Local Branch can make mistakes. Review on Federal Bank

I had and have several accounts here. Mainly Cash Certificates(or FD), I started to notice that when they renew or break the FD, the manager as well as staff poorly calculate the interest and TDS. Manager was ignorant and arrogant to explain how they calculated things. I called up customer service to Head Quarters and they told that each branch calculate their way so you need to communicate with local branch where you have account. Until recently, there was a new accountant who apparently good and able to tell me how she calculated and was convincing. I was already in the process to close out all my FDs and recently, when I closed another account, I found again calculations are wrong and new accountant accepted that calculated wrongly first time ever.

Keep in mind, In india local banks do the math and you have to be always cautious about the calculation and it is not 10s or 100s or 1000s, it easily in 10, 000s.

I am glad that at least there is one person who acknowledge their miscalculation and I truly appreciate that. It was never about the return but about transparency. If a bank can not tell

1) how they calculate things

2) Not able to calculate properly

3) Not able to explain to customer then what is the use.

I have only few more accounts to close to get out from here but it does not mean than bank will collapse. This is very traditional and very strong in assets mostly from old generation who never calculated or questioned back by holding to their pride, do not know how to calculate or never want to be humiliated if calculations go wrong.

This is about Edathiruthy Branch(Federal Bank).

In a nut shell

Always remember local branch calculates things and it can go wrong so you always do your math and never hesistant to question. If they can not explain then it is not the right branch.

Hope this helps