Hi everyone.
I wish to make aware the whole nation about unfair business practice and cruel looting of our nationalised bank PNB.
PNB has cruelly looted a sum of app. 4 lacs from us by charging undeclared/unpublished 2% penalty on premature withdrawal of our FDR's. SBI does not charge any penalty from below 180 days FDR and charge 0.5% penalty from above 180 days duration FDR.
Majority of other nationalise banks are also not charging any premature withdrawal penalty from up to 1 crore FDR. Some nationalise and private banks are charging 0% to 1% penalty on premature withdrawal of FDR’s.
Secondly all other banks have clearly published their FDR premature withdrawal penalty% on their websites but swindler PNB never publish its premature withdrawal penalty% on its website(screen shot of PNB penalty clause webpage is attached for your information).
Since, PNB through its unfair business practice is cruelly looting virtually silently seeping the blood of its innocent customtakeouters so I aware all of you to either remain careful or stay away from PNB .
You are requested to alert all of your nearer & dearer about current unf air business practice of PNB so that they may not suffer any financial loss at the hand of cheater PNB .
We have written 3 emails to the CMD of PNB for giving a fair justice to us but I am sorry to inform you that so far we have not received any constructive reply from the highest office of PNB .
Below is copy of our third email to the CMD of PNB for your reference… Amresh Kumar Sharma
RRajeev_Vermacted Sir,
More than 10 working days has 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If PNB is not in a position to restore my premature withdrawn FDR's to its original then please instruct the concerned branch to refund unconstitutionally charged 2% premature withdrawal penalty to our accounts because:
A. PNB officials never told us about Premature Withdrawal Penalty at the time of booking o r cancellation of FDR's which was a serious violation of:
1) Fair Practices Code of PNB .
2) RBI circular RBI/2011-12/56 DBOD No.Leg.BC.18/ 09.07.006/2011-12 dt. 01-07-11 sub clause 5.8.6 - Premature withdrawal of term deposit clearly says : The bank should ensure that the depositors are made aware of the applicable penal rate along with the deposit rate at the time of booking FDR.
3) Banking Ombudsman Scheme sub clause 8(1)(K) - Levying of charges without adequate prior information to the customtakeouter.
4) Banking Ombudsman Scheme sub clause 8(1)(R) - Non adherence to the Fair Practices Code as adopted by the bank.
B. PNB has not mentioned the Premature Withdrawal Penalty Percentage on its branch notice board or 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 ever told us about this penalty, we would not have got the FDR's cancelled and have waited till the maturity of the FDR's.
Since we did not withdraw any amount thereafter and the money is still with PNB so we request you to instruct the concerned branch to immediately refund the charged penalty.
We hope you will accede to our genuine request so that we may continue our relationship with PNB as usual.
No other nationalise bank is charging 2% premature withdrawal penalty from its customtakeouters. 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 Barewal neighbor Bank of India is also not charging any premature withdrawal penalty from its customtakeouters.
Law of the land does not permit any institution to cheat and cruelly loot to its innocent customtakeouters. But we are sorry to inform you that our nationalise bank PNB is not only cheating but also cruelly looting virtually seeping the blood of its innocent customtakeouters by charging undeclared 2% penalty on premature withdrawals as against 0% to 1.0% of other nationalise banks.
Private Banks ICICI and HDFC are also charge only 1% penalty for premature withdrawals.
We are 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 its innocent customtakeouters.
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 customtakeouter 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 ‘customtakeouter’ 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 we 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 also display it at all the branches of PNB for general knowledge of the customtakeouters of PNB.
Kindly settle our grievance at the earliest possible otherwise we 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 our nationalise bank PNB is cruelly looting virtually seeping the blood of its innocent customtakeouters from 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, we 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,
Mrs. Surekha Sharma
Naveen Sharma(son)
Ramneek Sharma(son)
Email: surekha4amresh@yahoo.co.in
Mobile: 09634 13201
