SBI turns SB a/c to FDs without nod

Salary account changed to FD’s without consent Employees of the Central Government (Particularly in Central Intelligence Agency - Kolkata), who have received their Pay Commission arrears, where mortified when they discovered that SBI’s branches was not reflecting this money in their salary cum savings accounts when they went to withdraw money from ATM’s. On making further enquiries, they found to their dismay that Pay Commission arrears of most of employees had been converted into Fixed Deposists in their names under SBI’s Multi Option Deposit Scheme (MOD) which functions a savings cum fixed deposit account where withdraw can only be made in units of Rs. 1000. The bank officials said that we don’t understand what their problems is, since a MOD yields a higher rate of interest than a normal savings account where the interest is just 3.5%.