Fixed deposit matured but bank is not paying me interest

[tuhin]

Hi,

Recently my FD matured in Bandhan Bank but the Bank is not paying me interest. They closed my FD & paid me back the principal amount but interest has been pending from their side for the last few days. Today I raised a complaint against it.

My question is here if I raise a complain the same will I get any extra interest from Bandhan Bank? If anyone knows it or faced a similar issue, kindly enlighten me.

Thanks

 

[SpiesCan'tCatchMe]

As far I know, when a FD gets matured the total amount i.e principle + interest is to be paid at the time of withdrawal. Banks can't keep interest to themselves and give any reason validating that.
As I see you've raised a complaint so keep a copy of the email or application whatever you have as a proof of complaint and if the issue doesn't resolve then after 30 days RBI ombudsman is your guy. Submit all the proofs with date and ask for hefty compensation ( I think max is 10k).

 

[SpiesCan'tCatchMe]

I feel that the interest amount should get a interest of savings account as long as it stays with the bank. Plz do confirm it from someone in the forum as well as the bank

 

[Jack007]

Same happened with me last month, had to visit branch multiple times to get the interest credited. It’s some kind of a issue in their system where the interest is credited but not transferred to the account, it needs to be done manually by the backend team or the manager. And you won’t get any extra interest for the delay, so you should follow up and get it credited at the earliest . One of the worst banks, probably won’t continue with them anymore

 

[RAMESH BABU N]

What type of FD is it?

Simple FD (TDR) - where Interest is paid at monthly/qrtrly/halfyearly/annual ? Or, is it Reinvestment FD (Spl.TDR) - where all interest is paid on the due date?

For both the above types, there is a minimum time n amount for you to get interest on the principal. If you cancel the FD - prematurely - the Bank may not pay any interest.

So, give ALL DETAILS of the case without which correct guidance cannot be given.

 

[tuhin]

What type of FD is it?

Simple FD (TDR) - where Interest is paid at monthly/qrtrly/halfyearly/annual ? Or, is it Reinvestment FD (Spl.TDR) - where all interest is paid on the due date?

For both the above types, there is a minimum time n amount for you to get interest on the principal. If you cancel the FD - prematurely - the Bank may not pay any interest.

So, give ALL DETAILS of the case without which correct guidance cannot be given.

Sir this was Dhan Samriddhi FD --- https://bandhanbank.com/personal/fixed-deposits/deposits-dhan-samriddhi

Interest is to be Paid on maturity. My tenure was for 2 years & it matured after 2 years (booked on 2021)

 

[tuhin]

Same happened with me last month, had to visit branch multiple times to get the interest credited. It’s some kind of a issue in their system where the interest is credited but not transferred to the account, it needs to be done manually by the backend team or the manager. And you won’t get any extra interest for the delay, so you should follow up and get it credited at the earliest . One of the worst banks, probably won’t continue with them anymore

was it with Bandhan Bank or any other ?

 

[sxchzy]

Sir this was Dhan Samriddhi FD --- https://bandhanbank.com/personal/fixed-deposits/deposits-dhan-samriddhi

Interest is to be Paid on maturity. My tenure was for 2 years & it matured after 2 years (booked on 2021)

escalate with nodal desk and ombudsman if no reply received

 

[RAMESH BABU N]

Bank is at fault.
You can legally proceed against it. Follow these steps, in seriatim.
Give an acknowledged complaint letter to Branch Manager. Wait for 2-3 days.
Lodge a complaint with RBI. Wait for the outcome. Give a copy of it to BM to pressurize him to settle the issue. Again take acknowledgement from BM. Wait for 2-3 days.
APPROACH Consumer Court - for small amounts or personal deposits.
Send a legal notice - and proceed in a regular civil court for large amounts or cases with complicated issues.
(you can't approach any court by by-passing any of the above stages).

 

[RAMESH BABU N]

If there is any malafide intention on the part of BM or any staff member - deliberately denying/delaying it - you may talk to their Regional Manager / Area Manager - who will try to solve things without further delay. Only he can ask/authorize the BM to pay even if their systems are faulty or buggy - by debiting the branch's suspense account.

 

[Jack007]

was it with Bandhan Bank or any other ?

It was Bandhan Bank. There was quarterly payout of interest and the FD matured in the middle of the quarter so didn’t receive interest for 45 days

 

[RAMESH BABU N]

I think I need to give clarity.

Quarterly interest means the exact date 3 months down the lane. Not necessarily syncing with calendar quarter endings.

Regulatory, reporting n accounting needs, if they are different n diverse, needs to be addressed by the Bank's central accounting software. Not knowing the finer aspects of the 110+ banking products will result in such erratic software. And, neither their staff or controllers are Bankers in the true spirit or qualifications.

This is the problem with NON-BANKERS and IT-GUYS running BANKS. More so, the new-gen-banks

 

[Sahilhenzy]

I think I need to give clarity.

Quarterly interest means the exact date 3 months down the lane. Not necessarily syncing with calendar quarter endings.

Regulatory, reporting n accounting needs, if they are different n diverse, needs to be addressed by the Bank's central accounting software. Not knowing the finer aspects of the 110+ banking products will result in such erratic software. And, neither their staff or controllers are Bankers in the true spirit or qualifications.

This is the problem with NON-BANKERS and IT-GUYS running BANKS. More so, the new-gen-banks

Sir Chandra Shekhar Ghosh wants to know your location.

 

[RAMESH BABU N]

Sir Chandra Shekhar Ghosh wants to know your location.

I am incommunicado till 20/Dec. Let us make him extremely busy after that.... 😂😂😂

 

[karan1234]

It was Bandhan Bank. There was quarterly payout of interest and the FD matured in the middle of the quarter so didn’t receive interest for 45 days

I was facing the same issue with canara bank my fd is matured but not get the interest what to do now ?