If the bank had mentioned, they have the right to deduct the charge for non maintenance of a minimum balance
I had Rs 5,000 in my current account, but was shocked to find it gone to zero balance some days ago. The bank told me that balance amount was reflected as nil after several months. The bank says that since I had not maintained the minimum balance of Rs 5,000, it started to deduce Rs 200 every month. Can I recover my money?
Suraj Ahuja, Faridabad
Sorry to hear your case. But, if the bank had mentioned that it would charge you for non maintenance of a minimum balance, they have the right to deduct the charge. The reason being; as the money in a current account is on call and the bank is obliged to return it to you whenever you ask for it, the bank is justified in seeking a minimum balance to be able to provide this facility.