In a significant relief to depositors, the Allahabad High Court has held that a bank cannot unilaterally reduce the rate of interest on Fixed Deposit Receipts (FDRs) after their issuance by citing internal circulars or guidelines retrospectively. The Division Bench of Justice Ajit Kumar and Justice Swarupama Chaturvedi ruled that the issuance of an FDR
Bank Cannot Unilaterally Reduce Contracted Interest Rate on FDRs Citing Internal Circulars: Allahabad HC Orders Payment at Original Rate
