The Vashi branch of Bandhan Bank has been ordered to pay Rs 20,000 in compensation to a senior couple for failing to credit a day’s interest on their fixed deposit account. The couple, Rama Gupta, 64, and her husband Deepak Gupta, residents of Kopar Khairane, had taken persistent steps to resolve the issue, ultimately approaching the Reserve Bank of India (RBI), which ruled in their favor.
Anuj Kumar Gupta, the couple’s son, reported that his parents opened a fixed deposit account with the Vashi branch on January 15 of this year via online banking, but the bank mistakenly issued a receipt dated January 16. According to RBI regulations, banks are obligated to provide interest from the date the fixed deposit is made.
“We requested the bank multiple times to resolve the issue,” Anuj explained. After not receiving a satisfactory response, the family filed an official complaint with the bank on January 24. The bank’s response cited their internal rules, stating they had a cutoff time of 11:10 pm for daily transactions. Consequently, since the deposit process was initiated at 11:12 pm, the couple was deemed ineligible for interest for that day. The bank further advised, “In case you are not satisfied with the resolution, you may approach the office of the Banking Ombudsman at RBI.” Taking this advice, the family escalated their grievance to the RBI.
After reviewing the case, the RBI examined all relevant documents and the couple’s complaint alongside the concerned Bandhan Bank officials. The RBI then issued a directive for the bank to credit the missing interest of Rs 187, which was processed on March 15, 2024. Additionally, the elderly couple was awarded a compensation amount of Rs 20,000—Rs 10,000 each—for mental distress, credited to their account on September 19, 2024.
Bandhan Bank branch manager Rikhab Chopra confirmed the issue, stating, “There was a default in timing in the system for End of Day (EOD). Due to this reason, this issue was created, but now this is resolved, and the interest money was credited to the couple’s account.
