In Abhijit Lele’s report, “High service charges, mis-selling of insurance products under RBI scanner” (May 31), S S Mundra, a deputy governor at the Reserve Bank of India, makes a reference to exorbitant charges imposed by banks.
The State Bank of India is the only bank in India that levies hefty charges of Rs 575 as service tax on individuals and Rs 1,150 for closure of accounts, irrespective of the duration for which customers might have had their accounts in the bank. Practically, every other bank levies account closure charges ranging from Rs 50 to Rs 500 plus. The chairman of SBI should review the difference in charge.
S Ravindranath Coimbatore
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