Sri.D.Krishnappa,<br /> President<br /> <br /> 1. This is a complaint presented by the Complainant under section 12 of the Consumer Protection Act, 1986 with his grievance that he on 12.09.2005 deposited a sum of Rs.25,000/- with the Opposite party in FDR for a period of 6 months with interest at 7.5%. The Opposite party has issued him the Fixed Deposit receipt under which the amount became due on 12.03.2006. He had invested that amount with the Opposite party for the purpose of his daughter’s education who completed her S.S.L.C. during the year 2005-06. The amount was needed for educating his daughter by admission to 1st year PUC. On approaching the Opposite party, the Opposite party failed to pay the maturity value, despite issue of legal notice. Therefore, has prayed for directing the Opposite party to pay the maturity value along with interest at 18% p.a. from the date of maturity and also award of Rs.50,000/- for mental agony with cost of Rs.2,000/-.<br /> 2. The Opposite party who is duly served with the notice of this complaint has remained absent, as such is placed exparte. <br /> 3. In the course of enquiry, the complainant has filed his affidavit evidence and he has also produced the original Fixed Deposit receipt which became due on 12.03.2006.<br /> 4. On perusal of the averments of the Complaint, affidavit evidence and the Fixed Deposit receipt go to prove that the Fixed Deposit made by the Complainant with the Opposite party though became due on 12.03.2006, the Opposite party has failed to pay the maturity value. It is further noticed that the Complainant had even got issued a legal notice to the Opposite party for paying the maturity value of the Fixed Deposit. The Opposite party has not responded to it and has not even sent any reply. Therefore, the contention of the Complainant that the Opposite party has caused deficiency of service stands proved.<br /> 5. The Complainant has further relied upon the SSLC marks card of his daughter and also produced, fee paid receipts for having got his daughter Kumari Deepika admitted to 1st PUC during May 2006. Therefore, it goes unchallenged that the Complainant had invested the money with the Opposite party for education purpose of his daughter and that is denied to him when time reached for his spending for education of his daughter. Therefore, we have no hesitation to hold that the Opposite party has disrupted and disappointed the intention of the Complainant in making use of the invested money for the purpose of education of his daughter and pushed him to inconveniences. As such the Complainant is entitled for the relief of a direction for payment of the maturity value with reasonable rate of interest. With the result, we pass the following order:- <br /> ORDER<br /> <br /> 1. The Complaint is allowed.<br /> 2. The Opposite party is directed to pay the maturity value on the Fixed Deposit in question within 2 months from the date of receipt of this order with interest at 18% p.a. from 12.03.2006 on which date it become due, failing which it shall pay interest at 20% p.a. after expiry of 2 months till the date of payment.<br /> 3. The Opposite party is also directed to pay cost of Rs.2,000/- being the cost of this Complaint. <br /> 4. Give a copy of this order to each party according to Rules.<br />