IDBI Bank — DEDUCTION OF INTEREST ON NRE FIXED DEPOSIT

Address:

Jodhpur, Rajasthan

Dear Sir, My Name Is Dharam Singh, I Have A Non Resident Account At IDBI Jodhpur Branch, , Customer Id 75738576 On[protected] I Opened An NRE Fixed Deposit Through My NRE Account Of 5 Lac Rupees For A Period Of 5 Years. Mr. Deepchand (Asst. Manager IDBI Jodhpur Branch) Assisted Me For NRE Account Opening As Well As For Opening Of NRE FD. While Opening NRE FD (I Was Opening Only NRE FD At That Time) I Asked Mr. Deepchand That What Is The Penalty Or Charges For Premature Withdrawal For NRE FD And Is There Any Lock In Period, He Told Me That "There Is No Lock In Period And There Are No Premature Withdrawal Charges, And If I Withdrew Prematurely I Will Get The Interest For The Period For Which The FD Was In Force". At That Time He Did Not Tell Me Any Thing About The RBI Guideline For NRE FD About Lock In Period Of 1 Year. Hence Based On The Information Given To Me By Mr. Deepchand I Was Completely Assured That There Would Not Be Any Problem If I Withdrew The FD Prematurely. On[protected] I Needed Some Money And I Decided To Break The Above Mentioned FD ( I Was Sure That There Is No Lock In Period And There Are No Premature Withdrawal Charges And I Will Get The Interest On That FD For Period Of 11 Months And 21 Days Based On The Information Given To Me By Mr. Deepchand). Hence I Prematurely Withdrew The FD And I Got The Interest (Total Approx. 44500) And There Was No Problem. In August I Went On My Job (I Am A Marine Engineer On Merchant Vessels). But After About 3 Months Of Breaking Of FD On [protected] Mr. Deepchand Mailed Me That There Was Some Communication Gap And I Have To Return About 46250 Rupees (Which Is Even More Than The Total Interest I Received On That FD) To The Bank As There Is A RBI Guideline That Interest Is Not Payable On NRE FD If FD Is Broken Before 1 Year. When I Replied To Him That He Only Told Me That There Is No Premature Withdrawal Charges And No Lock In Period, Then He Replied Back That "He Thought That During The Time Of Opening Of NRE FD I Was Asking About Rules Of Resident Normal FD". Which Is Completely Absurd And Reflects That At The Time Of Opening Of Above FD Mr. Deepchand Did Not Knew About The Relevant Rules And Provided Me With Wrong Information Based On Which I Withdrew The FD Prematurely Just 9 Days Before The Lock In Period. (Otherwise No One Is That Stupid To Do Such A Thing.) After this event i mailed to the customer care of idbi bank but dit not got a convincing reply, hence i told my father in india to go to the branch and resolve the issue, he met with the branch manager mr. dinesh sharma who assured him that he will look in to the matter and resolve the issue. after that there was no communication from the bank and no deduction was made from my account and i thought the issue must have been resolved, until today when i went to the bank for closure of another f.d then i came to know that instead of reverting the charges they have marked lien of some 43000 rs on my another f.d and i can not break the f.d without paying the amount. I Do Not See My Fault In This Situation And This Problem Arose Due To Incorrect Information Provided By A Banks Official To Me. Then Why Should I Suffer. Hence I Don’t Want That Any Deduction Should Me Made From My NRE Account Based On The Reversal Of Interest On FD. I Would Like To Request You To Consider This As A Special Circumstance And assist me in Canceling The Reversal Of Interest On That NRE FD. I Will Be Highly Grateful For Your Kind Consideration. Thanking You In Anticipation, Yours Sincerely Dharam Singh i am also attaching the conversation between me and mr deepchand Forwarded conversation Subject: Reversal Payment of Interest paid [protected]----From: Deepchand <[protected]@idbi.co.in> Date: Thu, Aug 29, 2013 at 7:04 PMTo: [protected]@gmail.comCc: navita singhvi <navita.[protected]@idbi.co.in>, Dinesh Sharma <dinesh.[protected]@idbi.co.in> Dear Sir, As per RBI guidelines, no interest is payable on NRE Fixed deposit if closed prematurely before 1 year. However, we have observed your NRE FD mentioned in the below table was closed prematurely and you has received the interest for the same. Kindly pay the amount of Rs. 43962.00 which is paid to you as interest on FDR a/c no. [protected].So you are requested to deposit the amount and communicate us for debit the amount of Rs. 43962.00 Thanks and Regards, Deepchand Assistant Manager IDBI Bank Jodhpur-058IFS Code: IBKL0000058 SWIFT: IBKLINBB058D Office:[protected] Mob.: [protected] Please don't print this e-mail unless you really need to...It helps save trees. ======================================================= Disclaimer: This e-mail contains privileged information or information belonging toIDBI Bank Ltd and is intended solely for the addressee/s. Access to this email by anyone else is unauthorized. Any copying (whole or partial) or further distribution beyond the original recipient is not intended, and may be unlawful. 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If you have received this email in error, please contact the sender and delete the material from your computer. =======================================================[protected] From: dharamsinghdmet . <[protected]@gmail.com> Date: Thu, Sep 12, 2013 at 2:36 AMTo: Deepchand <[protected]@idbi.co.in> good day sir, right now i am not in india and this matter can only be settled only when i will return around march 2014, when i opened the above mentioned fd i was being told by you only that there is no premature withdrawl charge on that fd and the only thing that will happen is that i will get interest according to the time for which the fd was in force, if i would have known about the above condition which you are mentioning now then i would not have prematurely withdrawn that fd. kindly put this matter on hold until my arrival in india(around march next year). and please suggest some suitable alternative for the above mentioned problem.my mobile will be switched of[censored]ntil my arrival so please communicate via email only. regards dharam singh[protected] From: Deepchand <[protected]@idbi.co.in>Date: Thu, Sep 12, 2013 at 10:48 AM To: "dharamsinghdmet ." <[protected]@gmail.com> Dear Sir, On that time we did not discuss about NRE FD. You asked me about premature withdraw charges; I mind that you asked about domestic deposit premature charges. You are having saving and NRO account also in our Jodhpur branch. It could be communication gape about premature between us. It is urged to you kindly deposit the said amount in your NRE account so we can recover the interest which was wrongly credit to you as per RBI guidelines. If I know about that you had premature in NRE deposit then I would never suggest to premature withdraw. Regards, Deepchand IDBI Jodhpur