| Status | : | Closed
|
| Complaint No |
: | 0031205/2014 |
| Category | : | Banking |
| Date | : | 04-08-2014 |
| Subject Line | : | Reduction in FDR rate of Interest due to change in interest receiving pyt mode from |
| Complainant | : | Prashant Navinchandra Shah |
| Address | : | 22, DAMUBHAI COLONY, I st Floor,VRAJ APT, OPP - SWAMINARAYAN COMPLEX, BHATTA, AHMEDABAD 380 007 |
| Complainee | : | BANK OF BARODA , VASNA BR, ABAD - 380 007baroda |
| Address | : | Vasna Br, Nr. Bhatta Char Rasta , Ahmedabad ., |
Complaint Details Replies
To RBI BANK OF BARODA General Manager [Operations & Services] and 1 More...
Jul 1, 2014
Dear Sir
Attention - Shri Nayyer saheb
Thanks for telephonic talk today thru Bank of Baroda , Vasana Br.Manager
There is a total loss ( bank has less paid ) of Rs. 17,145 + Rs. 4419 = Rs.21,564-00
I will try to explain again -
A)
22-03-14 - Date on which i have placed FDR @ 9.60 % fo 5 yrs on
Rs 32. 41 lakh on " MIP " Now bank has paid interest from 22/3/14 to
31/03/2014 @9.30 % instead of 9.60 % i.e Rs. 7,467-00
B)
Due to this reason I have to shift receiving interest payment mode MIP to QIP so that I can receive full interest i.e 9.60 % . On 22-4-2014, I have changed this receiving payment mode. to “QIP”
Now bank has paid interest @5 % from 1/4- 21-4-2014. instead of 9.60%
Thus total interest paid from 22/3 to 21-04-2104 is Rs. 7467 +Rs. 5853 = Rs. 13,320-00
Where in bank has to pay Rs. 32.41 lakh x 9.60 % /12 =25,928.00 thus bank has paid less interest by Rs.25928-13320 = Rs12,608-00.
C)
Similarly my two sisters have also placed FDR of Rs 8 lakh each on
05-04-14. and they have also changed payment mode from MIP to QIP on 22-04-14 and Bank has paid interest Rs. 1578 + Rs. 1578 = Total
Rs. 3,156
Actual bank has to pay Rs. 16.oo lakh x 9.60 % x17 days / 365 = 7,153
Thus bank has paid less interest by Rs. 4,419
E)
Thus total loss in interest is Rs. 12,608 + Rs. 4,419 = Rs 17,027
D )
You are also requested to provide me mail id of M.D as well as their
Internal and Statutory Auditors and MCA so that I can explain my case
Sorry for the trouble but interest loss is huge and I can’1 t afford as a retired person.
Thanking you and expecting positive approach from you.
( P N Shah )
may appl phone.
My Complaint to Bank of baroda , Vasna Br. Abad.
May 02,2014
Subject: Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
vasnar@bankofbaroda.com
gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna r, Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -(2)
Me vasnar@bankofbaroda.com gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in From – Prashant Navinchandra Shah 22- Damubhai Colony , I st floor Opp - Swaminarayan Complex, Bhatta , Vasna Road Ahmedab
May 9 at 10:01 PM
Vasna Road Branch, Ahmedabad
To Me Bank Of Baroda Customer ServiceRM AHMEDABADCITY and 1 More...
May 13 at 1:53 PM
Sir,
We refer to your trail mail and submit the followings on the above matter.
1) The detailed calculation of interest (Interest certificate) in your Fixed Deposit account No. 18250300044631 from 22.03.2014 to 21.04.2014 is attached herewith for your kind information. Here we would like to mention that Interest payable under the Monthly Income Plan is the discounted value of interest, for which interest of Rs.2304/- was paid to you on 25.03.2014 instead of Rs.2630/- as calculated by you.
2) Particular rate of interest for the period from 22.03.2014 to 20.04.2014 (30 days) was calculated at the applicable rate for 30 days i.e. 5.00 % (4.5 + 0.50 Sr. Citizen) for which the above deposit has actually remained with the Bank under Monthly Income Scheme (MIP). This interest for FDR of Rs.10.00 lacs comes to Rs.4110/-
3) To understand the terms & conditions of FDR, please go through our Bank’s website i.e.http://www.bankofbaroda.com.
Navigation to the Fixed Deposit section in the website is as follows:
Personal -> Deposits -> Fixed Deposits -> Rules for Fixed Deposits
With regards,
(S. K. Mishra)
Chief Manager
________________________________________
May 02,2014
Subject: Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
vasnar@bankofbaroda.com
gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna r, Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
================================================
From: Prashant Shah [pnshah_21@yahoo.com]
Sent: Monday, May 05, 2014 9:19 PM
To: Vasna Road Branch, Ahmedabad; General Manager [Operations & Services]; boahmedabad@rbi.org.in
Subject: Mis - calculation of FDR agreed Rates
Dear Sir
pls. refer my attachment. Bank has deviated in calculating interest rates.
Pls. do the needful so that i can get correct interest amount from Bank of Baroda Ahmedabad.
Sorry for the trouble,
Thanking you,
PN Shah
=================================================================================
May 05 , 2014 - Complaint to RBI , Ahmedabad - Reminder
vasnar@bankofbaroda.com , gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Office of the Banking Ombudsman
La- gajjar Chamberw,
Ashram Road,
Ahmedabad- 380 0079
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
A) ON 22-03-2014 , I have put a FDR of Rs. 32.41 lakh ( Rs. Thirty two lakh & forty one thousand only ) with Vasna Br , A;bad using mode of payment MIP having a/c nos. 18250300044359 , 44360, 44361 & 44362
@ 9.10 % + .50 %= 9.60% .
Now on 25-03-2014 , bank has credited interest Rs, 2304, Rs.2304, Rs.2304 & Rs. 555 for my above FDRs Which is wrong as per detailed Calculation.
(Rs. 10.00 lakh x 9.60% x 10 days)/365 = Rs.2630-00
Thus bank has to credit interest Rs. 2630 , Rs 2630 , Rs 2630 & Rs,634 = Rs.8,524-00 but Bank has credited interest Rs.7,4367-00 . Thus bank has credited less interest by Rs. 1,057-00.
( Br.Mgr- Vasna , Abad has replied the other points on 3-5-14 but why they have paid less amount Rs. 1,057-00 is pending. He has not explained how they have calculated above interest.
My point is when Bank has entered Agreement with Customers , they should pay interest at Agreed rates i.e 9.60 % Only ) But bank has not done so .)
B) Due to receipt of less interest as mentioned in A above , I have changed payment mode from
MIP to QIP on 22-04-2014.
Again on 21-04-2014, Bank has credited Rs.1806 + Ra. 1806 + Rs. 1806 + Rs.435 =Rs. 5,853-00
On FDR of Rs 32.41 lakh for 21 days interest.
Actual interest on Rs. 32. 41 lakhs will be as under –( Rs.32.41 lakh x 9.60% x 21 days)/
/ 365 = 17,901
Thus Bank has credited total interest Rs. 5,853-00 instead of Rs,. 17,901-00 crediting
Less interest by Rs 12,048-00.
On 03-05-2014 Branch Manager Vasna has replied by e mail that due to change in interest payment mode they have calculated interest @ rate 4.50 + .50 % .
1
Under the circumstances , Pls. look into the matter and do the needful as Bank has less credited
Rs. 1,057 + rs.12,048 = Rs. 13,105-00.
I fail to understand how Bank can apply two rates in one FDR ? as done in my case-
For A) they have applied 9.60 % and for B )they have applied 5.%
See how they harass their Valued Customers due to their own problem.
I earnestly request yourself to advice the Bank to Calculate interest as agreed by FDR
Rate and help the customer.
Please note that similar is in the scenario in case of FDR in name of my sisters Smt. Alka Navinchandra Shah and Smt. Smita Navinchandra Shah.
A line of confirmation in this regard will be highly appreciated.
Thanking You,
Yours faithfully
( P N Shah )
===========================================
MaY 11,2014
Complaint to RBI , Ahmedabad - Reminder
Fw: Miscalculation of FDR Percentage for Customer Id .000192000 Ref – My letter dt. May 05,2014
Me
To boahmedabad@rbi.org.inGeneral Manager [Operations & Services]CMCS. HO
Today at 8:03 PM
gm.ops.ho@bankofbaroda,.com,
boahmedabad@rbi.org.in
May 11, 2014
Dear Sir
Pl. refer my mail dt. 09-05-2014 wherein I have asked to provide certain information for
my Advocate - Legal purpose for instant case till you have not provided.The said mail is
appended below.
1) Once again I request you to arrange to provide Rules & Regulations governing FDR
particularly change / reduction in FDR rate when Customer is changing his receiving
Monthly payment mode to Quarterly payment mode as done in my case.
2) You are also requested to provide me the mail ID of M.D . Secretary , CEO or cell no or phone to explain my case
3) You are also requested to provide me the mail ID and address of internal as well as statutory Auditors of the Organisation to explain my case.
Pls. treat the matter as most URGENT,.
With regards ,
( PN Shah )
Copy to Editor of Divya Bhaska New paper , Makarba , S.G Highway , A'bad
Gujarat Samachar, khanpur , Abad.
Times of India , Fadia Chambers , Ahmedabad
Editor Sir
Pls publish my case in the News paper so that Customers /Public shall take care while transfering
receiving Monthly payment interest mode to Quarterly Payment mode as Bank is reducing FDR rate
and Customer have to bear sizeable amount as happended in my case.They are also requested to take up
this matter With Consumer Protection Council and Redresal fourm for justice..
=================================================================================
On Friday, May 9, 2014 10:01 PM, Prashant Shah
vasnar@bankofbaroda.com , gm.ops.ho@bankofbaroda,.com,
May 09,2014
Ref - Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
Me
To General Manager [Operations & Services]CMCS. HOboahmedabad@rbi.org.in
May 9 at 10:01 PM
vasnar@bankofbaroda.com, gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna , Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
SenMay 12, 2014 – Reply from RBI , Abad.e Spam More Collapse All
Auto-Acknowledgement Mail from RBI, Maintainable Complaint NO. is 201314001003922
no-reply@rbi.org.in
To Me
May 12 at 5:28 PM
Thank you for writing to us. Your Complaint has been Successfully Registered.
Regards,
Banking Ombudsman
Complaint is forwarded to Nodal officer, details blow:
SHRI ATUL KUMAR
CM (Complaints)
BANK OF BARODA
4th Floor, Bank of Baroda Towers, Nr. Law Garden, Ellisbridge, Ahmedabad
380006
grahak.gujarat@bankofbaroda.com
This is an auto-generated reply, kindly do not reply on this mail.
For online complaint register to Online Complaint Form
=====================================================================================
May 13, 2014
grahak.gujarat@bankofbaroda.com
SHRI ATUL KUMAR
CM (Complaints)
BANK OF BARODA
4th Floor, Bank of Baroda Towers, Nr. Law Garden, Ellisbridge, Ahmedabad
Dear Sir
Sub - Reduction in FDR rate due to change in MIP to QIP
Ref - My Complain to Br. Mgr. Vasna on May 02, 2014
Pl. note that I am Valued Customer of Bank having more than 50 .00 lakh FDR
Pls. note in Monthly Interest Payment Bank has NOT given interest as per FDR i.e 9.60 % and when I inquired about this , Bank staff informed that Bank has calculated it at reducing method and if it is QIP then I will get interest as per FDR rate i.e 9.60 %
Due to this reason I have to change my receiving Interest payment mode
From MIP to QIP
Bank has credited Rs. 4110-00 as a interest on my FDR of Rs 32.41 lakh
Instead of Rs. 25,928-00 on RFDR of Rs. 32.41 lakh..
Rs. 32.41 lakh x 9.60 % / 12 = Rs. 25,928-000
This is not a case of Pre- matured FDR as there is no change in Bank Fund.
Bank fund is A s it was. More over FDR is not Extended “ nor new Account is generated as I have not filled up application form nor
No new FDR number is given by Bank . Thus CH Mgr, Vasna ‘s reply is
Baseless.
As informed by RBI Officer there is no Rule in reduction of FDR rate if Receiving interest mode is changed from MIP to QIP
Pls. look in to my case and do the needful as it is very difficult for me to maintain my
Monthly activities in this amount i.e Rs. 4110.-00
Awaiting your positive rreply soon …..
With regards,
( P.N. Shah )
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• Folders
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To RBI BANK OF BARODA General Manager [Operations & Services] and 1 More...
Jul 1, 2014
Dear Sir
Attention - Shri Nayyer saheb
Thanks for telephonic talk today thru Bank of Baroda , Vasana Br.Manager
There is a total loss ( bank has less paid ) of Rs. 17,145 + Rs. 4419 = Rs.21,564-00
I will try to explain again -
A)
22-03-14 - Date on which i have placed FDR @ 9.60 % fo 5 yrs on
Rs 32. 41 lakh on " MIP " Now bank has paid interest from 22/3/14 to
31/03/2014 @9.30 % instead of 9.60 % i.e Rs. 7,467-00
B)
Due to this reason I have to shift receiving interest payment mode MIP to QIP so that I can receive full interest i.e 9.60 % . On 22-4-2014, I have changed this receiving payment mode. to “QIP”
Now bank has paid interest @5 % from 1/4- 21-4-2014. instead of 9.60%
Thus total interest paid from 22/3 to 21-04-2104 is Rs. 7467 +Rs. 5853 = Rs. 13,320-00
Where in bank has to pay Rs. 32.41 lakh x 9.60 % /12 =25,928.00 thus bank has paid less interest by Rs.25928-13320 = Rs12,608-00.
C)
Similarly my two sisters have also placed FDR of Rs 8 lakh each on
05-04-14. and they have also changed payment mode from MIP to QIP on 22-04-14 and Bank has paid interest Rs. 1578 + Rs. 1578 = Total
Rs. 3,156
Actual bank has to pay Rs. 16.oo lakh x 9.60 % x17 days / 365 = 7,153
Thus bank has paid less interest by Rs. 4,419
E)
Thus total loss in interest is Rs. 12,608 + Rs. 4,419 = Rs 17,027
D )
You are also requested to provide me mail id of M.D as well as their
Internal and Statutory Auditors and MCA so that I can explain my case
Sorry for the trouble but interest loss is huge and I can’1 t afford as a retired person.
Thanking you and expecting positive approach from you.
( P N Shah )
may appl phone.
My Complaint to Bank of baroda , Vasna Br. Abad.
May 02,2014
Subject: Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
vasnar@bankofbaroda.com
gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna r, Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -(2)
Me vasnar@bankofbaroda.com gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in From – Prashant Navinchandra Shah 22- Damubhai Colony , I st floor Opp - Swaminarayan Complex, Bhatta , Vasna Road Ahmedab
May 9 at 10:01 PM
Vasna Road Branch, Ahmedabad
To Me Bank Of Baroda Customer ServiceRM AHMEDABADCITY and 1 More...
May 13 at 1:53 PM
Sir,
We refer to your trail mail and submit the followings on the above matter.
1) The detailed calculation of interest (Interest certificate) in your Fixed Deposit account No. 18250300044631 from 22.03.2014 to 21.04.2014 is attached herewith for your kind information. Here we would like to mention that Interest payable under the Monthly Income Plan is the discounted value of interest, for which interest of Rs.2304/- was paid to you on 25.03.2014 instead of Rs.2630/- as calculated by you.
2) Particular rate of interest for the period from 22.03.2014 to 20.04.2014 (30 days) was calculated at the applicable rate for 30 days i.e. 5.00 % (4.5 + 0.50 Sr. Citizen) for which the above deposit has actually remained with the Bank under Monthly Income Scheme (MIP). This interest for FDR of Rs.10.00 lacs comes to Rs.4110/-
3) To understand the terms & conditions of FDR, please go through our Bank’s website i.e.http://www.bankofbaroda.com.
Navigation to the Fixed Deposit section in the website is as follows:
Personal -> Deposits -> Fixed Deposits -> Rules for Fixed Deposits
With regards,
(S. K. Mishra)
Chief Manager
________________________________________
May 02,2014
Subject: Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
vasnar@bankofbaroda.com
gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna r, Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
================================================
From: Prashant Shah [pnshah_21@yahoo.com]
Sent: Monday, May 05, 2014 9:19 PM
To: Vasna Road Branch, Ahmedabad; General Manager [Operations & Services]; boahmedabad@rbi.org.in
Subject: Mis - calculation of FDR agreed Rates
Dear Sir
pls. refer my attachment. Bank has deviated in calculating interest rates.
Pls. do the needful so that i can get correct interest amount from Bank of Baroda Ahmedabad.
Sorry for the trouble,
Thanking you,
PN Shah
=================================================================================
May 05 , 2014 - Complaint to RBI , Ahmedabad - Reminder
vasnar@bankofbaroda.com , gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Office of the Banking Ombudsman
La- gajjar Chamberw,
Ashram Road,
Ahmedabad- 380 0079
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
A) ON 22-03-2014 , I have put a FDR of Rs. 32.41 lakh ( Rs. Thirty two lakh & forty one thousand only ) with Vasna Br , A;bad using mode of payment MIP having a/c nos. 18250300044359 , 44360, 44361 & 44362
@ 9.10 % + .50 %= 9.60% .
Now on 25-03-2014 , bank has credited interest Rs, 2304, Rs.2304, Rs.2304 & Rs. 555 for my above FDRs Which is wrong as per detailed Calculation.
(Rs. 10.00 lakh x 9.60% x 10 days)/365 = Rs.2630-00
Thus bank has to credit interest Rs. 2630 , Rs 2630 , Rs 2630 & Rs,634 = Rs.8,524-00 but Bank has credited interest Rs.7,4367-00 . Thus bank has credited less interest by Rs. 1,057-00.
( Br.Mgr- Vasna , Abad has replied the other points on 3-5-14 but why they have paid less amount Rs. 1,057-00 is pending. He has not explained how they have calculated above interest.
My point is when Bank has entered Agreement with Customers , they should pay interest at Agreed rates i.e 9.60 % Only ) But bank has not done so .)
B) Due to receipt of less interest as mentioned in A above , I have changed payment mode from
MIP to QIP on 22-04-2014.
Again on 21-04-2014, Bank has credited Rs.1806 + Ra. 1806 + Rs. 1806 + Rs.435 =Rs. 5,853-00
On FDR of Rs 32.41 lakh for 21 days interest.
Actual interest on Rs. 32. 41 lakhs will be as under –( Rs.32.41 lakh x 9.60% x 21 days)/
/ 365 = 17,901
Thus Bank has credited total interest Rs. 5,853-00 instead of Rs,. 17,901-00 crediting
Less interest by Rs 12,048-00.
On 03-05-2014 Branch Manager Vasna has replied by e mail that due to change in interest payment mode they have calculated interest @ rate 4.50 + .50 % .
1
Under the circumstances , Pls. look into the matter and do the needful as Bank has less credited
Rs. 1,057 + rs.12,048 = Rs. 13,105-00.
I fail to understand how Bank can apply two rates in one FDR ? as done in my case-
For A) they have applied 9.60 % and for B )they have applied 5.%
See how they harass their Valued Customers due to their own problem.
I earnestly request yourself to advice the Bank to Calculate interest as agreed by FDR
Rate and help the customer.
Please note that similar is in the scenario in case of FDR in name of my sisters Smt. Alka Navinchandra Shah and Smt. Smita Navinchandra Shah.
A line of confirmation in this regard will be highly appreciated.
Thanking You,
Yours faithfully
( P N Shah )
===========================================
MaY 11,2014
Complaint to RBI , Ahmedabad - Reminder
Fw: Miscalculation of FDR Percentage for Customer Id .000192000 Ref – My letter dt. May 05,2014
Me
To boahmedabad@rbi.org.inGeneral Manager [Operations & Services]CMCS. HO
Today at 8:03 PM
gm.ops.ho@bankofbaroda,.com,
boahmedabad@rbi.org.in
May 11, 2014
Dear Sir
Pl. refer my mail dt. 09-05-2014 wherein I have asked to provide certain information for
my Advocate - Legal purpose for instant case till you have not provided.The said mail is
appended below.
1) Once again I request you to arrange to provide Rules & Regulations governing FDR
particularly change / reduction in FDR rate when Customer is changing his receiving
Monthly payment mode to Quarterly payment mode as done in my case.
2) You are also requested to provide me the mail ID of M.D . Secretary , CEO or cell no or phone to explain my case
3) You are also requested to provide me the mail ID and address of internal as well as statutory Auditors of the Organisation to explain my case.
Pls. treat the matter as most URGENT,.
With regards ,
( PN Shah )
Copy to Editor of Divya Bhaska New paper , Makarba , S.G Highway , A'bad
Gujarat Samachar, khanpur , Abad.
Times of India , Fadia Chambers , Ahmedabad
Editor Sir
Pls publish my case in the News paper so that Customers /Public shall take care while transfering
receiving Monthly payment interest mode to Quarterly Payment mode as Bank is reducing FDR rate
and Customer have to bear sizeable amount as happended in my case.They are also requested to take up
this matter With Consumer Protection Council and Redresal fourm for justice..
=================================================================================
On Friday, May 9, 2014 10:01 PM, Prashant Shah
vasnar@bankofbaroda.com , gm.ops.ho@bankofbaroda,.com,
May 09,2014
Ref - Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -
Me
To General Manager [Operations & Services]CMCS. HOboahmedabad@rbi.org.in
May 9 at 10:01 PM
vasnar@bankofbaroda.com, gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in
From –
Prashant Navinchandra Shah
22- Damubhai Colony , I st floor
Opp - Swaminarayan Complex,
Bhatta , Vasna Road
Ahmedabad -380 007
TO
General Manager
Bank Of Baroda
Vasna , Ahmedabad- 380 007
Dear Sir
SUb - Miscalculation of FDR Percentage for Customer Id no.000192000
Ref - CM – Shri Sk Mishra’s reply vide mail dt.06-05-2014
In Continuation of the matter , Pls. arrange to provide me the detail calculation of Interest
Particular rate of interest from the period 22-03-14 to 20-04-2014 for legal requirement .( Interest Rs. 4110-00 )
Pls. also arrange to provide me general and special terms and conditions of FDR
to understand the rules.
Your prompt action in this matter will be highly appreciated.
With regards,
( P.N.Shah )
SenMay 12, 2014 – Reply from RBI , Abad.e Spam More Collapse All
Auto-Acknowledgement Mail from RBI, Maintainable Complaint NO. is 201314001003922
no-reply@rbi.org.in
To Me
May 12 at 5:28 PM
Thank you for writing to us. Your Complaint has been Successfully Registered.
Regards,
Banking Ombudsman
Complaint is forwarded to Nodal officer, details blow:
SHRI ATUL KUMAR
CM (Complaints)
BANK OF BARODA
4th Floor, Bank of Baroda Towers, Nr. Law Garden, Ellisbridge, Ahmedabad
380006
grahak.gujarat@bankofbaroda.com
This is an auto-generated reply, kindly do not reply on this mail.
For online complaint register to Online Complaint Form
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May 13, 2014
grahak.gujarat@bankofbaroda.com
SHRI ATUL KUMAR
CM (Complaints)
BANK OF BARODA
4th Floor, Bank of Baroda Towers, Nr. Law Garden, Ellisbridge, Ahmedabad
Dear Sir
Sub - Reduction in FDR rate due to change in MIP to QIP
Ref - My Complain to Br. Mgr. Vasna on May 02, 2014
Pl. note that I am Valued Customer of Bank having more than 50 .00 lakh FDR
Pls. note in Monthly Interest Payment Bank has NOT given interest as per FDR i.e 9.60 % and when I inquired about this , Bank staff informed that Bank has calculated it at reducing method and if it is QIP then I will get interest as per FDR rate i.e 9.60 %
Due to this reason I have to change my receiving Interest payment mode
From MIP to QIP
Bank has credited Rs. 4110-00 as a interest on my FDR of Rs 32.41 lakh
Instead of Rs. 25,928-00 on RFDR of Rs. 32.41 lakh..
Rs. 32.41 lakh x 9.60 % / 12 = Rs. 25,928-000
This is not a case of Pre- matured FDR as there is no change in Bank Fund.
Bank fund is A s it was. More over FDR is not Extended “ nor new Account is generated as I have not filled up application form nor
No new FDR number is given by Bank . Thus CH Mgr, Vasna ‘s reply is
Baseless.
As informed by RBI Officer there is no Rule in reduction of FDR rate if Receiving interest mode is changed from MIP to QIP
Pls. look in to my case and do the needful as it is very difficult for me to maintain my
Monthly activities in this amount i.e Rs. 4110.-00
Awaiting your positive rreply soon …..
With regards,
( P.N. Shah )
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Miscalculation of FDR Percentage for Customer Id no.000192000 Ref -(4)
Me vasnar@bankofbaroda.com gm.ops.ho@bankofbaroda,.com, boahmedabad@rbi.org.in From – Prashant Navinchandra Shah 22- Damubhai Colony , I st floor Opp - Swaminarayan Complex, Bhatta , Vasna Road Ahmedab
May 9
Vasna Road Branch, Ahmedabad Sir, We refer to your trail mail and submit the followings on the above matter. 1) The detailed calculation of interest (Interest certificate) in your Fixed Deposit account No. 18250300044631 from 22.
May 13
24 th June 2014 - Thru Mail
Me
To boahmedabad@rbi.org.inGeneral Manager [Operations & Services]CMCS. HO and 3 More...
Today at 8:44 AM
Dear Sir
Now Vasnna Br. Manager is not doing anything . He says that my higherAuthority is not doing anything.
Now I earnestly request yourself to arrange to provide mye the mail id of
M.D of Bnk of Baroda
RBI Governor - Shri Raghu Raghwan
Ministry of Company Affairs , Ministry iof Corporate office
so that i can explain my grievances and requestnthem to sort out .
You are also requested to take further action and oblige. asa amount involve is Rs 17,105-00
Sorry for the trouble but the Management of VBaroda bank has compelled me to knock your door.
( PN Shah )
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