Premature Closure Of Fixed Deposit, Failure To Provide Resolution, Udupi District Commission Holds Bank Of Baroda Liable

The Udupi District Consumer Disputes Redressal Commission ruled in favor of a complainant against Bank of Baroda for prematurely closing a fixed deposit without consent, directing compensation and costs. The complainant's fixed deposit was prematurely closed by the bank, resulting in loss of interest. The commission held that the bank's actions were unjustified as the complainant did not provide consent for premature closure. It directed the bank to pay compensation for the interest loss and litigation costs to the complainant. This decision highlights consumer rights regarding fixed deposits and the obligations of banks in handling such accounts.