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“Balance in your account has exceeded the Maximum Limit”

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Why don’t I ever hear about a bank having a maximum limit and rewarding you maintaining more money than that?

The balance in your account has exceeded the maximum limit

I can understand that banks have a minimum balance clause. They want to ensure that its worth their while to have your account in their banks. Based on this, they are very quick in penalizing you for maintaining a balance lower than the minimum balance in your bank. But why don’t I ever hear about a bank having a maximum limit and rewarding you maintaining more money than that?

The House Bank always wins.

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The more things change, the more they remain the same Part 1 – The Money Lender

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Have you seen Mother India? If yes, you must remember the character played by Kanhaia Lal who the local money lender. In that movie and countless other movies we have seen cruel money lenders and “zamindaars” and feel how difficult it must have been to live at a time like that, in a situation like that.

Now think about the present, the things are so much better and easier. When you need a loan you go to a bank and they tell you how much you need to pay back every month and you give them post dated cheques and everyone is happy. However have you considered how different the situations really are?

Lets do a little math here. You take a loan for a house and an average EMI for every one lack rupees you borrowed is about one thousand bucks a month for 20 years.

1000X12X20 = 240000

You have to pay 250% more than you borrowed from the bank. Till the time you repay the loan, your house is mortgaged and the bank can throw you out of the house and sell it of you are not able to pay back your loan. But is this all? No. The banks are known to employ “recover agents” who can come to your house or office and threaten you and generally make life difficult for you if you miss a installment, just like the “lathait” of the zamindaar.

So now think again, is the situation currently really so much better than what it was earlier?

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