Banking: Prashant Joshi

I have taken a home loan of Rs 20 lakh for 20 years from a private bank. I am paying an equated monthly instalment of Rs 20,000. I am planning to shift my loan to another bank, which offers a lower rate. Is it the right time to switch?
It would make sense to switch your loan to another bank only if there is a large differential between the interest rates offered by both. Though the Reserve Bank of India (RBI) has abolished the prepayment penalty for floating rate loans, there are other charges you are likely to incur to switch a loan, including processing fees, legal charges and stamp duty charges. Most experts believe interest rates have peaked and are likely to decline in the near future. Currently, the best course of action would be to talk to your bank and negotiate on the issue---you could ask it to reduce your loan rate and take it forward accordingly.

I had a recurring deposit (RD) account with a public sector bank. Due to some technical error in the bank's software, my cheque was deposited in some other account. After repeated visits to the bank, I finally received my money after three months. However, I realised I had lost the interest for this period. Am I eligible for a refund of the lost interest? How do I go about this?
As this was due to an error in the bank's software, your bank should give you the applicable interest on your RD for the period. To ensure a satisfactory resolution, you should approach your branch manager and inform him of the issue. In case you do not get a satisfactory response, you could approach the banking ombudsman.

Last week, while trying to withdraw money from an automated teller machine (ATM), my card got stuck in it. Though the transaction went through, I didn't receive any cash. I have informed the bank but it hasn't reversed the transaction yet. How long does it take for reversing such transactions? How do I take this forward?
If your card is swallowed by the ATM machine, you have to contact your bank to hot-list (block) the card and request a new one. While withdrawing money, if the amount is not dispensed or is partially dispensed, the disputed amount is supposed to be credited back to your bank account within seven working days, as mandated by RBI. If the transaction is carried out in an ATM of your bank, the reversal might happen earlier. You could get in touch with your bank (where you hold an account) to know about the reversal process.

Today, MD & head, private & business clients (India), Deutsche Bank, Prashant Joshi answers your questions