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Unilateral reduction of contracted interest rate on FDRs by bank is impermissible
Case Law Details
- Case Name
- Nem Kumar Jain And Another Vs Union of India (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Allahabad High Court
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Nem Kumar Jain And Another Vs Union of India (Allahabad High Court)
Allahabad High Court held that bank not permitted to unilaterally reduce interest rates on Fixed Deposit Receipt [FDR] after issuance of the FDRs. Accordingly, these petitions are allowed and bank is directed to compute interest on FDRs at originally contracted rates.
Facts- By means of both these writ petitions, filed under Article 226 of the Constitution, the petitioners have sought substantially similar reliefs. The principal prayer is for a writ of mandamus directing the respondents to compute and pay int...
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