My parents had some fixed deposits with State bank of India, which matured four years back and they forgot to renew the fixed deposits . Neither did the bank transfer the money back into my parents savings account after the deposit term ended. I am not sure if the bank sent any reminder. My parents do not recollect receiving any reminder that the fixed deposits are due for renewal?
I am seeking your learned advice as to what the banking regulations say about automatic renewal in such situations? Would my parents be able to claim the interest since the money was with the bank or will they loose the interest?
Thank you in advance for your valued feedback and time. I really appreciate the valuable inputs and the time the learned attorneys take to advise the common man like me.