Allahabad High Court rules on fixed deposit rates
after close1 source ↓written by the desknot a recommendation
- had FDs
- 10.75%
- interest rates
- 10.25%
The Allahabad High Court ruled that banks cannot lower fixed deposit (FD) rates retrospectively once booked. This decision stems from a case involving the Jain family, who had FDs at 10.75% and 10.25% interest rates, totaling ₹44 lakh. The ruling reinforces contractual obligations between banks and depositors, potentially impacting banking sector practices.
Not investment advice. For informational purposes only.