Inequity of contract law

When it suits their purpose some banks plead that contract law, in black and white, does not permit them to be flexible. I placed Taka 2.0 million (20 lakh) in the schemes of a particular private commercial bank on April 04, 2010 at 10.55% rate of interest. They posted 9.55% interest into my savings account of the same branch in Chittagong. On April 04, 2011, I wanted the amount of Taka 2.0 million (20 lakh) to be placed in fixed deposit (FDR) at 13.50% as the deposit rate of interest went up. They obliged me by rescinding the previous year's contract related to the schemes. But the following Sunday I found out that taka fifty thousand have been removed from my savings account. Evidently the interest paid into the account a year earlier at 9.55% has been adjusted at 6.0% as the earlier contract has been rescinded! In the legal field, equity can and does supersede contractual clauses. For one calendar year I did not remove any money from this particular branch of the bank, situated at O.R. Nizam Road Chittagong. I am not going to remove any money from that branch until 2012 also. So why is my money shrinking by fifty thousand takas? The manager concerned says, that he has no discretionary power over such a matter. Obviously, the gentleman does not have any inkling about the money-creating capacity of banks which is so clearly explained in the late Nobel Laureate Paul Samuelson's popular textbook. Some other banks do, however, grant enough discretionary powers to their branch managers to keep customers like me satisfied. I wish the bank concerned did the same. The law of contracts can be an one-eyed monster. Why not a little give-and-take to make contracts equitable? Zaid Karim Ph.D. (London) E-mail: dorahferoza@yahoo.com