Bank fixed deposit.
Manoharan -
(Querist) 13 February 2025
This query is : Resolved
I have put an FD in a Scheduled bank on quarterly interest and after 3 months I have got interest. Due to some personal reason, after 4 months from the date of deposit, I have asked the bank staff to convert the deposit as cumulative. Instead of product change, they have reduced interest by 1.5% from the original interest and paid the interest in the method of preclosure of deposit they have calculated and I have put to a loss.
Some expertvmay kindly offer their opinion on this.
kavksatyanarayana
(Expert) 13 February 2025
As per RBI guidelines, the interest will be paid and there is such a difference in fixed deposits. However, you can ask for the variation in interest rates through RTI.
