Saturday, November 1, 2008
SBI turns SB a/c to FDs without nod
Salary account changed to FD’s without consent
Employees of the Central Government (Particularly in Central Intelligence Agency - Kolkata),
who have received their Pay Commission arrears, where mortified when they
discovered that SBI’s branches was not reflecting this money in their salary
cum savings accounts when they went to withdraw money from ATM’s.
On making further enquiries, they found to their dismay that Pay Commission
arrears of most of employees had been converted into Fixed Deposists in their
names under SBI’s Multi Option Deposit Scheme (MOD) which functions a savings
cum fixed deposit account where withdraw can only be made in units of Rs. 1000.
The bank officials said that we don’t understand what their problems is, since a
MOD yields a higher rate of interest than a normal savings account where
the interest is just 3.5%.
Subscribe to:
Post Comments (Atom)
It is happening the same in Bangalore also. But we dont know yet whether it is converted as MOD Scheme. First of all bank does not have such rights to decide whether it should be MOD or anything else. The sole owner of the money decides what he has to do.
ReplyDeleteBank has to return the money with interest from the time it was kept in their farm.