[Resolved] ICICI Bank — Penalty Charges on FDR

[Resolved] ICICI Bank — Penalty Charges on FDR

A AMIT KARWA from Mumbai, Maharashtra

Hi, I have made an FDR through ICICI Bank Phonebanking options. Today when I called them up for pre mature withdrawal of my FDR, the Customer Service Executive told me that I will be charged 1 % Penalty on FDR Amount. While I was making an FDR this was not brought to my notice. Again on FDR receipts this condition is not listed. Normally Banks do pay interest(based on the duration and Rate of interest that were in vogue at the time of making FDR). No Bank charges penalty and even if it is charged it should be made clear to the customer. How do I go about it? Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

ASHISH KUMAR JAIN

from Raipur, Chhattisgarh

There is some communication gap. The 1 % penalty is on interest not on FDR Amount. For any pre mature withdrawl you will get priciple amount + interest rate eligible for the actual no. of days less 1%.

For Ex. if you booked Fd for 1 year @ 9% int. and after 6 months you want to break the FD. If Interest on 6 months FD is 6 % at that time. You will get principle amount + interest @ 5%(6 -1).