Rohan goyal
KF Rookie
I have submitted a demand draft in my bank account for clearance but it has not been cleared for more than 5 days. Does bank is liable to pay me interest or anything for this delay.
Demand draft not cleared
- Thread starter Rohan goyal
- Start date
TaxWiser
KF Mentor
If a DD is not cleared within the standard processing time, which is typically 2-3 working days, you may be entitled to compensation. According to the RBI guidelines, banks are required to compensate customers for delays in clearing demand drafts beyond the stipulated time.
Steps to Take:
1. Contact Your Bank:
- Reach out to your bank's customer service to inquire about the delay and request an update on the status of your demand draft.
2. File a Complaint:
- If the issue is not resolved, you can file a formal complaint with your bank. Ensure you have all relevant details, such as the DD number, date of submission, and any communication with the bank.
3. Compensation:
- If the delay is due to the bank's fault, they may be liable to pay you interest for the period of delay. The compensation rate is usually the savings bank interest rate.
4. Escalate if Necessary:
- If your bank does not resolve the issue satisfactorily, you can escalate the complaint to the Banking Ombudsman.
By following these steps, you can address the delay and seek any compensation you may be entitled to.
(Source: Conversation with Gemini AI)
Rohan goyal
KF Rookie
They are saying there is an issue in the server. Can I still file a complaint
TaxWiser
KF Mentor
Yes, but you should file Complaint in the bank first and even after 15 days of complaining, issue still persists then File Complaint at RBI Ombudsman and make you have proper proofs like Complaint letter, call records etc. Before filing Complaint on RBI Ombudsman.
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