Recurring deposit issue
Manoharan
(Querist) 08 November 2016
This query is : Resolved
I am holding a SB account in a Scheduled Bank, in which I have opened a RD for 24 months. I have given standing instruction to the bank, to debit the monthly instalment from my SB acct. After completion of 24 months, today I have approached the bank to credit the maturity amt in my acct. I have been greatly shocked to learn that the amt is deducted only for 12 months. ie. the staff concerned given SI for 12 months only in the system. I fully believed the bank and did not checked the same.
I was told by the Bank authorities that I have to pay penal interest for not having paid the instalments for 24 months, besides losing interest for my 12 months instalment paid.
Kindly clarify the action that can be taken on the bank, to avoid loss to me.
Guest
(Expert) 08 November 2016
You may take up the case with the Banking ombudsman with full case history and proof, if any, in your support.
Dr J C Vashista
(Expert) 09 November 2016
Have you re-checked your instructions given to the bank and found it correct that it was for 24 months and not 12 months? If so, issue legal notice for rectification of "error" at the end of Bank. Otherwise, pay penalty and get the account revived/ corrected.
Devajyoti Barman
(Expert) 09 November 2016
If your grievance is not remedied soon then file a case beofre the consumer forum wherein you apart from getting your grievance redressed would be duly compensated as well.
Kumar Doab
(Expert) 09 November 2016
Do you have the copy of standing instructions signed by you?
Did you fill it yourself or signed blank?
Ask for a copy.
BM may show it you.
Or demand in writing under proper acknowledgment.
You can also approach; CEPD of RBI.
If bank has erred and is deficient, it should agree to compensate you.
GO thru:
Bank's Code of Committemnent to Customers
Fair Practices Code that should be on Bank's website or you can ask for free copy.
If Bank doesn't agree and is deficient you can always approach; BO,DCDRF.
Rajendra K Goyal
(Expert) 09 November 2016
If it was the mistake of Bank, you should claim your loss with compensation through consumer forum.
R.K Nanda
(Expert) 09 November 2016
nothing to add more.
Kumar Doab
(Expert) 09 November 2016
The banks are placing compensation policy with terms and details on websites.
Find out deficiencies of the bank and transact in writing and ask the BM/Bank to admit its default, and compensate you.
Let the bank reply whatever it wants or maintain silence.
You can always approach; BO, DCDRF.
Rajendra K Goyal
(Expert) 09 November 2016
Please note that some Banks may be having the system / policy of accepting mandate / standing instruction for one year only, if so, your claim may not succeed.
Kumar Doab
(Expert) 09 November 2016
You may reply to the points raised.
Or visit bank and act upon on your own and resolve the matter on merits.
H.M.Patnaik
(Expert) 09 November 2016
Agree with views expressed by Mr. Doab.
Kumar Doab
(Expert) 09 November 2016
Thanks for agreeing expert Mr. Patnaik.
Manoharan
(Querist) 10 November 2016
Thanks for the reply given by all the experts.
I have given standing instruction for 24 months in the RD application itself and the same was authorized by the bank authorities.
My application was checked by the Branch Manager of the Bank, in presence of me and he has accepted SI was given by me for 24 months.
Rajendra K Goyal
(Expert) 10 November 2016
Claim interest loss from the Bank, if does not accede to the request, approach consumer forum.
Guest
(Expert) 10 November 2016
Instead of resorting to long legal route, I have already suggested the remedy that at first you should take up the case with the Banking ombudsman with full case history and proof.
Kumar Doab
(Expert) 10 November 2016
You have posted that BM has agreed:
"he has accepted SI was given by me for 24 months.........................................I have given standing instruction for 24 months in the RD application itself and the same was authorized by the bank authorities.
My application was checked by the Branch Manager of the Bank, in presence of me "
Then what is the need and reason of query.
Bank/BM has accepted the default.
Ask for a copy.
Or demand in writing under proper acknowledgment.
Bank/BM is under obligation to accept the default and compensate you.
Rajendra K Goyal
(Expert) 11 November 2016
May proceed as advised by the expert Kumar Doab.
