Axis bank charges Interest on FD from us instead of Paying to us.
I am an Axis bank account holder for last 8 years and keep on creating FD online whenever I have some small surplus in account.
Typically the amount is credited back in account on maturity and I just track the broad value not the exact maturity value.
This time on one of my FD whose Principal amount was 45000/- and duration was 1 month, I was suppose to receive 45369/- which was including interest but received only 44591/- which is even lower than principal amount.
Which means Axis bank charged me 409/- to keep my money in FD with them.
When I pulled out other receipts and checked my earlier FD, they were too lower value than the maturity value when credited.
I went to Pantnagar, Ghatkopar(East)(Mumbai) branch where I had these FD hosted and complaint this to Branch Manager and they said they will have to check and just passed time by saying I will get back in a day or 2 and I have to visit again after 10 days and again same response.
Atlast they said they must have charged Interest on my over all account from my FD?
Little weird to understand so I asked them the process and calculation behind it but they(Employees of Axis bank) are not even aware of the Process and system themselves.
I am still struggling to track my money deducted even after 20 days for atleast 10 of my FDs not just 1.
Please do not get into this trap of FD with Axis Bank ever.
Choose some PSU bank or other bank for your FD.
Regards,
Kartik Lakhani.