Bank cut Rs 5.89 crore FD rate from 7.75% to 3.5%; Court orders higher interest
60-Word AI Digest
Initially, the FD earned interest at rates of 7.75%, 8.25% and 7.75% over different periods. However, from January 30, 2018, the bank lowered the rate to 3.5%. Challenging the reduction, the deposit holder approached the court again, arguing that the bank had cut the interest rate without any valid reason or justification.
Key Takeaways
- Initially, the FD earned interest at rates of 7.75%, 8.25% and 7.75% over different periods.
- However, from January 30, 2018, the bank lowered the rate to 3.5%.
- Challenging the reduction, the deposit holder approached the court again, arguing that the bank had cut the interest rate without any valid reason or justification.
Initially, the FD earned interest at rates of 7.75%, 8.25% and 7.75% over different periods. However, from January 30, 2018, the bank lowered the rate to 3.5%. Challenging the reduction, the deposit holder approached the court again, arguing that the bank had cut the interest rate without any valid reason or justification.
Original Publisher Attribution
This summary was curated from Times of India.