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%.


Anonymous said…
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.

Bank has to return the money with interest from the time it was kept in their farm.

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