SHRI  PITABAS  MOHANTY, I/C  PRESIDENT  -       

The petitioner has filed the present dispute against the O.Ps alleging deficiency in service  since the O.P illegally deducted the maturity and TDS amount.

            The facts of the present dispute as stated by the petitioner in the complaint petition shortly are that the petitioner being a S.B account holder of O.P Bank deposited Rs.1,00,000/- on 21.07.2009 in Indradhanu fixed deposit for a period of 10 years  having the maturity amount of Rs.2,62,035/ to be matured on 21.07.2019. As against such deposit the O.P has issued fixed deposit certificate bearing No.900165 wherein the rate of interest has been indicated as Rs.9.75. After expiry of 10 years, the petitioner deposited the fixed deposit certificate in the O.P Bank to release the maturity amount of Rs.262035/- as per fixed deposit certificate. But the Op-Bank released the amount of Rs.2,34,849/- on the ground the then manager who has issued the fixed deposit certificate by mistake has indicated the rate of interest as Rs.9.75 insisted Rs.8.75 . In addition to it the O.P Bank also has deducted Rs.2810/- towards TDS deduction . As against such release of less amount of maturity amount the petitioner though has alleged his grievance to the O.P but the O.P without paying any heed to the grievance of the petitioner credited the fixed deposit amount of Rs.234849/- in the SB A/C of the petitioner for which the petitioner has filed the present dispute alleging deficiency in service  with the prayer to direct the Op.

a. to release Rs.262035/- as maturity amount.

b. to pay 12% interest from 22.07.2009 till its realisation.

c. to pay Rs.2000/- as litigation expenses .

            After receipt of the notice the O.P has appeared and filed the written version taking the stand that the then Branch Manager who has issued the fixed deposit certificate in favour of the petitioner by mistake has indicated the rate of interest as Rs.9.75 instead of Rs.8.75. Accordingly after completion of 10 years of the alleged certificate his maturity amount of Rs.234849/- has been released in favour of the petitioner charging Rs.8.75 interest insisted of Rs.9.75. In addition to it Rs.2810/- also has been deducted from the maturity amount towards TDS deposit. As such the dispute is liable to be dismissed as there is no deficiency in service on the part of the O.P.

            After perusal of the record it is observed that as against such stand the O.p has filed the Xerox copy of the rate of interest along with the fixed deposit certificate which indicates that the rate of interest relates to general Term Deposit but not relates to the rate of interest of fixed deposit for 10 years in respect of Indradhanu scheme .

            More over the O.Ps also has not filed the rate of interest which has been approved by RBI. The fixed deposit certificate which has been issued by O.Ps indicates that the maturity amount is Rs.262035/- having the rate of interest Rs.9.75 . In such situation after receipt of the complaint from the petitioner was it not the duty of O.P to intimate the petitioner regarding the calculation of less rate of interest of the alleged fixed deposit.

In the above factual aspects we have come across with the observation of Hon’ble National Commission reported in CPR-2002(3) -29 N.C wherein it is held that :

“Depositor could not be paid interest  at the rate of higher then minimum prescribed by RBI and Bank could not be faulted for reducing the rate of interest to extent of interest prescribed by RBI and applicable at the time of acceptance of FDRs “.

CPR-003(2)-196-M.P

“ Though depositor cannot be paid interest higher than the one prescribed by RBI but all such facts if not disclosed while accepting deposit would amounts to deficiency in service on the part of the Bank. “

Owing to the above observation it is clear that the bank has not filed the interest rate chat for Indradhanu scheme prescribed by RBI as well as has not followed the above observation of the appellate Forum at the time of assurance of FDR for which there is gross deficiency in service on the part of the O.P Bank .

Hence this Order

            The O.P is directed to release the maturity amount of the fixed deposit bearing No.900165 amounting to Rs.262035 deducting Rs. 2810/- as TDS amount within one month after receipt of the order along with litigation expenses Rs.2000/- ( two thousand). In case the order is not complied within the above stipulated period the petitioners is at liberty to take steps as per law.

                         This order is pronounced in the open Commission on this the 12th  day of  February ,2021. Under my hand and seal of the Commission.                                                                                                                                                                                                            

                                                                                                                                                Sd/- 

                   Sd/-                                                                                                    (Shri Pitabas Mohanty)                

 (Mrs  Rajashree Agrawal )                                                                                       President  I/C

      Lady Member.                                                                            Typed to my dictation & corrected by  me                                                                                                                                                                                      Sd/-

                                                                                                                           (Shri Pitabas Mohanty )

                                                                                                                                    President  I/C.