I am Munavar Hussain.M having a joint SB account in Axis Bank, Tumkur (Karnataka) branch. I also started locker facility in this same branch during April-2011 with mutual agreement, at that time the rent for the locker facility was fixed as rupees 1200-00 plus taxes. Afterwards on 22nd March 2012, I received a letter from the Axis bank for hike of rent from April-2012. The increase of the locker rent is around 129percentage+taxes as 2750+tax. As per the clauses of the agreement the bank has the unilateral authority to increase the rent but the increasing amount within one year of period 129percentage is against nature of justice and unfair trade practice. In this regard I have made different attempts to Axis bank and RBI controlled banking ombudsmen. This rental hike is clearly unjustifiable. It can be compared to blood donation, a particular amount of blood can be collected with particular time interval, if more blood is collected in one time without time interval, it is dangerous to the life. Also another question rises that will the bank rise this 129 percentage of interest to deposit to its customer in this way?. Hence I would like to bring to the notice of RBI and government to regulate such practices against the nature of justice and ensure the justice at administrative level.

Munavar Hussain M