1. #1
    Unregistered

    Company ate my interest rate money on a savings scheme

    Company where I am working is a finance providing company. Last year my employer came up with a scheme according to which employees can save their money in some scheme which provides good interest rate. This was done to be exempted from some tax savings but the employer only gave the principal amount back and ate the entire interest amount. How can I claim to that?

  2. #2
    Barnali Array
    Join Date
    May 2013
    Posts
    206

    Re: Company ate my interest rate money on a savings scheme

    Hi,

    You know your company better than any outsiders...hence if after knowing the same if your investments are in stake...nothing can be said...
    You are lucky that you got the principal back...

    You have not mentioned the nature of documents the company is provided and the rate of interest that was promised on it...

    If you have proper documents in force and the terms and conditions are mentioned clearly...check the same and decide then...

  3. #3
    chanchal Array
    Join Date
    May 2013
    Posts
    355

    Re: Company ate my interest rate money on a savings scheme

    Quote Originally Posted by Unregistered View Post
    Company where I am working is a finance providing company. Last year my employer came up with a scheme according to which employees can save their money in some scheme which provides good interest rate. This was done to be exempted from some tax savings but the employer only gave the principal amount back and ate the entire interest amount. How can I claim to that?

    Hello Aspirant,

    The situation is not easy.When the employer commits mistake with his/her employees,it is not a easy solution to solve the matter.I think you have full proof of the terms & conditions on the basis of which you have invested your amount in the said scheme & also you have the proof for receiving the amount back without interest as committed earlier in the scheme.If it is so ,it would be rather easy to struggle for the solution.

    Also,I don't think it is your personal grievances with the employer.I think it is a common problem for all the employees or most of the employees.If it is so,have a meeting with all concerned employees & get ready a joint representation containing the matter,get signed by all concerned one & represent jointly to the employer.See the result.if it is not in your favour,you can sue the matter to the consumer court.But you have to think well before doing so otherwise the employer may harass you any way.

    But if all the concerned is joined together & determine to do so,you may get success.Also think for the amount your are loosing,if it is below Rs.2000/or near by it,you may leave the matter with a decision not to involve in such scheme in future.

    Good luck.

  4. #4
    Chittaranjan Array
    Join Date
    Jul 2012
    Posts
    658

    Re: Company ate my interest rate money on a savings scheme

    Dear aspirant your company is finance providing company.Last year your employer came up with a scheme in

    which employee can save their money in some scheme which provide good interest rate and this scheme also

    provides tax benefit.But the employer gave the principal amount back and ate the entire interest amount.

    Dear friend to claim the interest you are to collect prove that your scheme earned interests in ledger or in

    pc you are to take print out.And also to take the principal amount paid and interest amount tfrd to company's

    a/c or in else as there is genuine proof in PC.

    You collect all proofs and with these proofs you claim directly and intimate the boss if he did not pay interest

    amount as per deposit agreement scheme.you will go to file a case against boss proving him as cheater.

    Thank you,

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