SBI Recurring Deposit automatically renewed without asking me ?

POSTED BY SUNIL MAHESHKUMAR VYAS ON January 3, 2014 12:16 pm COMMENTS (4)

Hi Guys,

Need your Help.

On 3-JAN-2013 I had opened the RD online with tenor of 12 months.

It had the maturity date 3-JAN-2014 so today I was expecting automatically to be credited in my saving account but I was surprised when today I logged in online at that time my maturity date was showing 3-JAN-2015.

When I called to customer care before some day at that the TL told me that sir it will be automatically & today saying that sir we can’t help you please contact your branch. My branch is far away from my work location I had to spent one whole day. It was not possible for me to go bank hence I opened RD now tell me what I should do ? Which type of action should I take ?

4 replies on this article “SBI Recurring Deposit automatically renewed without asking me ?”

  1. ashalanshu says:

    Dear Sunil, earlier in case of E-RDs and E-FDs, the option of auto credit was not available. Which is available now for new E-RDs and E- FDs. As your RD was old one,. it was renewed to new term as per old standard applicable at the time of opening of RD.

    Thanks

    Ashal

  2. SUNIL MAHESHKUMAR VYAS says:

    Dear Ashalanshu,
    Thanks a lot but now my maturity date is showing 3-JAN-2015 then how can I redeem and if I am doing so then bank may can take premature charges which will be wrong.

    https://www.onlinesbi.com/sbijava/osbi_e-RD_faq.html
    Just go through the answer no. :- 6 ( Hence I am confused )

  3. ashalanshu says:

    Dear Sunil, you can redeem that RD amount online. Where is the problem?

    thanks

    Ashal

    1. Jha says:

      Dear Mr. Sunil & Ashal Ji
      Same thing happened to me also.
      The FD got automatically renewed to next 1 year. Then, I applied for pre-mature closure of the renewed RD. I was charged for the pre-mature closure (about Rs50/-).
      I annoyed for this charges. But, this has saved me visiting the home branch and wastage of ½ day time.
      Regards, Jhaji

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