The petitioner had deposited Rs.10,000/- on 29^th September 1998 and Rs.5,000/- on 12^th October 1998, for 5 years with 14% interest in the respondents finance company. The deposit period was completed on 29/9/2003 and 12/10/2003. But the amount had not returned to the complainant. The petitioner had filed another complaint as OP.1578/04 for realizing kuri amount in the name of petitioner’s minor son. But that petition was dismissed on 30/10/06 as the two cases are filed under one petition. So there is no limitation. The act of respondents is an unfair trade practice and deficiency in service. Hence this complaint has filed.

 

            2. The averments in the counter are as follows:

The petition is time barred. The petitioner’s averment that no interest was paid is absolutely wrong. She had received Rs.11,039/- as interest for the deposited amount of Rs.10,000/-. She also received Rs.5476/- as interest for the Exhibit P2 receipt. The fixed deposit is for 5 years and is eligible for 14% interest only for 5 years. After that the interest cease to accrue.   The petitioner did not renewed the deposit and did not contacted the respondent firm for interest. The petitioner is not entitled for 14% interest after the maturity of the deposit. The petitioner had filed an OP for this amount on 28/12/04. The petitioner in OP.1578/04 had stated that this amount was transferred to the daily deposit pass book during the beginning of 2004. So that would mean fixed deposit is discharged and transferred to daily deposit pass book along with the alleged kuri amount of her minor child. So it is not clear what is the amount due to her and what is the amount due to minor in the daily pass book. As the petitioner transferred her fixed deposit amount to daily savings, she could not claim 14% interest given for fixed deposit and cannot file a petition based on fixed deposit receipts. The interest for daily deposit is only 6%. So absolutely there is no cause of action and no deficiency in service on the side of respondents. Hence dismiss he complaint.

 

            3. The points for consideration are:

1) Whether there is any deficiency in service ?

2) If so reliefs and costs ?

 

            4. The evidence consists of Exhibits P1 and P2 and Exhibit R1.

 

            5. Points : The complaint is for realization of the deposited amount with 14% interest. As per Exhibit P1 and P2 receipts the complainant had deposited Rs.10,000/- on 29/9/98 and Rs.5,000/- on 12/10/98 for five years with 14% interest. The said deposits matured on 29/9/03 and 12/10/03. The respondents made to believe the complainant that they will continue to give the 14% interest and issued the fixed deposit receipts. But they did not return the deposited amount and interest even after repeated demand. The respondents admitted the deposits but in the counter they stated that some interest has paid. As per the counter the interest paid to the complainant is Rs.16,515/-. The counsel for complainant filed a statement admitting the payment of interest up to 30/4/04. So the complainant is entitled to get only the balance amount.

 

            6. In the result complaint is allowed and the respondents are directed to pay the amount shown in Exhibits P1 and P2 with interest at the rate of 14% from the date of deposits till realization. The respondents are entitled to get deduction of Rs.16,515/- in interest which is already paid by them. The respondents are further directed to pay Rs.1,000/- as costs. Comply the order within a month.