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EN
SBI faulted for withholding FD, ordered to repay with compensation in Kerala
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Mathrubhumi English
Ernakulam Consumer Commission directs SBI to repay deceased depositor`s fixed deposit and compensate son for refusing to release funds due to missing records.
Peter, had deposited ₹39,000 as a fixed deposit at the State Bank of Travancore (SBT), Vyttila branch, in 1989.
After his father’s death in June 2022, George approached SBI — which had merged with SBT — to claim the deposit.
The commission directed SBI to refund the FD amount of ₹39,000 with applicable interest as per RBI and SBI norms.
It also ordered the bank to pay ₹50,000 as compensation for mental agony and ₹5,000 towards litigation expenses to the petitioner within 45 days.