Jupiter recently announced so-called Switch in credit card with much hullabaloo. At the same time, in collusion with Federal Bank, they quietly started a bait and switch scam. See Bait-and-switch - Wikipedia
At the time of opening the savings account, it was told to be a zero balance account. There was no account closure charges if done within 14 days, or after 6 months. Now Federal Bank has sent out an email saying the zero balance will be removed, and moreover, there is no option to close the account without paying service charge! It has been 10 days since that mail from Federal Bank, but no communication from Jupiter clearly showing they are complicit in this scam.
I understand the company is under pressure to start raking in the moolah to show the numbers to the investors, but taking this route of scamming customers cannot be accepted. Hence, please restore the original terms and conditions immediately, or provide an option to close the account without charges.
100% agree. Adding an AMB is one thing, but making us pay for closing the account? That’s absurd. It’s been days and Jiten hasn’t clarified anything despite us constantly tagging him on the post regarding the service charges. At this point, us users will have no other choice than complaining directly to RBI.
Kotak done! Now Federal bank is the next one in queue to get the hard hit by RBI. These banks are thinking they can do whatever they want and exploit the customers. Expecting a mass petitions to RBI on this soon.
If they revoke this stupid revisions, well and good. Jupiter, Fi etc must should stay firm against this revisions if they want to survive.
This was sent in the email by Federal Bank on April 30, meanwhile @Jiten and his team have gone absconding as their scam has been exposed. There is not a single communication from Jupiter on this matter.
Maybe they are in talks with the bank. Once things are confirmed, they might notify us. They can not charge any penalty without warning us before maintaining the AMB. The AMB to be maintained is not mentioned. Hence I think they are still in talks with the bank.