Recurring Deposit — Exorbitant penalty on premature redemption

Address: Haryana

I along with my wife Smt Daizy Rani having a RD account with ICICI Bank, Ambala Cantt. Account No was[protected]. This branch was formerly Bank Of Rajasthan and we opened our RD account with bank of rajasthan. We have been told that this product is a flexi RD account and we can deposit installments at our choice and no penalty for irregular deposit will be imposed.
We were need of money urgently and we approached for 90% loan on this account but we have been denied of the loan rather the account prematurely closed on behest and convenience of ICICI Bank, Ambala Cantt. To our surprise we were having approx 17,40,000 money available in our account as on 28.06.2012 and we have been paid only Rs 16,24,000/- thereby making an exorbitant penalty of Rs 1,16,000/- approximately. Out of this penalty we have been told that an amount of Rs 69,000/- has been deducted as penalty for irregular deposit of installments whereas we have been told that this was a flexi RD account and no penalty for delayed on non deposit of installments will be levied. We are feeling being cheated heavily and it is requested to look into the matter and refund our money at the earliest please.