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Opening of sip account on my bank account even when not applied for


24-Feb-2023 (In Consumer Court Law)

I have an salary account in kotak bank and account was opened in my company through RM of kotak bank. I completed all the required documents for opening bank a/c and as far as i remember i didnt filled any form for sip but few months later i received message about deduction of charges against non payment of sip and when i asked for reversal of charges they said, they were against the sip, so i told them that i never opened that and its some error from bank side. But they denied and when asked them to show copy of my forms they stopped answering me on mails and hang up my phone. what to do

Answers (2)

Answer #1
987 votes
You must visit your bank and ask for the details of the deduction of charges. Ideally even if you have SIP agreement with Bank it would not entail any charges for non payment because non payment of SIP in any case will not effect the bank in any way or for that matter you because the bank will simply pay you interest according to the how the money is saved in the Bank. If there is certainty that the Bank has illegally deducted money from your account you could take them to the Consumer Court. File a complaint against them under the Consumer Protection Act.
Answer #2
567 votes
This is a common problem with private banks. The main reason why they do it is because they want to sell their products. The best option available is to send a legal notice and thereafter file a consumer complaint claiming damages as well as compensation.

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