Bank fd problem

subra (share business) (67 Points)

27 December 2011

Dear sir,

I had one FD in SBI for 19 lakhs for 1000 days maturing in Nov 2011 for 9% interest.

I also had six one lakh FDs for 1000 days maturing in Aug 2011 for 10.5% interest.

We took aloan against these FDs and got 90% as loan amount i.e Rs 2250000.

The bank charged 11.5% interest by combining all FDs.

We brought this error to the notice of the bank and they agreed to open individual loan accounts and to rectify the higher interest rate charged.

After two mnths we went to the bank and that time we required 5-6 lakhs also.

The bank advised to preclose deposits.

The bank was able to adjust the higher interest charged for 2 months Rs 6333 but the computer did not allow them to open individual loan accounts prior to preclosing the FDs.

Hence, the bank adjusted the preclosure amount of Rs 19Lakhs FD to all seven loan accounts instead of adjusting it towards the 19 lakhs FD loan account.

Because of that, they forced us to preclose our all six one lakhs FD loan accounts also which were maturing in one month's time and created a loss of Rs 2lakhs.

Bank is saying what they have done is correct. Ombudsman is also supporting them.and dropped our case.

We have given the snap of our discussion with SBI and Ombudsman.

Correct Calculation done by us for Rs 19 Lakhs FD loan preclosure :

No	Particulars	Amount (Rs)
1.	Preclosure amount of Rs 19 Lakhs FD as on 07.07.2011 as stated by SBI in the above reference	22,91878.00
2	Loan Sanctioned by SBI against 19 lakhs FD (90%) at 10% interest rate	17,10,000.00
3	Loan amount repayable on 07.07.2011 for this 19 lakhs FD loan account	17,42060.00
4	The balance excess amount that should have been credited to Mrs Subramanian’s SB account No. 30164086841	5,49,798.00
5.	Balance as on 07.07.2011before preclosure in Mrs Subramanian’s SB account No 30164086841	4,18,965.00
6.	Total amount in Mrs.Subramanian’s SB account on 07.07.11. would have been	9,68,763.00

The above correct calculation would have made us in a fund surplus position on that day and there would not have been a need for preclose of our six FDs of one lakh each for 1000 days which was maturing in one month’s time.SBI has thus caused a loss of Rs 91000 by forcing us to prematurely close our six one lakh FDs.

The fraudulent calculation done by ,SBI:

Funds already in SB account on 07.07.2011	418965.00
Fund fraudulently debited by adjusting one loan account preclosure to seven loan accounts	125210.00
Balance	293755.00
Fund credited after forcibly preclosing all six one lakhs loan accounts	706278.00
Total	1000033.00
Withdrawal on that day 07.07.2011	1000000
So actual amount we got by preclosure on 07.07.11 was 706278-125210=	581068 only.