While checking the HDFC banks
account of my clients specially who are salaried employees in India I observed a clear case of cheating by HDFC Bank through its on
line Fixed Deposit making system.
MODUS OPERANDI OF HDFC BANK (MAY
BE BY MORE BANKS ALSO)
LET ME EXPLAIN HOW GULLIBLE
CUSTOMERS WHO ARE TOO BUSY IN THEIR EMPLOYMENT SIX DAYS A WEEK AND CAN NOT
VISIT HDFC BANK IN PERSON JUST PARK THEIR SURPLUS FUNDS IN FIXED DEPOSIT S TO GET HIGHER RATES OF
INTEREST BY USING ITS INTERNET BANKING FACILITY
How cheating is being done by a
reputed bank like HDFC
1.customer opens its internet
banking facility and make an FDR say for Rs.1,00,000/ carrying maximum rate of
interest at say 6.75% for a period of
one year and five days.
2 As per HDFC software he can opt
for auto renewal mode so that his maturity proceeds gets converted into fresh
FDR on the due date.(Presuming he opted for cumulative scheme)
3.Now what happens is when the
date of auto renewal comes the HDFC bank changes the rates of interest from
6.75% to 6.25% for the same period or without any consent from customer.
4.As customer is not contacted by
any of the concerned HDFC bank official to tell him that he can change the
number of days for next period so that he continues with the same higher rate
of interest a @6.75% which clearly shows how it cheats its busy customers through such malpractice.
CONCLUSION:-WHILE MAKING ANY FDR
WITH HDFC BANK ON LINE THEN DO NOT OPT FOR AUTO RENEWAL MODE AT ALL AS YOU
SHALL BE DUPED BY IN INTEREST RATE FALL TO THE EXTENT OF 0.50% OR MORE.
WRITTEN IN GENERAL PUBLIC
INTEREST.
CA RAKESH KUMAR SINGHAL
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