MP: 70-Year-Old Woman Loses ₹97K Worth Of FD Account In A Nationalised Bank In Badnawar

MP: 70-Year-Old Woman Loses ₹97K Worth Of FD Account In A Nationalised Bank In Badnawar

Over the years, she diligently renewed her FD every four years after maturity, to use it for her granddaughter's marriage.

FP News ServiceUpdated: Thursday, February 22, 2024, 10:56 PM IST
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MP: 70-Year-Old Woman Loses ₹97K Worth Of FD Account In A Nationalised Bank In Badnawar |

Badnawar (Madhya Pradesh): Ever since the nationalisation of banks, they have been regarded as trustworthy institutions for safeguarding savings and facilitating transactions for people across all economic strata. However, a recent incident at a government-owned bank branch has highlighted the potential risks associated with banking errors, impacting the deposits of an account holder.

Chandrakanta (70), wife of Ramchandra Sharma, a resident of Jawahar Marg, Badnawar, opened an FD account of Rs 25,288 in the branch on April 21, 2005. Over the years, she diligently renewed her FD every four years after maturity, to use it for her granddaughter's marriage.

However, on December 13, 2023, when she went to break the FD, which had grown to Rs 97,446, she was shocked to learn that the bank had already paid the amount, claiming that Chandrakanta had passed away and the money had been given to her heirs.

Despite her insistence that she was alive and in possession of the FD, the bank refused to acknowledge her claim, suggesting she tore up the FD as it was of no use to her.

After receiving no satisfactory response from the bank, Chandrakanta filed a written complaint with the bank manager on January 1 and later with the regional manager's office in Dhar on February 8. Despite her efforts, she has been left in a state of confusion, continually visiting the bank in an attempt to resolve the issue.

The branch manager claimed that a woman with the same name had passed away approximately a year ago, and the FD had been paid to her heirs after they provided an affidavit stating that it was stolen.

However, former bank employees recalled Chandrakanta visiting the bank regularly for FD renewal, suggesting a possible error in the name that led to the amount being credited to another account holder.

This incident serves as a reminder of the importance of meticulous record-keeping and attention to detail in banking operations, as well as the need for swift resolution of customer complaints to maintain trust and credibility in the banking system.

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