I have remitted funds from Bank of India account by net banking through NEFT for PPF accounts at SBI Nagpur on 03.04.2010 (11.54 AM). Since 03.04.2010 was Saturday, the said transaction should have been accounted on 05.04.2010. However the transactions were uploaded in the system on 06.04.2010 (9.00AM Batch), instead of 05.04.2010 and it had reached SBI on 06.04.2010 (3.00 PM). As the beneficiary PPF accounts were credited on 06.04. they have lost interest for the month of April 10, which also has a compounding effect over the years. This inordinate delay was caused by negligence from Bank of India. As this fund was raised by premature closure of fixed deposit, I have incurred losses on both fronts.
When I raised complaint to Bank of India and demanded fair compensation, they refused to compensate me stating reason of delayed credit due to absence of usual means of communication as such in terms of Bank’s Compensation Policy; they would not be able to consider my claim for compensation.
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