SBI ordered to pay retired scientist Rs 15L after failing to inform about FD maturity
A consumer commission in Hyderabad ordered the State Bank of India to pay a retired scientist Rs 15 lakh plus interest after failing to notify him about the maturity of his fixed deposit. The bank claimed the lack of interest was due to a technical glitch.
Why it matters
This ruling underscores consumer protection rights regarding banking transparency and the accountability of financial institutions toward senior citizens.
NEW DELHI: A Hyderabad consumer commission has directed the State Bank of India (SBI) to pay a retired scientist his Rs 15 lakh senior citizen deposit along with interest after finding deficiency in service over its failure to inform him about the deposit’s maturity and extension options. The commission also ordered the bank to pay Rs 25,000 as compensation and Rs 10,000 towards litigation costs.The commission found that although the customer had not applied to extend the deposit within the prescribed period, SBI had retained the money after maturity without establishing the basis for showing zero interest on its portal.Case detailsAccording to the commission order, Ashwani Kumar Sangamker, a retired scientist, invested Rs 15 lakh from his retirement benefits in the Senior Citizens Savings Scheme through SBI’s Barkatpura branch on December 13, 2018.
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