Bank's refusal to honor agreed FD interest.
I am Sekar and new to localcircles.com.
In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me.
During maturity in 2019 the bank said inadvertently they booked my fixed deposits with higher interest rate without seeing RBI circular and refused to give maturity amount mentioned in the FD receipt. Deducted 0.5% from agreed interest rate. Due to this I lost / received less by 1 lakh in total for all 5 year deposits.
Bank ombudsman is not considering my grievance and suggested me to seek legal options available if I wish.
Last week I have registered my grievance with consumerhelpline.gov.in. and it is under process.
Anyone can suggest I am in right path or any other better options available for my issue?. I do not want to bear the loss due to bank's mistake, which promised higher interest rate, booked FD now justifying their mistake by referring RBI circular issued 10 months prior to my FD and now refused to pay full eligible interest as per FD instrument.
Thanks in advance. more
Customer can not bear the loss since the mistake committed by the bank staff, who ignored so called RBI guidelines and attracted customer with higher interest rate.
I believe FD interest rate should not be changed after booking, otherwise the definition of fixed deposit is changed. more
I believe from members views, bank to pay the agreed interest for the fixed deposit as per the FD receipt.
I will wait for the resolution for the existing grievance with consumerhelpline.gov.in. then proceed for legal action if required. more