Nikhil bhagat (owner) 02 November 2015

Need immediate help regarding fd problem

I am facing a very surprising situation and need urgent help . I hold a MOD deposit Acc in SBI which is a Multiple option deposit similar to FD but with liquidity benefits. I can withdraw n deposit any amount from it if needed. Interest rate applicable is around 7.5 % as per website. I had just around 3 lacs deposited since last 18 months. Maturity is 24 months. As per website there is no premature break penalty under 5 lacs... Now when I went to bank they said even after maturity I m getting an interest of less than 25 000?? A simple math shows even at 7% rate for 2 years I should get, 42000 rs as interest minimum... Bank employees are giving irresponsible n careless answers saying it's not their problem. This is shocking considering a bank like SBI... What can I do on this situation. Please help

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5 Replies

siddhartha sinha 02 November 2015

Did you withdraw any amount ever? Initially when you deposited the sum what was the period you chose,1 year with renewal or straight for 2 years?

(Guest)

These are like sweep-in account. Anything which is more than your defined balance in SB account balance will get sweep into FD.The period which you will choose say 1 year will earn interest rate for that period as per norms in force. Now if your money 3 lacs has piled up by various periodical remittances you will get lesser interest than you calculated straight away. But if you deposited 3 lacs in lumpsum at one time and did not withdraw any thing in between of cousre amount you are telling bank gave you is short and is under payment and breach of contract. But SBI can spring many surprises for you. IT is nationalized treasury bank of Union government. SBI guys are generally corrupt and arrogant lot. Hihgly unionized. They can deny any customer any thing. They can refuse to allow you open your deceased fathers locker and ask you to get LOA from court. They can slap you, misbehave, give wrong payments.I wont mind treating SBI as company run by unionized goonda elements. Forget about customer service and courtesy from officers sitting there.

Suri.Sravan Kumar (senior) 03 November 2015

if u have any grievance you can approach Banking ombudsman

(Guest)

in 90%cases ombudsman support stand taken by Bank. Even if they give ruling banks dont follow. India is haviung endless litigaiton. Insurancecompnay rejections are rising fast.No one cares. Only corrupt babus and lawyers are beneficiaries of this rotten system

So please sort out with bank.Write a letter to bank branch manager first. He will clarify solve issue if in routine policies.