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Rahul   12 June 2016

Bank failed to renew my fixed deposit

Hi,
I have an Fixed Deposit in ICICI Bank which I set for auto renewal,before 2 years.
It was for 390 days.
Last week, I called them to know status on it,but to my shock I came to know they didnt renew it for second time
& when I requested for credit of interest with auto renewal,they refused outrightly.
Do I know how should I take it forward to get my FD with correct interest.
Thanks,
Rahul



Learning

 2 Replies

Kumar Doab (FIN)     12 June 2016

You have posted that:

"I have an Fixed Deposit in ICICI Bank which I set for auto renewal,before 2 years."

If the bank  has asked for auto renewal instructions then what for it was?

"When I requested for credit of interest with auto renewal,they refused outrightly."

Did you record it?

"Do I know how should I take it forward to get my FD with correct interest."

Submit a written representation under proepr acknowledgment to local BM, with a copy to MD/CEO and ask to accept deficiency in writing and apologise , provide relief and interest, and compensation, within next say 3 days or lodge complaint with RBI-CEPD,DCDRF.

Agitate preferably under expert advise of your counsel specializing in consumer matters.

 

 

advocatepassy@gmail.com 971794 (Advocate)     13 June 2016

All banks are mandated to auto renew FDs on expiry but at the current rate of interest.  If the rate of interest is lower now, you will get lower rate of interest, not the earlier one. 


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