HDFC Bank to start charging service fee to its best customers
In a bizarre move HDFC Bank has decided to charge its preferred customers Rs.100 quarterly fee just for having the preferred status. The move seems bizarre since preferred customers must already put a lot of money in the bank to qualify in the preferred program. Moreover according to the website Preferred customers enjoy service fee waivers for common charges like money orders and extra statements etc. Its referred to as Program Management Fee from HDFC Bank.
To become a preferred customer you must satisfy the following criteria :
You are eligible for the HDFC Bank Preferred Programme ** if you:
- Hold at least one Savings or Current account, sole or joint, with HDFC Bank.
- Maintain a minimum Average Monthly balance of Rs. 15 Lakhs across all your accounts (Savings, Current and Fixed Deposits*)
OR - Maintain an Average Quarterly Balance of Rs. 2 Lakhs in your Savings account.
OR - Maintain an Average Quarterly Balance of Rs. 5 Lakhs in your Current account.
So despite having lakhs of rupees in your HDFC bank account, they still want to charge Rs.400 + tax to you every year in the name of program management fee.
Programme(sic) Management fee : A nominal Programme Management fee of Rs.100, per quarter is applicable per customer ID, on the Imperia (probably a typo) Banking Programme for Savings and Current Account holders, effective from Jan’16 . Services tax applicable. T&C Apply
So how does this move of charging your most loyal customers make sense ? Beats us. Some MBA probably decided that lets take our richest customers for a ride and extract even more money from them. Despite amazing profits the bank’s move to milk its best customers seems like a pretty counter intuitive move to me. I for one am going to close my NRO account the next time I visit India.
So do you have a HDFC Bank preferred account ? What do you feel about them charging you Rs.400 per year (+tax) extra ?
Add a Comment
This site uses Akismet to reduce spam. Learn how your comment data is processed.
This is a dumbest idea from the bank and hope most of the customers realise that they are being taken for a ride.
i will ask them to remove me from the preferred status. If they don’t I will rather close my account or reduce my balance and go below required minimum for being ‘Preferred’
My account also got charged. I don’t like charges on my account even after keeping good balance at low interest. But thanks to bank. It helped me to analyse it in detail and take decision to shift to other banks giving good interest rates. So overall gained by HDFC banks decision. They lost good customers and customers got good other bank.
So this post blew up, a large number of HDFC bank customers were charged this fee and are now searching on why HDFC bank is charging this fee to its best customers
I am sharing this post on their site. They simply steal our money. Shall we form an FB group to fight?
I had shared this extensively on twitter on facebook, they are thickskinned, nothing happened 🙁
I also got charged :( and they charge per quarter..its stupidity to stay with them.
yes, including tax its Rs.114 and multiply that by 4. Is that service worth the extra Rs.500 per month ?
The customers are being duped. The bank is looting its customers.
Exactly, for one these people never send invoice for any of the deductions/charges they make. They just silently deduct money, if we don’t look closely we may not even realise. I didn’t ask for Preferred status. They told preferred status entitles fee waivers for transactions & PIS AMC. Yet they are still charging me for those too.
Yes same thing happened with me. I checked my account and found Rs 115 has been withdrawn from it. I got very puzzled. Totally unaware what is going on. This is by chance I googled and found about this Program Management fees. This is totally unethical approach on the part of the bank to withdraw money from our account without notice or without our permission. Atleast they should seek permission from us whether we want this privilege or not?
THIS IS FOOLISH IDEA OF MILKING THE WANDERED IN COW. WE EXPECT THIS FROM HDFC BANK. IT IS A SHAME TO MILK THE CUSTOMERS,
I am filling a complaint and asking for reimbursement for this unauthorised charge
HDFC BANK are duping the customers . adding new new charges every year in one name or other & milking ,This year it is PROGRAM Management charges every quarter for Customers who are keeping more than 2 lakhs . is it because there is no one in government to control them ? or they do not care . they also have started DEBIT CARD Charges which initially they told life time free while opening the account
The customers are being duped. The bank is looting its customers.
Same thing happened to me today. HDFC is taking its customers for a ride. I have opened a dispute today with RBI ombudsman. Waiting for a response.
Just now I observed this new fees called program management fees. It is totally absurd and uncalled for. Now I will close my account from hdfc Bank. Instead of rewarding they are punishing us.
Do hdfc reimburse the amount once deducted as program management fees? HDFC should not deduct any such fees without taking prior approval. This is like cheating.
Got my money back after a week of submitting a complaint in the grievance portal of RBI and HDFC
Good that you have got your money back. They must withdraw this fee as this is a kind of robbery.
Once you register complain they will reverse the amount back in to your account. I have got back the deducted amount.
Once you register complain they will reverse the amount back in to your account. I have got back the deducted amount.
I too got my money back after making complain in grievance cell at hdfc portal.
Disgusting— am opening an account else where —- No Need to deal with them any more – Bandhan bank seems a better deal…
I am shocked today when hdfc detected ₹115 from my saving account. Still hdfc claims that I am one of priority customer . Hdfc Management pl return my money.
Today hdfc attempted to unloading money on my back at the rate of 9 percent emi loan for three years. But I refused loan
I am also a victim of this programme management fee from HDFC Bank, what a waste for preferred customers.
Can anyone please tell me the URL where I can lodge a complaint and get my money back.
Thanks folks,
Prasad
Hi Prasad,
did u get yr answer?
even i need to know where to file a complaint against hdfc..?