Who should bear the bank transaction time for funds transfer

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nageswara rao (Querist)
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16 January 2020 Sir, I have submitted 2 cheques for Rs.500000/-each in my name and my wife’s name on 22-10-2014, along with deposit applications to LIC Housing Finance Ltd., The cheque was presented to bank on 24-10-2014 (not on 23-10-2014 the next day ) after a delay of 1 day. This delay is costing me 1000000 x 9.65/100/365= Rs.264/-. The cheques were cleared on 25-10-2014 and my account was debited with the cheque amount of 5+5 lakhs. on 25-10-2014. LICHFL issued fd receipts as: LICHFL Receipt no621630 Rs.500000/- @9.85% halfyrly 27-10-2014 to 27-10-19 in the name of my wife and me as nominee. LICHFL Receipt no621631 Rs.500000/- @9.85% halfyrly 27-10-2014 to 27-10-19 in my name and my wife as nominee. On complaint to LICHFL to change the date of my deposit from 27-10-2014 to 25-10-2014 as I was debited the amount on 25-10-2014, LICHFL has replied that they got credit on 27-10-2-14 (screen shot were furnished to me as proof) and they did not change of the deposit date from 27-10-201 to 25-10-2014. Banks took 2 days to transfer funds from Visakhapatnam to Mumbai electronically From 25-10-14 to 27-10-14. I have to forego 2 days interest. While refunding the deposit amount We were paid interest on 28-10-2-19 and the refund of deposit amount 5 lakhs +5 lakhs amount on 29-10-2019 instead of 27-10-2019.. 27-10-2019 is Sunday and bank holiday due to Diwali. So we should get the payment on the next working day. In such a scenario is it not the responsibility of LICHFL to calculate interest up to 27-10-2019 pay the same to me instead of interest up to 26-10-2019. Please clarify Sir. the rule that date credit will be treated as receipt does not apply to me as customer. Should I forego the interest on all bank transaction time on both occasions as customer. where can i get the guidelines of regulator(like RBI) in this regard Sir Nageswara rao

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Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2020 Maturity date rules are in favour of Banks. But for date of deposit, you have a valid point. Can you please try to find out the prospectus/ pamphlet for acceptance of deposit by LICHFL. You should get some line item favourable to you. I will also try to locate and send it across to you