Closing a HDFC bank account which I was asked to open because of Mutual Fund investing ?

POSTED BY Jay ON March 29, 2014 6:14 pm COMMENTS (5)

When I opened HDFC MF  on last month from Bank they advice me to open bank a/c. I was very new MF on that time, later I found that with my existing bank account I can invest in MF\’s

So updated my favorite bank with hdfc mf and I approached HDFC bank to close  bank a/c. Now they are telling I need to pay fine if I close the account before 6 month.

How can i close this account without any additional charges ? I do not want to keep 10500 for another 5 months with hdfc. Fine is around rs 750 only, but I feel very much humiliated when I hear this. Initally I requested to use my existing bank account for MF transaction but the RM forced me to open the account.

Please advice.

thanks

Jayan

5 replies on this article “Closing a HDFC bank account which I was asked to open because of Mutual Fund investing ?”

  1. seenujgs says:

    Update us your Story Jay ? Now what is the situation ?

    Seenujgs

  2. seenujgs says:

    Update us your Story Jay ? Now what is the situation ?

  3. Jay says:

    Dear Hemanth and Ashal,
    Thanks for valueable advice.
    I will do as per this .

  4. ashalanshu says:

    Dear Jayan, please demand the penalty clause in written from HDFC.

    Thanks

    Ashal

  5. Hemanth Chandra says:

    I know how humiliated it will be when they give such wrong information and opena bank account.

    Yes, you have to pay the fees to close the account before 6 months. Try to negotiate with the bank that you will open a fixed deposit of Rs.10k for an year instead of having it in savings account and ask them to include this in the calculation of Average Minimum Balance (AMB) of you account, so that no charges for will be levied for not maintaining any balance in your savings account. By this, you can get decent interest on 10k. Tell them that you will file a complaint to banking ombudsman if they don’t agree.

    If they agree to this, close the fixed deposit after 6 months and close the account immediately on the same day.

    If they don’t agree to this and if you wish to fight against them, file a complaint in the below link of HDFC grievance portal.

    https://leads.hdfcbank.com/applications/webforms/apply/grievance_redressal_form.asp

    Explain your problem and ask to close the account. Ask for a reference no. of the complaint. Also they them that you are ready to file a complaint to banking ombudsman about giving wrong information.

    Still, if you are not happy with their resolution, file a complaint to banking ombudsman in the below link (click ‘Complaint Form’ in the link) that HDFC Bank has given a wrong information and ombudsman will try to help you out.

    http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=159

    Also, post what’s your next step and updates regarding this. It might me helpful to people who experienced similar problem.

    Regards,
    Hemanth.

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