Scam or fraud: Allahabad Bank — incorrect interest rate applied during auto-renewal of fds

Submitted by: Nitu Tandon Kapoor

Complaint Details:
My father has some Fixed Deposits in Allahabad Bank, KKT Branch, Kolkata. being an ex-employee of Allahabad Bank, he always got the staff benefit. As per the rules, an ex-employee of the bank gets 0.5% additional interest rate on the then-market rate for FDs. Also for senior citizens, there is an additional interest rate. In the past, FDs were auto-renewed with these benefits. This year, the branch office renewed the FDs at the market rate without any additional benefit of staff benefit ans senior citizen benefit. Now instead of rectifying the error, the bank tells to close all the FDs and make new investment…