The banks, or rather the people working in the banks never fail to amaze me. There are a lot of stories to tell. May be I will write a masterly essay on this topic one day. Today I want to write about something unimaginable.
I put some money in a cumulative interest scheme for 555 days in my bank. They gave me a receipt, stating the maturity value. In a few days one of my old deposits matured. I added a little amount to it to make it equal to the recent deposit, and put it in the same scheme for the same duration. When I collected its receipt and went to put it along with the older receipt, I noticed that the maturity value of this one was less than the previous one. Though I had opted for biology and not mathematics before I went to a medical college, I remembered enough of my arithmetic to understand that the interest for a certain amount for a certain duration at a certain interest rate must remain the same irrespective of the day on which it is invested. After all, rules of arithmetic calculations do not change with the phases of the moon. I Google searched and found a site that gave compound interest result and maturity value of a deposit if you gave it the principal, interest rate and duration of the deposit. It is at http://www.allbankingsolutions.com/fdcal.htm I calculated maturity amount of my deposit, and found that the higher one of the two was accurate. I was making a loss on the second one.
I approached the bank and lodged a complaint. It took a long and repeated explanation over a period of two months, some eight visits to the bank, and a lot of frustration to finally find out what had gone wrong.
"It is the computer system. I gives different maturity values if the deposits are made on different days" the manager told me. When he realized that I would not buy that, he corrected the maturity value on my second receipt and promised to give a written answer to my complaint. Two more months have passed since then and I have not received that answer yet. In the meantime, I have to check if they have cheated me on any of my other deposits. It was sheer chance that I had two identical deposits for identical duration and identical interest rates, or I never would have realized how they had cheated me.
I hope my readers use the link above to find out if their banks have been cheating them in a similar manner.
I put some money in a cumulative interest scheme for 555 days in my bank. They gave me a receipt, stating the maturity value. In a few days one of my old deposits matured. I added a little amount to it to make it equal to the recent deposit, and put it in the same scheme for the same duration. When I collected its receipt and went to put it along with the older receipt, I noticed that the maturity value of this one was less than the previous one. Though I had opted for biology and not mathematics before I went to a medical college, I remembered enough of my arithmetic to understand that the interest for a certain amount for a certain duration at a certain interest rate must remain the same irrespective of the day on which it is invested. After all, rules of arithmetic calculations do not change with the phases of the moon. I Google searched and found a site that gave compound interest result and maturity value of a deposit if you gave it the principal, interest rate and duration of the deposit. It is at http://www.allbankingsolutions.com/fdcal.htm I calculated maturity amount of my deposit, and found that the higher one of the two was accurate. I was making a loss on the second one.
I approached the bank and lodged a complaint. It took a long and repeated explanation over a period of two months, some eight visits to the bank, and a lot of frustration to finally find out what had gone wrong.
"It is the computer system. I gives different maturity values if the deposits are made on different days" the manager told me. When he realized that I would not buy that, he corrected the maturity value on my second receipt and promised to give a written answer to my complaint. Two more months have passed since then and I have not received that answer yet. In the meantime, I have to check if they have cheated me on any of my other deposits. It was sheer chance that I had two identical deposits for identical duration and identical interest rates, or I never would have realized how they had cheated me.
I hope my readers use the link above to find out if their banks have been cheating them in a similar manner.
