Icici bank/OBU Deposit
Lower Interest Rate

I have made the below listed deposits with ICICI OBU in USD($) deposit

DEPOSIT NUMBER 888315001131 888315001262 888315002730

ORIGINAL CONTARACTED RATE 4.01 4.44 5.12

APPLICABLE INTEREST RATE FOR HELD TENOR 3.72 4.11 4.91

ACTUAL TENURE OF DEPOSITS HELD (IN MONTHS) 68 69 65

VALUE DATE 4.12.03 15.10.03 2.8.04

MATURITY DATE 4.12.09 15.10.09 2.8.10

First of all I had informed the bank way back in 2006 that I had changed my status from Non Resident to resident. They did not inform me at that time that I also needed to close the FD as per the directives of RBI (RBI/130 DBOD.IBS.BC/ 72 /23.13.004-04). I went on paying Tax on these FD on the interest earned till this year.

Now in the month of July (close to 2-5 mts before maturity) the Bank informs me that as per the RBI Rule (copy Attached) they say I have to close the FD.

To add to this they are also giving me a much lower rate of interest as agreed at the time of making the deposit although they agreed not to penalize me for the same.

I feel that the bank is taking advantage of the fact of lack of lawful implementation and gray area in this matter and is short changing me of my hard earned money.

Pls help me to understand & resolve this.

Company: Icici bank/OBU Deposit
Country: India

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