Hi everyone...
I wish to aware all of you about unfair business practice and cruel looting of our nationalise bank PNB.
PNB has looted a sum of app. Rs.4 lacs from us by charging 2% penalty on premature withdrawal of FDR's. Other nationalise and private banks are charging 0% to 1% penalty on premature withdrawals. SBI is charging 0% penalty from FDR's below 180 days and 0.5% from FDR's above 180 days duration.
Secondly all other banks clearly published premature withdrawal penalty % on their websites but cheater PNB never publish premature withdrawal penalty % on its website (screen shot of PNB penalty clause webpage is attached for your information).
Hence, PNB is cruelly looting, virtually seeping the blood of its innocent customers so I request you to either remain careful or stay away from PNB.
Below is copy of our email to the CMD of PNB ...
Respected Sir,
More than 10 working days has already been passed but so for I have not received any constructive reply from the local authorities of PNB.
If PNB is not in a position to restore my premature withdrawn FDR's to its original then please instruct the concerned branch to refund unconstitutionally charged 2% premature withdrawal penalty to our accounts because neither PNB officials ever told us nor PNB mentioned the penalty percentage on its website (below is copy of Premature Withdrawal Penalty clause published by PNB on its website).
Premature withdrawals are allowed, unless specified otherwise, at the rate of interest applicable for the period for which the deposit has run or the contracted rate whichever is lower, subject to penalty, if any, prescribed by the bank. No interest will be paid on premature withdrawals of deposit which has remained with the bank for less than 15 days. (Note: PNB has no where mentioned on his website that Premature Withdrawal Penalty rate is 2% where as all other banks has clearly published Premature Withdrawal Penalty Percentage on their websites).
Had the concerned staff guided me about this penalty, I would not have got the FDR's cancelled and would have waited till the maturity of the FDR's. Since I did not withdraw any amount thereafter and the money is still with PNB so I request you to instruct the concerned branch to immediately refund the charged penalty. I hope you will accede to my genuine request so that I may continue my relationship with PNB as usual.
No other nationalise bank is charging 2% premature withdrawal penalty from its customers. SBI does not charge premature withdrawal penalty from FDR's for below 180 days and charge only 0.5% on FDR's for above 180 days period. Majority of other nationalised banks like PNB neighbour Bank of India is also not charge premature withdrawal penalty from its customers.
Law of the land does not permit any institution to cheat and cruelly loot its innocent customers. But I am sorry to inform you that our nationalise bank PNB is not only cheating but also cruelly looting virtually seeping the blood of its innocent customers by charging undeclared 2% penalty on premature withdrawals as against 0% to 1.0 % of other nationalise banks. Private banks ICICI and HDFC Bank are also charge only 1% penalty for premature withdrawals.
I am totally failed to understand where the century old sincerity, honesty and business principles of PNB has gone and why PNB is so cruelly looting and seeping the blood of the innocent peoples of their own nation. The Present working of the PNB is just opposite to the ideology of the father of the nation Mahatma Gandhi, Punjab Kesri Lala Lajpat Rai (founding father and first customer of PNB) and the Reserve Bank of India, who proudly displayed the following quotation of Mahatma Gandhi at the opening page of its Banking Ombudsman Scheme 2006:
“A ‘Customer’ is the most important visitor on our premises.
He is not dependent on us. We are dependent on him.
He is not an interruption on our work. He is the purpose of it.
He is not an outsider on our business. He is a part of it.
We are not doing him a favor by serving him. He is doing us
A favor by giving us an opportunity to do so”
~Mahatma Gandhi
May I humbly request to the CMD of PNB to 1) revise premature withdrawal policy at par with other nationalise banks 2) instruct to clearly publish premature penalty percentage on PNB website and display it at all the branches of PNB for general knowledge of the customers of PNB.
Kindly settle my grievance at the earliest possible otherwise I will left with no other alternative except to file a case against PNB in the Banking Ombudsman Scheme 2006 of Reserve Bank of India and District forum of National Consumer Disputes Redressal Commission of India under The Consumer Protection Act 1986 for the recovery of unconstitutional premature withdrawal penalty from PNB.
Since PNB is cruelly looting virtually seeping the blood of the innocent peoples of the whole country so someone has to bring the corrupt business practice of PNB to the kind notice of the President of India, Prime Minister of India, Supreme Court of India, Ministry of Finance, Ministry of Consumer Affairs, Ministry of Company Affairs and Reserve Bank of India for taking a strict action against PNB. PNB unfair business practice and cruel looting of the innocent peoples should also needs to brought in the notice of all the Editors of all leading News Papers, Leading National News Channels and On-line Consumer Forums for giving awareness to the peoples of India.
Keeping in view our past 25 years of association with PNB, I hope CMD, PNB will give a fair justice to us and instruct the concerned branch to immediately refund unconstitutionally charged penalty to us.
With regards,
Amresh Kumar Sharma
Email:
[email protected]
Mobile: 09634 13201
