Fincare Small Finance Bank charges

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Fincare Small Finance Bank is now charging account holders for non maintenance of MAB since April, that’s kinda old news, many of our dimers have closed their accounts paying the account closure charges but there’s more to the story of this small finance Bank being unfriendly. Initially when they have allowed opening of Priority 101 account, they showed on the account opening screen that 20K FD will be enough for waiver of MAB charges mentioned in their Schedule of Charges. I thought, they offer a decent FD interest rate, so, parked 20K in an FD. But to my utter surprise, they deducted money citing non maintenance of MAB even with my FD of 20K with them.

Their customer care replies on email are pathetic and slow. Escalated the issue to their Nodal officer and they acknowledged and said they’ll refund the charges but going on, apparently I need to maintain 25K in their savings account. Will update with the status after I get the refund of fake charges.

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