Short int. payment by bank on fixed deposit
anckoora
(Querist) 20 February 2012
This query is : Resolved
Dear Sir,
My employer had taken a FDR of 1 crore @9.5% int.p.a. ( compounded quarterly) for 1 year & 4 days. On FDR, Maturity Amount was mentioned as Rs.1,09,95,610/- and below it a note was written as " Interest component of the maturity amount will be subject to TDS, if applicable. The Maturity might vary to the extent of TDS deducted".
On maturity Bank gave credit of 1,08,92,817/- and gave me statement of TDS deducted which was Rs.99,223/-. Now if I make total of these two, Gross Maturity Amount (before TDS deduction ) comes to Rs.1,09,92,040/- - which is short by Rs.3570/- as compared to what is gross amount written on FDR (1,09,95,610/-).
When I asked bank, they say that "this difference is due to our interest compounded quarterly and TDS deducted thereon quarterly".
But my argument is that " since FDR is generated from software & software knows terms & conditions of this FDR, why maturity amount on FDR is coming higher by Rs.3570/- ? "
In short I must get credit of 1,08,96,387/- ( maturity amt as mentioned on FDR 1,09,95,610/- less TDS as per bank statement of Rs.99,223/- ). Actually I got credit of 1,08,92,817/-, i.e., short by 3570/-.
Can I claim from Bank, this Rs.3570/- as they are bound to give maturity amount (after TDS deduction).? And how ?
Dear all experts, pl. study this case carefully & give me your valuable opinion on this querry.
