Fixed Deposits

If you have an issue with your bank regarding a fixed deposit, you could be entitled to a refund. Use our free tool to raise an issue with the bank.

Investors chose to invest their surplus funds with reliable financers, in order to earn higher interests. Both banks and non-banking financial companies, offer Fixed Deposits investment instrument. This guide will inform you of your rights as investors and will further provide you with solutions in case you face an issue. If you feel that your issue has not been addressed properly, Resolver will remind you when you can escalate your case to the Ombudsman: this is possible after you receive a final response from the financial organisation. 

How to complain to a bank?

As per the Reserve bank of India, you have the following rights:

  • Right to Fair Treatment: the Customer cannot be treated unfairly on the grounds of gender, age, religion, caste and physical ability. You are entitled to be treated fairly with courtesy when offering and delivering financial products.
  • Right to Transparency, Fair and Honest Dealing: the contract/agreement between you and The financial services provider should be well communicated, transparent and easily understandable. All the relevant terms and conditions must be clearly disclosed. you must not be threatened, or subjected to physical harm, exert undue influence, or engage in blatant harassment, by the financial service provider.
  • Right to Suitability: The products offered to you must appropriately meet your needs.
  • Right to Privacy: Your personal information must be kept confidential, unless otherwise specified, your consent is of utmost while sharing your information.
  • Right to Grievance Redress and Compensation: You are entitled to hold the financial service provider legally liable in case you face an issue.

If you face an issue with the financial service provider, you must:

  • Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Include all the important details and documents to support your complaint.
  • If you do not receive a satisfactory reply, or if there's no response from the branch within a reasonable time- you may approach the Regional or Zonal manager of the bank who will invoke an internal enquiry into your matter. Or chief grievance redressal officer. Also, The Bank Manager is obliged to address your complaint within 30 days.
  • You may also take help of the appointed Regional Nodal Officers and the Chief Nodal Officer who are responsible to ensure that the complaint is resolved on behalf of the Bank.
  • If still not resolved, you may then approach the Banking Ombudsman will make a decision on your case either through conciliation or mediation. and produce an outcome that will be binding on the financial organisation. The ombudsman will not have the power to pass an Award directing payment of an amount which is more than the actual loss suffered by you or Rs 10 lakh, whichever is lower. 
  • If you are still not satisfied, you may file an appeal with the Appellate Authority against the decision of the Banking Ombudsman within 30 days.
  • The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
  • Further, you may also take a long route by taking the bank to the Consumer Court.

How will RBI help me with my issue?

The Banking Ombudsman appointed by the RBI will make a decision on your case either through conciliation or mediation between the complainant and the bank complained off. If the terms of the settlement, offered by the bank are fully accepted by you, the Banking Ombudsman will pass an order as per the terms of the settlement. Further, the outcome will be binding on you and the financial organisation. Compensation offered by RBI:

  • For Loss suffered: The Ombudsman has the power to direct the Bank to pay as compensation, equal to the amount of loss suffered because of the act or omission by the Bank or amount up to Rs 20 lakh, whichever is lower. 


  • For Mental Agony and Harassment: You will be awarded compensation not exceeding Rs.1 lakh.


If the issue is still not settled by way of an agreement within a period of one month, the Banking Ombudsman will proceed further to pass an Award. However, a reasonable opportunity is provided to both the bank and the complainant to present their case. But, this award is not binding it is upon the complainant to either accept or reject it. Upon rejecting the award, you may approach the Appellate Authority which is vested with a Deputy Governor of the RBI. It will pass the order as it may deem fit in the best of your interest.

How will Resolver help you?

If you have a bonafide complaint, Resolver will help you to submit your issue for free. Any complaint from Resolver is an official complaint, and thus the financers are obliged to act upon it. Resolver acts as a link between you and the authority you’re complaining to, making it easier for you to get your complaint to the right place at the right time. Resolver is free, with no adverts or no hidden costs. Start by telling us the name of the financer you have an issue with, raise a case and leave feedback afterwards.

Excess TDS was deducted from my fixed Deposit, what to do?

You must know that Interest income up to Rs. 10,000 in a Financial Year is not entitled to any TDS requirement. However, If the bank has wrongly deducted extra TDS, you may:

  • Get your PAN information updated as if the bank has your PAN details, it deducts 10%, otherwise 20%.
  • Request the bank to revise the TDS return. If it does, cross-check the updated information regarding deducted TDS on Form 26AS.
  • It is advisable to file your IT Return well in time as you are likely to get a tax refund.

What can I do if I am unable to close my fixed deposit?

You can close an FD either on maturity or prematurely. You may be required to submit a signed form indicating your intention to close FD may be on the maturity date. 

It is advisable to opt for an auto-termination or auto-renewal option.

  •  In the case of auto-renewal, the bank will automatically renew your deposit for the same period of time and at the same interest rate on maturity.
  •  In the case of auto-termination, the bank shuts down the FD on maturity and transfers the funds to an already selected savings account.

Use Resolver to facilitate the process and help you raise an issue. 

I did not receive any interest on my FD

The interest rates fluctuate when banks suspend old schemes. Thus, it is advisable to keep a timely check on it. You should check if the rate of interest and term stated in the receipt are right, especially when you renew the old FD. you may also request the bank to inform you about the same.

But if the bank does not acknowledge the requests, use Resolver to raise an issue. 

In Summary

  • Retain all the fixed deposits related paperwork.
  • Know your rights before making any investments.
  • Read the terms and conditions of the concerned financial service provider thoroughly.
  • Contact the customer care centre of the bank in case you face an issue.
  • If unsatisfied with the response, escalate the matter to appointed Nodal officer and then to the Concerned Banking Ombudsman.
  • You may also use Resolver to help you find solutions for your issues.

Resolver promises

We will never share your personal data with anyone without your permission - your case will go to the firm you’re complaining about and, if appropriate, to an ombudsman.

If you find something wrong with a company or our processes, tell us and we will put it right.

You can raise a complaint against Resolver via Resolver itself.

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