Finance, Forex and Investments

Can a Bank in India change the interest rate during the currency of a term deposit?

We parked some funds in the term deposit scheme of a scheduled bank for a specified period.The terms are: a fixed rate of interest. We were receiving interest regularly till a couple of months back. But suddenly they have reduced the interest. There is still a year to go for the deposit to mature. Under the circumstances, is it right for the bank to reduce the interest?

Public Comments

1. It depends what is said in the Account's Terms & Conditions ...