I have a housing loan account in Federal bank at floating rate. I am currently abroad so for the payment of emi I have kept enough balance for the deduction of EMI till December 2012.
But recently they have made a deduction stating ‘Loan Recovery’ for an amount of Rs 65,000 without informing me which has really disturbed my whole budget planning.
My father visited the bank for explanation & they told him that RBI increased the interest 9 months before but the bank didn’t implemented that and now they have implemented but they calculated the arrears from the month when RBI implemented & not from the date when federal bank implemented and they have deducted the amount with interest.
And when asked why they didn’t informed me via phone/address/email about the policy change they didn’t gave a proper response.
Kindly let me know what can I do/ What action I can take/ What are my rights. In order to stop happening the same thing in future.
Waiting for a response.