While opening the Demat account I was told by the representative that there are no charges for the first year whatsover. I did not do any Demat transaction but still 499 was debited from my account. On follow up I was informed through email that 499 is the account opening charges. Account opening charges are within first year, Axis bank is duping customers by offering demat free for first year.

Rs 499 was debited from my account, actual text from the email “We refer to your appended email regarding AxisDirect online trading account.. Please note that, Rs. 499 has been charged against the AxisDirect account opening charges .”

Email Id: shailesh.chitgopkar@gmail.