Many times you might have noticed that when you open a fixed deposit account, you will see your maturity amount showing same as opening amount after booking the deposit. And the most worst part is that after maturity, you really won't get any interest. On top of that if you try to break your fixed deposit before maturity then the bank will deduct penalty from the principal amount as there are no interest accumulating. This is a major technical problem which many customer faces through Internet Banking.

Why my fixed deposit opening and maturity amount showing same ?

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Few days back, the same problem happened with me as well when I booked my fixed deposit in a private bank for a time period of 12 months or 1 year through Internet Banking and noticed that opening and maturity amount showing same as you can also see below.

At that time, I thought this was due to some temporary problem but when I really closed my deposit after few months, I noticed that there is a penalty deducted from the principal amount and there is no cumulative interest added to it as selected during the opening of the fixed deposit account. This was really shocking for me. When I approached bank about this and explained my ordeal, all they told me was that it was due to some technical fault at that time.

While technical fault is something which is not under anyone's control but I was amazed to see how there was no accountability or responsibility taken by the bank to fix this problem and customer is all to blame on. Being an IT guy, I am well aware of the technical problem that can happen due to many reasons at any point of time but backing off from accepting it and then refusing to fix the problem is something I was not expecting from a bank of that reputation. For me, it was a horrible experience as I am still following up on that.

This very moment also triggered me to write an article about this so that if any of you folks are also facing the same problem then I can help you understand the steps you can take proactively to solve this problem instead of following up with the bank endlessly after loosing your money.

Solution 1: Close your FD within 14 days

In most of the banks, you will find a rule where after booking your term deposit if you pre-maturely closing your deposit account within 14 days then no penalty will be charged but if you close after that then you will be liable for paying the penalty amount. You can use this rule to save yourself from this kind of technical problem issue. But it is highly advised please do your due diligence and read all the instruction before following this step as bank updates its rule and regulations very frequently.

Solution 2: Inform Bank and Customer Care Immediately

Another solution that I could think of would be more useful here is that after booking your fixed deposit, inform your bank through different channels like email, phone call, chat, customer care etc. Also many times you have been given a Relationship Manager(RM) as well to look into your account problems and help you whenever needed so you can take that help as well. That way probably the help will be much faster and smoother.

Hope above solution will help you solve your problem as well. Please let me know your feedback in the comment box !!