PRESIDENT DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR

                             CONSUMER COMPLAINT NO.127/2023

Present-Dr. Ramakanta Satapathy, President,

  Sri. SadanandaTripathy, Member,

Ananta Charan Sahoo, Aged about 27 years

C/O- BanamaliSahoo,

At-Kanteipali, Po-Maneswar, Ps-Sadar,

Dist-Sambalpur, Odisha-768005.

Mob-977737995                                                  …………........Complainant

Vrs.

Branch Manager

Punjab National Bank, Maneswar Branch,

At/Po-Maneswar, Ps-Sadar,

Dist-Sambalpur, Odisha-768005                                    .…...…….Opp. Party

Counsels:-

1. For the Complainant      :- Sri. Rahul Gupta, Adv.& Associates
2. For the O.P.                        :-Sri. Rajesh Kumar, Adv.

Date of Filing:24.08.2023,  Date of Hearing :13.05.2024,  Date of Judgement :18.06.2024

Presented byDr. Ramakanta Satapathy, PRESIDENT

1. The case of the Complainant is that the Complainant deposited Rs. 2.00 lakhs with the O.P. in shape of fixed deposit A/C No. 25200DP00005178 dated 23.05.2014 for a term of 9 years and maturity value fixed Rs. 4,45,563/-. 15G form also filed every year. To meet marriage expenses of his sister on 22.05.2023 the Complainant met the O.P. who told the F.D. has been matured and processing shall be made and deposit in the account. On the next day when the Complainant visited the Bank the staff advised to check the pass-book. Pass book was up-dated and seen that Rs. 4,07,673/- has been deposited in place of Rs. 4,45,563/-. No satisfactory answer was given by the O.P. except saying that it is technical error. When the problem was not solved a complain was given to the O.P. but he refused to receive and misbehaved.

Being aggrieved complaint has been filed.

2. The O.P. in reply admitted the fact of fixed deposit and submission of 15G form. On 22.05.2023 the Complainant visited the branch and submitted a foreclosure letter to break the fixed Deposit. The due maturity date of the F.D. was 23.05.2023. The O.P. closed the F.D. as per instruction pre-matured. The O.P. who told the Complainant that pre-matured withdrawal leads to penalty but the Complainant became adamant. It attracted a penalty of 1% and the total interest converted to 8% P.A. thereby the Complainant sustained loss of Rs. 37,870/-.

There is no deficiency on the part of the O.P. nor unfair trade practice or cheating.

3. The Complainant filed the following documents.

1. Copy of Pass-book showing deposit of Rs.4,07,693/- on 22.05.2023 and loan payment of Rs. 3,15,535/- showing a balance of Rs. 1,50,237.06P.
2. F.D. No. 252000DP00005178 dated 23.05.2014 maturity date 23.05.2023 and value Rs. 4,45,563/-.

The O.P. filed the following documents:

1. Transfer voucher No. M. 1410736 dated 22.05.2023 for Rs. 3,15,535/-.
2. Application dated 22.05.2023 of the Complainant to O.P.

4. Perused the documents and submissions of both the parties. It is the admission of both the parties that the Complaint is having a F.D. of Rs. 2.00 lakhs and date of maturity is 23.05.2023. The Complainant has also availed loan from the O.P. against the fixed deposit. The F.D. was made for 9 years and @9% P.A. The Complainant visited the Branch on 22.05.2023 enquiring about the procedure of release of the F.D. Complainant submitted that the B.M. told him that the F.D. has already been matured and he can immediately deposit the same for processing there is no need to come to branch again, they will process it and deposit it in his account. The O.P. denied the contention.

A simple reasoning comes when a person waited for 9 years to get the maturity value of Rs. 4,45,563/-, he could not wait for one day only, became adamant and the Complainant was told about the closing a fixed deposit will lead towards penalty, this plea taken by the O.P. is not acceptable. No doubt recovery of loan is prime duty of the O.P. but closure of loan account after maturity was also an option for the O.P. to keep the interest of the customer. To benefit the Bank no doubt is the duty of O.P. but not exploiting a consumer who waited for 9 long years to get the full maturity value. The O.P. failed to keep a balance and misused the faith of the customer by preparing a foreclosure letter from the Complainant dated 22.05.2023. In true spirit the letter in which the O.P. has advised to sign the Complainant does not disclose foreclosure on 22.05.2023. The contents are:

“On my fixed deposit I had taken loan. Now I intend to repay the loan and balance to be transferred to my account AnantaCharanSahu, 22.05.2023”. The spirit of this letter is not to close on 22.05.2023 but the O.P. mutualised the letter by foreclosure on 22.05.2023. From this very documents the O.P. proved that:

1. On good faith deposit slip has been signed and it is filled up by bank officials.
2. As per instruction of O.P. the second letter has been signed.

Here question arises what will be the interest amount in loan account on 23.05.2023 it was to be calculated by the O.P. and in case of foreclosure the loss of the Complainant i.e. Rs. 37,870/-. Before closure of the loan the O.P. has not applied his mind causing loss to the Complainant. Consumer has every right to be informed well. This right of the Complainant has been violated by the O.P. The O.P. not only misutilised his power but also by not informing caused loss to the Complainant. It is deficiency in service and intentional causing loss to the Complainant amounts to unfair trade practice.

                   Accordingly, following order is passed:

ORDER

The complaint is allowed on contest against the O.P. The O.P. is directed to refund Rs. 37,870/- to the Complainant with 9% interest P.A. w.e.f. 23.05.2023 within one month of this order. In case of non-payment the amount will carry 12% interest P.A. till realisation. For deficiency in service and unfair trade practice the O.P. is directed to pay compensation of Rs. 30,000/- and litigation expenses of Rs. 10,000/- to the Complainant.

Order pronounced in the open court on 18^th day of June, 2024.

Supply free copies to the parties.