What will be your reaction when a bank levies charges for depositing your money in the current account which does not give any interest, whether you hold it for weeks or months. This is what being done by ICICI bank. They call it has CASH HANDLING charge.
Take this case- customers who are supposed to maintain Rs 10000.00 - average balance per quarter - are allowed to deposit up to 10, 000.00 only in a month. To deposit more , the customer has to pay . For example a customer while depositing additional 10000.00 has to pay 85 Rupees to ICICI as CASH HANDLING charge.
The unexpected part is that , the handling charges vary according to the denomination . ICICI bank was not even inclined to get concurrence or at least opinion of the customers, for charges which is certainly not welcomed by majority of the customers.
when I interacted with the bank to know their side of the story - they said, ’’we are getting huge cash every day & unable to handle the cash flow . These sort of charges & cash deposit limit will , either drive away the Many Retailers /small companies or make them not to deposit the cash. so no accountability & no contribution to the country’s economy.
Is this what ICICI expect ? Many affected customers raise this question - why should ICICI levy additional charge on the customers for their inability to handle ’’interest free cash deposit ’’ . If ICICCI has problem with huge cash why cant they keep a reasonable CAP on the DEPOSIT LIMIT per day ( like cash withdrawal limit in ATM ) charge those who wants to deposit huge cash in ONE SHOT.
This will certainly not harm small companies, /Retail business/shops. limit the cash flow every day & still ICICI can charge those who are depositing huge cash. The crux of the matter is BANKING CANT BE JUST MERE BUSINESS. IT HAS A ROLE TO PROMOTE NATIONs GROWTH by supporting SMALL COMPANIES.
ICICI seems to misuse the RBI’s freedom for private banking , neglecting the small companies/retailers/shops & likes to keep big companies who can PAY the BANK. It is really petrifying to imagine that what will happen to small companies - if the NATIONALIZED BANKs follow the ICICI cash handling charges......? Before that calamity begins , We are sure not only the RBI but the FINANCE MINISTRY which is genuinely interested in small companies will look into the matter not only for the welfare of the customer but also for the banking sector in India.
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Pl VISIT THIS SITE to protect SMALL COMPANIES in INDIA . Possibly pl share this link with your friends- in order to be a part on this genuine attempt to HELP small companies/Retailers. You can share ur views/opinion.
https://petitiononline.com/prsindia/petition.html.
Thanks.