- This topic has 28 replies, 25 voices, and was last updated 1 year, 1 month ago by
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MHi, so yesterday morning I received a message from SBI saying that a 50,000 FD had been created. I checked on YONO, and saw that the FD was made without my permission. This morning, I visited the branch with writern complain, but they told me I must have created it myself even though I didn’t. I have no idea how or why the FD was created automatically. I’ve already broken that FD and submitted a written complaint. However, the branch manager was reluctant to accept it. He said they could even freeze my account since I was claiming the FD was made without my authorisation And they might hold that amount for some time because of the complaint. Basically, he didn’t want to register the complaint.
Edit: Still, there’s one thing I don’t understand why would SBI or any of its employees create an FD without my permission? It’s a government bank and I don’t think they earn any commission for doing that.
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MI will, but to register a complaint to Rbi Ombudsman first need to submit a written complaint to branch. If they don’t help you, then you can complain to the Rbi Ombudsman
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SWrite an email directly to chairman@ sbi.co.in about unauthorized transactions performed by Branch Manager. The branch officials will call you back automatically.
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MBut the branch manager wasn’t accepting it. He said maybe my account was hacked. So I asked him, if my account was hacked why would a hacker create an FD for me? Then he said that I was the one who made the FD. It felt like he was trying to avoid registering my complaint and was even trying to intimidate me. But I still gave them a written complaint, and told them if I don’t receive a proper written response I will escalate it to the RBI Ombudsman.
Still, there’s one thing I don’t understand why would SBI or any of its employees create an FD without my permission? It’s a government bank and I don’t think they earn any commission for doing that.
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SWrite to the chairman asking details of employee/mode through which FD was created. It’s very easily available in the system. And the email to chairman will also serve as a formal complaint.
Coming to why would SBI employee create FD without your permission. Nowadays frauds committed by bank officials are on the rise. They usually perform non-harmful transactions like creating an FD, marking a small lien, etc. to check if the customer notices any unauthorized changes in his/her account. If there is no complaint from the customer, they move on to fraudulently withdraw funds for themselves.
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BWrite an email buddy. They won’t accept handwritten letters bcoz they do it intentionally.
In the email, write to share the location, timestamp and device id thru which this FD was created. Also, file an FIR in nearby cyber cell. Handover the FIR letter to SBI manager asking for received acknowledgment.
These SBI leeches are pathetic. They created a MF by taking my mother’s signature and saying some KYC update to the pension account.
After I returned from US, I took this thru official channel but nothing happened. But I trapped the manager and that agent digitally and they literally ran after me for days. And that satisfaction.. uff.. and that agent was a lady btw. -
PIt’s not about commission. It’s about login day targets they get for multiple things like deposits, mutual funds, ATM transactions, SBI Life etc.
File a complaint with SBI mentioning RBI Ombudsman and then file a complaint with RBI Ombudsman and watch the same Branch Manager calling you and telling you how it was a systemic fault etc. -
SThey have targets for everything now. FDs, govt. initiatives, credit cards, SIPs, everything. And it’s not that they get incentivized for achieving those, but penalized by not doing so. Each branch, each employee, has a target. In my hometown an SBI branch near my place was closed for a week bz of too many customer complaints for exactly what you are facing.
Complaint on SBIs customer portal, and that manager will be forced by the very department who gives impossible targets to come to your home and apologize in person.
Also, he might not be accepting it bz he knows the backlash he will face if an inquiry actually happens.
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IWrite a complaint to the branch manager by speed post and send a copy to the area regional manager too. However plz check is ur account a sweep account? In case of a sweep account whenever the money in ur savings account reaches a certain threshold level it automatically converts it into a FD and whenever it comes below that threshold level it breaks that fd.
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SThis might be the MOD Balance facility SBI Gives.
They might have upgraded your account privileges which might have activated MOD Balance.Usually it gets activated in 4th or 5th of the month. So the timings match. If it is indeed MOD Balance, i suggest you keep it because it is a good feature.
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EThere’s something called CASA Sweep in where if you have high balance in your savings account, the bank creates an FD automatically. This does not affect your minimum account balance and does not require to you to break the FD if you need money. If money in savings gets below threshold, funds are automatically transferred from the FD to savings account. The threshold and interest rates vary bank to bank. You can ask your bank if this is a sweep in FD account which is automatically created.
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SThese days SBI provides an auto sweep in facility where amount in your savings account gets automatically converted to an FD leaving a small balance (10-15k). Whenever you do a transaction- withdrawal or transfer that needs more funds than that left in savings, the required amount is automatically sweeped into your savings account. Thus your savings account earns 6%+ instead of 2%. Are you sure this is not the case?
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QFirst check did you opt in for sweep in facility? That will automatically create an FD if the balance in your savings account is more than certain limit. Check if you or anyone else have opted in for that facility. I assume that this is not the case as you’ve already checked with the manager he would have told you so if you’ve opted in it. Mail SBI customer care with these details cc’ing your branch manager and wait for their reply. If the reply is not satisfactory then file a complaint with Grievance officer in SBI and even after a unsatisfactory resolution then file a case with Ombudsman as a last retort.
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