Rs 5.89 crore FD interest slashed from 7.75% to 3.5% without notice; Delhi High Court rejects bank’s non-renewal argument and orders interest at an average of earlier rates
The Delhi High Court observed that Clause 3.3 of the RBI circular gives banks the freedom to set interest rates. (Image for representative purpose only) Can banks change the rate of returns for fixed deposits on non-renewal? The Delhi High Court has ruled in favour of a fixed deposit holder after a bank cut the…
