FD rate cut from 7.75% to 3.5%; Delhi HC rejects it
The Delhi High Court recently ruled that a bank must restore an interest rate on a deposit held under a court order to its original level after the bank reduced it without warning. The court held that while banks can choose their own interest rates for fixed deposits, they cannot apply different rates to deposits accepted on the same date. In this case, the court found that the bank had failed to demonstrate that the reduced interest rate of 3.5% was applied uniformly across all similar deposits.
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