The policies and decisions of private companies are sometimes much astonishing. Of course, every body understand that the basis on which the private companies function is for maximisation of profit. Any method for this is correct for them.
The present issue is the increasing of the penalty charges for not keeping a minimum amount in the accounts with the private banks like ICICI, Kotak Mahindra, HDFC Bank etc. They have increased the penalty for non-maintenance of average monthly balance, cash deposit at branches etc. Unless a minimum amount of Rs. 10,000 is kept, the penalty varies from Rs. 250 up to Rs. 500 etc.
In the public banks and Post Office Saving Banks Account, there is no such condition. Whatever amount is deposited, it will be there with its interest. If it is in the private banks, after a few years, there will be no balance amount at all on the basis of the penalty system.
This is fully unjustified and against the interest of the account holders. This system of penalty should be scrapped. The system should be just like for the Public Sector Banks.