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SBI Ordered to Pay Retired Scientist After Failing to Clear Matured FD
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CNBC Awaaz•18-10-2026, 15:17
SBI Ordered to Pay Retired Scientist After Failing to Clear Matured FD
- •The Hyderabad District Consumer Commission ruled against the State Bank of India in a complaint filed by a retired scientist over an unpaid fixed deposit of 15 lakh rupees.
- •The complainant stated that the FD matured on December 12, 2023, but the bank neither transferred the funds nor informed him, later showing erroneous details on its online portal.
- •SBI claimed the maturity date of 2028 and zero interest displayed online were due to a technical glitch and that no renewal instructions were provided.
- •The commission ordered SBI to pay 8.5 percent interest up to maturity, followed by savings account interest until payment, along with 25,000 rupees for mental agony and 10,000 rupees for legal costs.
Key Questions Answered
The commission ordered SBI to pay 8.5% interest on the ₹15 lakh principal up to the maturity date, followed by the applicable savings account rate until payment. Additionally, the bank must pay ₹25,000 for mental agony and ₹10,000 for legal expenses.
SBI stated that no renewal instructions were received from the customer, causing the amount to be kept in the account according to scheme rules. The bank also attributed the portal displaying a 2028 maturity date and zero interest to a technical glitch.
The fixed deposit of ₹15 lakh was opened on December 13, 2018, under a senior citizen scheme with an 8.5% annual interest rate, and was set to mature on December 12, 2023.
