In India some banks are charging for denominations, if we are paying cash into account.. Is it legal

We have two current accounts in Icici bank. One is in bangalore and other one is in a small city. In bangalore, whenever we pay cash, they charge some charge, mentioned as denomination charge and it varies on the denomination.. ie seperate rates for Rs.1000, 500, 100 etc The same is not happening in Other account in small city.. What i would like to know is that Is it permissible under the Banking act ( or the set rules guiding Banking in India ) to collect such charges.. If yes , i would like to know the details..

In India some banks are charging for denominations, if we are paying cash into account.. Is it legally validsecured loan

These charges are levied depending on the terms and conditions of the current account you are maintaining. It is better you read the terms and conditions first before doing anything.

If the terms does not indicate any such charge and there is disparity in the way the bank is charging you compared to different cities, then you can write a letter asking them reasons as to why they are doing it.

If you do not get a satisfactory answer within a month, write to:

Shri. K.R.Ananda

C/o Reserve Bank of India

10/3/8, Nrupathunga Road

Bangalore-560 001

Tel.No.080-22210771, 080-22275629

Fax No.080-22244047

email: bobangalore@rbi.org.in

You can even file the complaint online at :

www.bankingombudsman.rbi.org.in

Hope this helps you.

One more thing is, always read all the terms and conditions as this could contain answers sometimes for other things as well.

In India some banks are charging for denominations, if we are paying cash into account.. Is it legally valid

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I dont the laws of india but according to me the banks here in S.A. charge a fee called a cash deposit fee every time you deposit cash into your account. The rate is usually R1 for every R100 deposited depanding on what account you have and which bank you bank with.|||I am having 10 (our family) accounts with ICICI bank. In my 3 years of experience, I came to know that this bank is the worst bank among the Indian banks and they will do every thing to loot the customer. Better to leave the bank as soon as passable.

N.J.Reddy.