to complain to banking ombudsman (useless) but bank will send reply that you signed the forms.

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Anik

Responded 2 years ago

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A.Hi,
Complain to the banking ombudsman.

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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
You will need to file a compliant with the grievance cell of the bank.

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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
Approach banking Ombudsman.

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Tanmoy Chattopadhyay

Responded 2 years ago

A.It seems you are caught unaware of the rules to which you subscribed in 2004 without reading them as we all do. Nevertheless since they are saying its in the rule so first try to read those rules to which you subscribed. If you can read them and find out the details they are claiming to be the case then I am afraid there is very little which can be done about it. But if you think the same is not there or is very obscurely placed or you were briefed in a very different manner by the agent of the bank while opening the salary account then you may consult me with all relevant details like copy of those rules the bank is relying upon and the statement of account which shows the deduction and also the new demat account details along with the date of opening for me to scrutinize them and provide you with full legal remedies and help you seek the refund of the money charged. But kindly be informed the battle will be protracted and may not be of much financial gain for you as hiring a lawyer for the same can be only a matter of being righteous and not expecting to make a financial fortune.

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