A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors (and common people like us) a higher rate of interest than a regular savings account, until the given maturity date. After opening FD’s we never bother to check statements or the interest which the bank pays on the FD’s. We just relax and wait till the maturity period of FD’s, because we completely trust the banks if it is about money. We see banks as safeguards of our money.
A real story as stated by the an anonymous Linkedin user about the interest paid on his FD is raising the question if we should blindfoldly trust our banks?
An anonymous post from Linkedin says that —
“This is a true story and happened to someone very close to me. The concerned person had a relationship with ICICI for last 8 years (Salaried account) and during this time frame she made multiple Fixed Deposits (10+) of over million rupees. Like most people she did not bother to check statements regularly and all FD’s were on auto-renewal.
She checked the account balance this Diwali and to her surprise something wasn’t making sense. Few of the FD’s were neither closed nor interest was being paid on them (Non-Cumulative FD where interest is paid monthly). After getting statements for last 8 years. she realised that for two FD’s interest was paid for the first year and post that neither the fund was renewed nor closed. No interest was being paid for the last 3+ years…
This is a clear case of fraud by ICICI bank. Customer care realized the mistake and offered to pay back the interest loss for last 3 years. The swiftness with which the customer care provided the solution (executive level employee making decision for an amount of six figures) makes one wonder if this is a regular practice of ICICI to dupe customers.
Request everyone to spread this message and either be vigilant or break all ties with this bank. Also, suggest any legal route, he added.”
Obviously, it is not making sense that how an executive level employee can make a decision on a huge amount (six figures) of money himself. This is pointing towards the mal-practices by the banks to dupe customers. Many customers may not have realized this kind of fraud and never knew about it.
So, we suggest our readers to keep an eye on the bank statements on a regular basis to be safe from these kind of bank frauds. And also don’t forget to share this with your friends and family 🙂