A person has informed that he has submitted a FDR in a bank for encashing the FDR on its due date of maturity. Unfortunately the due date of maturity is falling on a holiday and therefore the bank says the proceeds shall get credit on the next working day. However the bank is silent on the interest for additional days. Any feedback from the members on the issue. In my view the proceeds should get credit on the date of the maturity automatically as the services are IT enabled. In case still the banks do not credit the proceeds on the due date the consumer should be paid interest for the additional days on the similar lines the bank is charging for premature encashment.

A person has informed that he has submitted a FDR in a bank for encashing the FDR on its due date of maturity. Unfortunately the due date of maturity is falling on a holiday and therefore the bank says the proceeds shall get credit on the next working day. However the bank is silent on the interest for additional days. Any feedback from the members on the issue. In my view the proceeds should get credit on the date of the maturity automatically as the services are IT enabled. In case still the banks do not credit the proceeds on the due date the consumer should be paid interest for the additional days on the similar lines the bank is charging for premature encashment. more

Helpful Connected Consumers (Delhi NCR) Mar 18

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Prem Kakar

Interest has to be paid on pro rata basis. He is entitled to interest for that extra date and if the bank is refusing then this is unfair practice. Dr.P.N.Kakar more

Apr 15

Dr N C Jain (Retired Nuclear scientist and actively working on consumer affairs(12 yrs))

Virmani is right in this.He should file a complaint with the bank ombudsman in this case. Dr N C Jain more

Mar 19

VIJAYAGOPALAN KP

The banks is bound to pay interest for the delayed payment...... more

Mar 19

ASHOK GOLAS

I had a fixed deposit with ICICI that matured on a holiday. Bank credited interest for an extra day. more

Mar 18

Samita Jana

It depends on what kind of system infrastructure the bank maintains. Usually nationalised banks have these problems. If the bank invests in a robust backend system then such issues do not occur. I have received entire closure proceeds one day in advance where holidays were there. Full interest paid by bank. more

Mar 18

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