Fixed deposit holders should get more options for renewing interest

25 June, 2012

Banks have been accepting fixed deposits right from the inception of banking services in India. Over the years, many customer-friendly tools have been added to help a bank's customers genuinely feel they are getting good returns and service on their investment.

SOME INTERNATIONAL, while accepting fixed deposit, give the option to the customer to renew or cancel their fixed deposits at any branch located in the country, which would mean that the customer is not tied up to one single branch for renewal or withdrawal of their deposited sum.

Such a facility helps the customer in doing banking at any branch in the country without getting tied up with one single branch where he had initially opened his account for savings.

Similar facilities, if extended, to all the nationalised banks in the country, would help the investor (fixed deposit holders) community in a big way to enjoy encashing/renewing or withdraing their fixed deposit either before maturity or at the time of maturity in any branch located in any part of the country if they chose to do so due to their relocating from one place to another.