one of the bank has prepaid my NRNR deposits before the agreed period and suo moto started paying normal rate.Inspite of my repeated requsted they didnot give satisfactory answer and i lost inerest differential. Please any one advise what is the remedy to me.
People deposit money in the banks as an investment and in any investment product such as shares,mutual fund ppf,nsc etc there is no option for prepaying the deposit and only when the depositor wishes to withdraw or if the scheme is matured the amount is given back to the depositor then why should banks be given an exemption.if so they must pay prepayment charges also to the depositor.
While Banks especially Public Sector are more concerned about the repayment of high cost deposits, why they are not coming forward to increase automatically the low cost deposits? Rules are quoted to avoid in such cases.
