Dec 28, 2021
Updated by Firoz Yusufali Since 1972 we had been loyal customers of Syndicate Bank in South India
Canara Bank took over Syndicate bank and after 30 + years of banking
though as NRI's we have been paying regular taxes, recently we noticed that on all deposits from our savings CD at an annual rate of 5.5 % Canara bank on all Interset deposits is charging a TDS of 32.1 % on these deposits and have been debiting our accounts without informing us
We queried with the Canara Bank Branch Manager in the Mangalore Hampankatta branch to clarify and despite repeated e-mails, we had no response. TOTAL DEBIT OF RS 26.000 +
DOES INDIA discourage NRI from investing in INDIA?
Firoz Yusufali
22:30 (13 minutes ago)
to NRI, NRI, MAIN, Nafisa, rdnewdelhi, me
For Kind Attn of MR RAKESH
Canara Bank Hampankatta, Mangalore Branch
Mr Rakesh, Though as to date we never received a reply from your branch, my Nephew MR Yusuf
personally visited you last week, and he was informed that the TDS of 32.1 % is automatically charged
by the system, depending on which country we are Residing in.This is APART from the TAXES we pay
to RBI and the Tax department.
It NOW seems that without informing the loyal customers, Canara Bank is debiting accounts of their
patrons, without any regard to whether that is a fair business practice. And Why should NRIs then
invest money in your bank if there is no positive gain on Investment?
If the Debited accounts are not credited back, and the automatic system-generated computer default
corrected, then we would have no choice but to end our relationship with Canara bank. We had been loyal
customers with Syndicate Bank for over 30 years since College times in Manipal.
As NRI we see no reason to INVEST or SAVE money with Canara Bank or any other bank if NRI's are
discouraged to INVEST in INDIA. We also feel obligated now to inform The Reserve Bank /Central Bank
of this concern. We all wish to help build the future, but if Banking institutions ripoff their customers, it is not appropriate.
We may also need to share this practice with the local media entities and Indian NRI boards in the USA,
so people are aware of this.
Thank you for your help in answering our queries through my Nephew.
Yours Truly
Firoz and Nafisa Dawoodbhai
12/27/2021
