{"id":400324,"date":"2026-11-02T17:00:32","date_gmt":"2026-11-02T11:30:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=400324"},"modified":"2026-11-02T16:43:41","modified_gmt":"2026-11-02T11:13:41","slug":"delhi-high-court-rbi-circular-court-attached-fdr-interest-rate-reduction","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/11\/02\/delhi-high-court-rbi-circular-court-attached-fdr-interest-rate-reduction\/","title":{"rendered":"RBI Circular no defence for reducing interest on Court-attached FDR to 3.5 % without notice : Delhi HC"},"content":{"rendered":"
\n

Disclaimer:<\/span> This has been reported after the availability of the order of the Court and not on media reports so as to give an accurate report to our readers.<\/span><\/p>\n

Delhi High Court:<\/span> In an appeal challenging the orders passed by the Single Judge whereby the Natwest Markets PLC (earlier Royal Bank of Scotland) was directed to deposit the amount held in a fixed deposit with the Registrar General of the Court, along with interest calculated at the average of the previously applicable rates, a Division Bench of Avneesh Jhingan*<\/span><\/span> and Shail Jain, JJ., upheld the Single Judge’s order, holding that a bank cannot reduce the rate of interest (ROI) on a court-attached fixed deposit receipt (FDR) without notifying the affected parties or obtaining the Court’s directions.<\/p>\n

The Court rejected the bank’s reliance on Reserve Bank of India Circular (RBI Circular), noting that the bank had not established that the reduced rate applied uniformly to comparable deposits. It also noted that there wasno evidence to show that the affected parties had been informed of the FDR’s maturity or need for its renewal, and that no directions had been sought from the Court or the arbitral tribunal regarding the reduction in interest.<\/p>\n

Background<\/p>\n

The dispute arose between Hero Exports (Respondent 1) and Tiffins Barrytes Asbestos & Paints Ltd. (Respondent 2). Before the commencement of arbitration proceedings, Respondent 1 filed a petition under Section 9<\/a>, Arbitration and Conciliation Act, 1996<\/a> (the Act). By an order dated 18 July 2008, the Court directed that the amount lying in Respondent 2’s account to be secured. A credit balance of Rs 5.89 crores was lying in Respondent 2’s bank account with the appellant . By an order dated 26 November 2008, the Court directed that the amount be placed in a fixed deposit yielding the maximum ROI.<\/p>\n

The petition under Section 9 was disposed of subject to further orders of the arbitrator while the Court’s earlier orders remained in force. During its winding up process, the appellant filed an application before the arbitrator on 19 September 2017, seeking modification of the Court’s order to permit the transfer of the deposited amount to another bank. The resolution professional for Respondent 2 filed an application before the Court seeking release of amount lying in the frozen account with appellant.<\/p>\n

The Single Judge Bench noted that, after 30 January 2018, the interest paid by the appellant on the FDR had been reduced to 3.5 per cent from the earlier rates of 7.75 per cent, 8.25 per cent, and 7.75 per cent, respectively. The appellant defended the reduction by relying on RBI Circular dated 1 July 2015, which allowed banks to fix ROI subject to non-discrimination among customers. The Court rejected this contention, stating that the reduction had not been disclosed when the appellant filed its application before the arbitrator to transfer the amount to another bank. Accordingly, it directed the appellant to pay the entire amount. The interest payable for the period from 30 January 2018 to the date of payment shall be calculated at the average of the interest rates for the preceding 3 years, namely, 7.75 per cent, 8.25 per cent, and 7.75 per cent.<\/p>\n

Aggrieved by the above order, the appellant has preferred this appeal.<\/p>\n

Contentions<\/p>\n

The appellant relied on Clause 3.3 of the Circular to contend that it was at liberty to determine the ROI. It further relied on Clause 3.4 to argue that, in the event of non-renewal upon maturity of the FDR, the deposit would bear interest at the savings bank rate. It reiterated that it had submitted an application before the arbitrator seeking modification of this Court’s order; however, the application remains pending to date. Moreover, the impugned order was passed without considering the pleadings and material placed on record, including the RBI regulations and the statement depicting the interest accrued on the deposit in question.<\/p>\n

The respondents, on the contrary, argued that as per this Court’s order dated 26 November 2008, the amount was to be kept in a deposit bearing maximum ROI. They contended that the appellant neither issued notice to the affected parties regarding the reduction in the ROI nor informed the Court thereof. Additionally, there was no reference to the reduction in the application submitted before the arbitrator seeking modification of the order. Furthermore, no notice was served stating that the term of the FDR had expired and that it had to be renewed.<\/p>\n

Analysis<\/p>\n

The Court while examining the relevant clauses of the Circular, observed that under Clause 3.3 of the Circular, RBI permitted banks to determine their own ROI, subject to the fact that they do not discriminate between 1 deposit and another and between 1 branch and another. Applying the same principle, the Court found that the appellant had failed to produce any evidence before the Single Judge or before this Court proving that the ROI for all similarly placed FDRs had been reduced to 3.5 per cent.<\/p>\n

Further, it noted that even Clause 3.4 which deals with the ROI applicable upon FDR maturity did not help the case of the appellant. It observed that no period had been specified by the appellant for maintaining the FDR. There was nothing on record to establish that the appellant had informed Respondents 1 and 2 about the FDR’s maturity and the need for its renewal. Moreover, no application had been filed before either the arbitrator or this Court seeking renewal of the FDR or informing them that the ROI had been reduced to the savings bank rate due to the bank’s winding up process.<\/p>\n

The Court further observed that, although the appellant had filed an application before the arbitrator seeking modification of the Court’s order, the relief sought was limited to transferring the deposited amount to another bank. The said application remained pending and had not been pursued. Further, the affidavit filed before the Single Judge did not disclose that the ROI on similarly situated FDRs had been reduced to 3.5 per cent across allthe appellant’s branches in India.<\/p>\n

Decision<\/p>\n

In view of the above analysis, the Court dismissed the appeal, holding that the directions issued by the Single Judge did not suffer from any factual or legal error warranting interference.<\/p>\n

[Natwest Markets PLC<\/span> v. Hero Exports<\/span>, FAO(OS) (COMM) 279\/2019, decided on 23-9-2026<\/span>]<\/p>\n

*Judgment authored by Justice Avneesh Jhingan<\/span><\/strong><\/p>\n\n

Advocates who appeared in this case:<\/p>\n

For the Appellant:<\/span> Sanjeev Pathak, Advocate.<\/p>\n

For the Respondents:<\/span> Shubham Seth, Nikilesh Ramachandran, Advocates for Respondent 1., M. A. Venkata Subramanian, Advocate for Respondent 2.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Delhi High Court held that a bank cannot unilaterally reduce the interest rate on a court-attached fixed deposit without notifying the affected parties or obtaining the Court’s directions and upheld the Single Judge’s order directing payment of interest at the higher 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