Made a mistake of opening Recurring Deposit instead of Fixed Deposit

POSTED BY Samad Sheikh ON June 16, 2012 5:41 pm COMMENTS (6)

Hi ALL
By mistake,Instead of Fixed deposit I opened a recurring deposit online of Rs 5 Lakhs for a period of 2 yrs..(thinking that Only this amount will be deposited)…

But the statement says my maturity amount + Interst after 2 yrs will be Rs 1,31,14,223

I was in a shock that how come there will so much returns

1.Hence If I am not wrong does that means every month Rs 5 lakhs will debited from my account for the period of 2 years…(amounting to Rs 1,20,00,000 ,(Rs 1 Crore 20 Lakhs) Am I correct???

2.If the scenario 1 is correct,then I do not have so much money with me…what am I suppose to do??
3. What penalities will I have to bear(if any)?

If scenario 1 is correct,I would like to stop this recurring deposit …how to do this etc…
Pls help me and advise me accordingly..
Regards
Samad

6 replies on this article “Made a mistake of opening Recurring Deposit instead of Fixed Deposit”

  1. If you have opened this in ICICI or Some private bank , I think there wont be any closure penalty but you will get lesser interest then promised which is obvious .

    Dont panic so much .. just call customer care atleast and talk to them . they will surely have some way out of this , This is a mistake which can be accepted politely 🙂

  2. Dear Samad, as you open that RD online, same can be stopped online. there ‘ll be no penalty for this RD closure. I’m saying this from my personal experience with SBI.

    Thanks

    Ashal

  3. Ramesh says:

    Call the phone banking services or visit the branch, and ask that to be corrected to a FD.

    1. Samad Sheikh says:

      Thanks Ramesh…I cannot visit the branch as I m not in India…I did it online…I m going to India after a month …so If I stop it after one month …what penalties do I have to bear on this Rs 5 lakhs…
      Regrds

    2. Samad Sheikh says:

      Thanks Ramesh…I cannot visit the branch as I m not in India…I did it online…I m going to India after a month …so If I stop it after one month …How much fine would the bank impose on me do I have to bear on this Rs 5 lakhs…
      Regrds

      1. Ramesh says:

        Email them.

        I do not think, if you stop a RD after one month, there will be termination charges. But still better to ask them.

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