I am almost 70, and NRI visiting India.
I have an account with a nationalized bank for more than 25 years. Recently On 23.02 2022 I requested a bank officer in charge of NRI Cell to transfer my account from Pune branch to Mumbai branch. First the officer said that FD's can not be transferred from one branch to another. I was asked to write a request letter that I wish to transfer my account to the same branch in Mumbai. And the FD’s should be transferred on the maturity date. I wrote that in my request letter to the bank.
After half an hour, I realized my mistake. I went back to this officer and I explained that (a) I can not wait until the Fd’ s maturity dates in 2024; (b) I requested her to return my submitted letter so that I write that my Fds should be broken before maturity date. The officer neither returned the letter nor she would even listen to my request. She kept saying it is not advisable, it is not possible etc. without allowing me to speak !!
I requested Bank’s higher authority’s help. Finally the bank agreed to close all my Fds.
In meantime, one of my * FD got matured on 1.03.2022. The said officer in charge renewed it instead of depositing the said amount into my accounts !
Moreover, I am not informed after breaking Fds whether there will be penalty or lower interest rate is applicable. They do not say how much time will it take until the FDs amount will be credited into my account.
I would like to know, usually, how much time does it take to get money from FD prematurely closed?
What else do I need to know or do?