SBI ordered to pay retired scientist Rs 15 lakh with interest after failing to inform him of deposit maturity
Times of India · Saurabh Thakur · 4 min read at Times of India
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.
Excerpt. Full story at Times of India: https://timesofindia.indiatimes.com/legal/news/sbi-ordered-to-pay-retired-scientist-rs-15-lakh-with-interest-after-failing-to-inform-him-of-deposit-maturity/articleshow/134984646.cms
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