Jun 08, 2012 08:59 AM
3529 Views
(Updated Jun 08, 2012 09:31 AM)
Axis bank has recently come up with tag line - badthi kaa naam Jindagi. This was earlier Reliance ADAG tag line - Growth is life in Hindi.
But growth can be also cancerous. Of late, Axis bank are on a mission to fleece the customers raising minimum deposits arbitrarily in between the month, and imposing hefty fines even if minimum balance is 1 rupee less than the total amount. My mother had a Savings account on which they deducted a fine of Rs.1500/- for a balance which was Rs.50 less than the average of Rs. 5000 for one quarter. The 50Rs. was charged for some unwarranted reason.Not only that.
After launching the Badthi ka naam jindagi campaign. They have arbitrarily increased the Minimum balance to all accounts to 10, 000/- . They charge Rs.250 for ATM card per year and give only 4% interest a year. that means. Rs.850(10%-4%=6% on 10, 000+250+ST) is the minimum revenue that they get from each customer. Apart from that they will try to fleece at least a 1000 per account in way of fines. On top of that, they charge Rs.25/- for card payment, 1.5% on cheque clearance etc., And . Above all, They discriminate the customers in the Name of Priority Banking.
If the bank has 50 lac customers, this translates to revenue of about 450 crores, only from the fees from its customers per year. Now you know, how the bank is planning to grow its revenues.
Please choose the bank if only you want to loose your money.
