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Ashutosh Chakraverty

Auto renewal of Bank F.D

A F.D matured on 6th January,2018 was made auto-renewed by the concerned I.O.B branch without knowledge of and without seeking permission of the client. The client had not advised the Bank to auto-renew the F.D while opening the F.D account.
Want to take legal action on the Banker through consumer forum. Legal expert local circle members kindly advise how to proceed.
Thanks. more  

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Mulpuru Satya Srinivas
I also agree with AUTO RENEWAL as if we do not turn up and give necessary request by the time of MATURITY, its better to RENEW instead of taking no action. you can as well cancel the same at any point of time if required. more  
S K Virmani (S K Virmani (citizen empowerment))
You want to take legal action. I would like to ask you in what way it has affected you in auto renewing the FD. Has any financial loss occured to you and then what action legal action you want to take. For every problem, legal action is not the answer. more  
Suresh Adina (None)
What is the legal action you want to take? This has become a common "threat" of late. Who exactly is the client here? Or are you a lawyer? Posting something without identifying your position is not helpful. Hope we can use this local circles forum for more meaningful discussions useful to public at large and not petty issues. more  
S K Virmani (S K Virmani (citizen empowerment))
I do not find anything objectionable in auto renewal of FDRs as it looks to be in favor of the consumers. The consumer always has a right to enacsh the proceeds on due date of maturity even the FDR got auto renewed. However it safeguard those consumers who could not visit the bank branch for renewing the same as it gets auto renewal. I would request the author to spell out in details as to what he is feeling disadvantage in auto renewal. more  
Chaitanya Chhabi (Greater Noida)
Bank auto-renewed it as per interest for both, client and company both...not to loose any interest amount. In case you want to discontinue it...we can write it to bank and they shall get the money transferred in your account with the applicable interest charges. Trust....you wont loose any money out of this more  
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