Delay in clearance of local cheque?

Question

I deposited a local cheque for Rs1, 50, 000/- in the drop box on 2/5/2016and the same was cleared on 4/5/2016 by Canara Bank, Gandhinagar br, Hyderabad. However after repeated reminders the amount was credited to my PPF account( on 6/5/2016. This clearly amounts to deficiency in service as I have lost interest o the tune of Rs1012.50 as date of reckoning for interest calculation for PPF accounts is 5th of every month. I request you to look into the matter and correct the date of credit into my PPF account as 4/5 of May 2016

Answer 1

Dear Josyulu,

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.

Your grievance appears to be legitimate. But I am doubtful about value dating credit of the amount to your PPF account as 5th May to quality for interest on the amount for May 2016 at this stage. You should still pursue with the bank for compensating your loss attributable to its negligence. You are unlikely to get the right guidance/solution at branch level. Therefore, I suggest you to write to Nodal Officer of the bank narrating the facts and claiming the amount you would have earned on your PPF account had the amount been credited on 5th May 2016. Contact details of Nodal Officer can be found on the bank's website. 

In case you do not get satisfactory resolution, and if you strongly feels justice has not been done, you can take up with the Banking Ombudsman through a letter or email,  for quick and hassle free resolution of your grievance.

For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access the website https://bankingombudsman.rbi.org.in/

 

Regards

 

J R Mohandas