How woud you react if you are returned Rs. 21457.56 on a Fixed Deposit of Rs 21000 after 288 days @ 8% interest?
Well, this was the money paid back to me. This was inspite of no premature redemption or withdrawl.
OK, here is the accounts
Amt Invested - Rs 21000
Interest Rate - 8%
Duration of deposit - 288 days
Maturity amount expected - Rs 22354.87
Now against this, I was paid an amount of 21457.56 which is Rs 897.31 short of expected maturity value.
I called up the customer care and in line with other feedbacks on their customer service, on this site, it turned out to be a disaster with the agent simply telling me that my case is being looked into and I will get a call in 2 days. The same story was repeated for 3 consecutive tries in intervals of 3 days. Ultimately, after being fed up, I requested to be connected to a supervisor, for which I was told that the supervisors are not around and if I am so keen on getting the issue fixed, I should visit a branch. One good thing was they told me that the TDS deducted was Rs 582.32.
This was another interesting story as, my query was how can Rs 582.32 be deducted as TDS on an earning of Rs 1354.87. Another part was even if I accept the TDS deducted amount, there is still a difference of RS 314.99 between the expected maturity value and amount credited.
Left with no options, I decided to visit a branch.
After visiting the Fort branch, I was introduced to Ms Anaita Dapoliwalla and she did some conscious effort to help fix my issue. She first helped by clarifying that the amount deducted as TDS was due to the interests earned on my other Fixed Deposits, which I found convincing.
However, she struggled for an hour or more and consulted more than 3 people to try and explain the messing Rs 314.99
However, at the end we got tired of waiting and suggested that we will close all our other FDs with the bank.
Query that people who invest in FD at ABN AMRO should ask themselves: Do I want to save money or lose money? If they want to save money then ignore ABN AMRO bank.