ERROR in SBI Bank Application FD for Senior citizen

Complaint Date:
Category: Business

I am Amar Nath Pal a senior citizen. On 04/June/2015 I visited my SBI Branch code 1990 Fertilizer township, Rourkela, Orissa, to open a Fixed Deposit Account for Amount 10 Lacs for duration 211 days for Senior citizen. After I opened the bank account the bank branch issued me the Fixed Deposit certificate of amount 10 Lacs for 211 days there they have mentioned the Rate of Interest as 7.5%, but as i checked the Fixed deposit interest rates for senior citizen in SBI portal “” and even from the branch interest rates there it is actually 7.75%.

I immediately taken this issue to branch manager but he said they cannot do anything about this. The branch manager showed me the problem by opening the SBI application there Option to select Senior citizen for Fixed deposit term less than one year was not working for them in SBI Branch Application and the rates showing which were common for General Public which is 7.5%.
But i wanted to open the FD account for 211 days only and not for 1 year term.

Following this, i raised a complain and issue tickets on this on the SBI portal with the below ticket nos. I clearly mentioned all the problem in the tickets and even i mailed this issue to all SBI nodal officers chairman, GM, DGM email ids, then a quick action has been taken to resolve this issue.
Ticket No:FD199018641214 Dated : 04/06/2015
Ticket No:FD199018653817 Dated : 05/06/2015

Now this issues has been resolved and fixed on Saturday 06/Jun/2015 and when i visited the SBI bank branch on the day and the branch manager has created a new FD account with the same amount for 211 days but with the Interest rate 7.75% as senior citizen. The fact of the problem that the branch manager disclosed with me on Saturday 06/June/2015 is that as per new revised rate of interest applied from 11.05.2015 the system has not been updated to take the revised rate of interest for senior citizen. And due to my complaining about the issue the SBI technical team has worked on this issue and fixed this in the SBI Bank Application. Now the option to select Senior citizen is showing for less than 1 year and even the Rate of Interest for senior citizen is coming correctly.

The concern of my raising this issue to consumer forum is that there may be many customers who might have gone through this same issue but have not complaint against this issue and they may be drawing wrong value for the fixed deposits amount. We like you to take this issue about the incompetency of SBI bank application and how the common people and senior citizens are the worst suffers for this. The SBI application has not evaluated or tested, whether the components and modules are working properly before using. As a bank application this is huge error and many may have suffered due to this and there is a huge commercial loss for the Senior citizen who ever has been transacting with the FD accounts.

I hope that i have cleared my points and wish you to extend a helping hand to all such customers.

ERROR in SBI Bank Application FD for Senior citizen
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