I would like to draw the attention to the Governor of the State Bank that the banks are levying "service charges" of Rs 50 per month on the PLS account if the average balance is less then Rs 5,000 pm but not giving any profit on whatever balance is in their account.
I am maintaining a PLS account with a privatised bank and recently they have issued the notice that if your average monthly balance is less then Rs 5,000 pm they will charge Rs 50 pm as service charge. I was surprised by this notice as I have to maintain an average balance of Rs 5,000 pm otherwise I will be penalise by the bank by Rs 600 annually. But unfortunately on my balance of Rs 5,000 the bank will not give any so called profit.
If, suppose, there are 100,000 PLS account and their average monthly balance is Rs 4,000 pm. The bank has a deposit of Rs 400,000,000. By this amount of deposit with the bank will naturally earn a profit and Rs 5,000,000 as "service charge." So the ultimately the banks are in profit and the PLS account holder will be in loss with service charges and no profit. Where there account is a profit and loss sharing account. I request the Governor of the State Bank to look into matter and restrain the banks from levying any service charges on the PLS account as they did not earn any profit.
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