Non disclosure of interest to be paid

5 years ago

I have a RD opened in post office and agent used to collect money for depositing, while purchasing our house we faced a bit of money shortage and this agent advised of partial withdrawal of the RD, however she never mentioned that there will be an interest that will be charged on the partial withdrawl of the RD, we only got to know that interest was being charged when we been there to deposit the partial withdral amout to continue the RD as it is. When disussed with thr post office people they passed on the blame to the agnet and when discussed with the agent she simply refused to give any response. Please help me what can be done with this scenario, as it was my own money that i was depositing in the RD and was givrn back to me as a loan without informing me about the interest that is charged. I feel cheated here can something be done.. Thanks in advance.

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ARPIT BATRA

Responded 5 years ago

A.Kindly share the written agreement to get the best possible solutions.

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Dear client you need to discuss matter with experience lawyer of banking claims.

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Abhimanyu Shandilya

Responded 5 years ago

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A.Have you seen that clause later on checked for yourself. The banking system does not charge interest on withdrawal of your deposits but they charge a penalty in case of premature withdrawal from the total interest that they would have paid to you. They also charge interest on withdrawal in case you have taken any Overdraft (OD) by pledging the FD or RD. but taking interest on the partial withdrawal of a deposit is unheard of. Have they taken interest for the time period that you took to deposit the money? If yes then this can be considered as a loan and that case you can challenge the act of Post Office. You can share the details with me and I can guide you on this.

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ROBERT D ROZARIO

Responded 5 years ago

A.Nothing doing. you signed the documents whether you read or not its your concern. It shall be assumed that you had carefully gone through the clause before signing. Just pay the interest which is nominal. No use of escalating this sort of matter and bringing them to court.

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Rajeev RJ

Responded 5 years ago

A.You will be charged only 1% extra than what you earn from the postoffice by way of interest.

Regards

Rajeev

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Rajender Prasad

Responded 5 years ago

A.it is usually practice that the post offices ,banks even organistion s where one is working when given loan /money even out of ones, money , the same interest or even 1/2% more interest is charged, if the Agent failed to bring this fact in your knowledge, the position thereof shall not be changed butmaking a complaint to post office,some negative note against that agent may be taken by them

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Kishan Dutt Kalaskar

Responded 5 years ago

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A.Dear Sir,
The rules are to be read by before entering into any account. You have signed the forms and also it will be deemed under law that you have understood the relevant rule irrespective of whether the agent the corresponding rules or not. You may challenge such damaging rules by filing PIL if allowed it will beneficial to so many people.

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