1 month delay in returning Rs. 4 lakhs?

Question

I had issued a cheque of Rs. 4 lakhs to my family member. By mistake my family member deposited the cheque before the date mentioned on the cheque. But as required balance was there in my account, the money got deducted from my account on 7th Jun, but the cheque also got returned to me. Though the cheque got returned, The money was not transferred back to my account After numerous follow ups, the money finally got returned on 5 July. Can I get a compensation / fine payment from the bank for this delay of 1 month to get back Rs. 4 lakh?

Answer 1

Dear Pranali

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Yes, you are entitled for interest at a minimum of 4% on the amount from 7th June till 4th July.  Take it up in writing with your bank accordingly.  If the bank's / branch officials response is not positive, you may complain to their management, whose details would be available on their website.

RAJA