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Three years ago, when my fixed deposit kept in a public sector bank matured, I decided to move it to another bank offering a higher rate of interest. The manager of the public sector bank promised to give the same rate of interest (which was one per cent higher) and prevailed upon me not to shift elsewhere. Now on maturity, I find that the bank is going back on its word and offering me much less than what is promised in the FD certificate. What should I do now? This is totally illegal- the bank cannot deviate from the promised rate of interest. Complain to the Nodal Officer of the bank and ask him to ensure that the bank pays the promised maturity value. If the Nodal Officer fails to respond positively, complain to the Banking Ombudsman. You can get details of the Banking Ombudsman scheme on the Reserve Bank of India website ( bankingombudsman.rbi.org.in ). Here’s a similar case handled by the Ombudsman for your reference, in which the bank had promised a maturity value of Rs 88,796 on a fixed deposit of Rs 30,000 for a tenure of 10 years. However, after 10 years, when the consumer went to collect the money, he was told that he would get only Rs 80,000! According to the bank, its head office had reduced the rate of interest by one per cent the day the consumer had deposited the amount, but the branch office had not received the information and therefore had promised him a higher rate of interest. Eventually, the consumer had to seek the help of the Ombudsman to get the full maturity value promised by the bank. (Reference: Exemplary cases decided by the Banking Ombudsman, annual report of the Banking Ombudsman Scheme, 2011). You also have an option of going to the consumer court, they take much longer to decide the complaint but in a case like this, they can also award compensation.
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