Axis Bank/RD for five years
Not refunded full amount after 5 years

Dear Sir/ Madam,

This is to bring in your notice that I was operating a RD account in your Bank vide A/c No. 019010500010265, The same got matured on 25/05.

On 29-05 my R.D.A/c statement shows that an amount of Rs. 103714 have been transferred to my Saving bank A/c No. 019010100102148 but the amount credited to the said account is only Rs. 84678.

When I visited your branch Manger- Vasai Branch personally to enquire about the discrepancy, He could not give me any satisfactory reply and said that it is a penalty and you have to pay. Despite of my request I have not received any written clarification regarding the same.

At the time of opening the said account I was informed by your manager that an installment of Rs 2000 per month will be transferred to my RD A/c from my saving account. I enquired specifically at the time of opening account that will there be any interest or penalties for non deposited installment in any month; I was clearly told by the respective person that there are absolutely no such charges and interest would be calculated and paid on the actual investment.

I here by advice you to clarify the following things.

1) When I was informed by your manager at the time of opening the account that there would not be any penalty for missing Installment, then why the same has been imposed at the time of maturity?

2) When I missed my any installment, why bank did not send me intimation or demand note?

3) Why bank did not invest the installment on first come first serve basis?

4) Why quarterly statements sent by you were showing the accrued interest as actual rate and why penalties were not reflecting in the said statements.

5) In the annual balance and interest certificate why bank mentioned actual interest without adjusting the late payment/ penalties?

6) Why bank didn’t send me any intimation in total term of my RD ie. 5 years, about penalties why it is calculated at the time of maturity only?

7) Why bank has not provided me any written statement till date about the said penalties?

It clearly shows your mela-fied intention as you never wanted your investor to realize that the penalty is being imposed in the account so that investor should not pay in time and you could earn some extra money.

You have violated the rule of Caveat emptor by not making your buyer beware about your product/scheme.

You are hereby advised to recalculate the actual interest without imposing any penalty in my account and pay the balance amount within 7 days from the day of receipt of this latter, failing which I shall be forced to approach to Banking Ombudsman under Banking Ombudsman scheme.

Regards,

Vinay Singh Chuphal

Company: Axis Bank/RD for five years
Country: India

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