Finance, Forex and Investments

What is the RBI guideline?

I had an FD of 300 K with a private bank, interest payable on a monthly basis.. Due to personal reasons I had foreclosed it. While settling the bank had deducted about 5% as foreclosure charges, i.e., about 12000+ monthly interest payable. Would anyone let know what is the guidelines provided by the Reserve Bank of India and if the amount deducted is excessive, the procedure for recovery.

Public Comments

1. normal business practices