Reserve Bank Of India [RBI] — Auto renewal of term deposits by banks..

Address:

Coimbatore, Tamil Nadu, 641011

Many banks auto renew term deposits without our consent, which is disgusting...Many a time, the depositor is losing interest if he approaches the bank after due date...If the bank is customer-centric for preventing loss of interest on deposit by autorenewal it should do so only after the stipulated 30 days time, and not on deposit date itself. TDS and other factors like higher or lower interest for varied periods are there, in which depositor's interests are curtailed. RBI would do well to instruct banks not to autorenew deposits without the depositor's consent.