BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, IDUKKI

Dated this the 28th day of December, 2009

Present:

SRI.LAIJU RAMAKRISHNAN PRESIDENT

SMT.SHEELA JACOB MEMBER

SMT.BINDU SOMAN MEMBER

C.C No.231/2008

Between

Complainant : Titus Mathew,

Thelliyamkal House,

Vannappuram P.O,

Thodupuzha,

Idukki District.

(By Adv: K.M.Sanu)

And

Opposite Parties : 1. The Branch Manager,

Idukki District Co-operative Bank Limited,

Kaliyar Branch,

Vannappuram P.O, Kaliyar,

Idukki District.

2. The General Manager,

Idukki District Co-operative Bank Limited,

Head Office, Idukki Colony P.O,

Cheruthony, Idukki District.

(Both by Adv: C.K.Babu)

O R D E R

SRI.LAIJU RAMAKRISHNAN(PRESIDENT)
 

Complainant deposited Rs.75,000/- in opposite party bank. The fixed deposit was for 24 months from 6.10.2001 onwards. The opposite party offered an interest of 11% at that time. They also offered that the interest would be calculated daily at the period of closing. Auto reversal was also offered. Again on 5.06.2004 the complainant deposited Rs.8,60,000/- and Rs.34,000/- on 11.06.2004 respectively for 12 months. The interest offered was 7.25%, the terms and conditions were as per above. On perusing the accounts on 11.06.2004, the opposite party told that the amount was Rs.9,90,000/-. But when the complainant approached the opposite party they told that the amount is only Rs.9,69,000/-. In 2007, the Ist opposite party informed that, if the fixed deposits were changed in the name of his old father, the interest would be increased to 10.25%. Eventhough the date of mature was 5.06.2007, the complainant on believing the Ist opposite party closed the account on 14.02.2007 for Rs.12,01,224/- and deposited 10 lakhs rupees in the name of his father and wife. But the offered interest was not given at the time of closing. The Ist opposite party requested to deposit for one more year in cash certificate scheme with 1% increase interest. So it made heavy loss to the complainant in the interest rate.
 

2. On 29.3.07 when the complainant was in need of money for the purchase of a property, he approached the opposite party for closing the fixed deposit. But the opposite party told that it was the month of "deposit collecting and canvassing" and told to avail loan from the fixed deposit, if there was emergency, the interest for loan would not take if the loan closes within 3 days. So the complainant availed loan from fixed deposit for Rs.9,50,000/- on 29.3.2007. On 31.3.2007, the complainant approached to close the fixed deposit and the loan, the opposite party told that the loan account was closed by transferring the fixed deposit. But the complainant enquired about the same, he revealed that the 1^st opposite party closed the loan account only after 68 days and thereby the opposite party charged an amount of Rs.33,749/- as interest. If the interest was calculated as per the offer given by the opposite party, the opposite party ought to have given Rs.68,502.18 to the complainant. The opposite party deliberately cheated the complainant without closing the loan and thereby the complainant is entitled to get Rs.33,749/-. So this petition is filed for getting compensation for the deficiency in service of the opposite parties.

3. As per the written version of the 1st opposite party, it is admitted that the complainant had deposited Rs.75,000/- under auto renewal scheme at the rate of 11% interest on 6.10.2001. The fixed deposit was renewed on 6.10.2003 at the rate of 7.25% interest and again it was renewed. The petitioner deposited an amount of Rs.8,60,000/- on 5.6.2004 and Rs.34,000/- on 11.6.2004 for 1 year at an interest rate of 7.25%, they were renewed with 7% interest rate on 5.6.2006, as on 11.6.2006 the maturity value of all fixed deposit were calculated in terms of quarterly rates. Reserve Bank of India had announced 1% additional interest for senior citizens, complainant approached on 14.2.2007 to make premature closing of the entire deposit on the ground to re-invest in joint account with his father. On 14.2.2007 all the deposits were closed prematurely. The balance credit was Rs.12,01,224/-. He re-invested Rs.12,00,000/- for one year. Rs.1,224/- was withdrawn on 14.2.2007. Rs.12 lakhs were deposited in 24 accounts which is 24 x 50,000/-. On 14.2.2007 he availed loan of Rs.2,00,000/- against his cash certificate. But on 15.2.2007 he closed the same. Complainant on 29.3.2007 submitted application for loan for Rs.9,50,000/- and amount was given. On 5.6.2007 the loan account was closed by closing the fixed deposit accounts. On 14.2.2007, due to clerical error Rs.15,000/- was entered in the accounts of the complainant. It was found out in the same day itself and hence it was reversed. On 15.11.2007 the complainant filed a petition before the opposite parties. In that complaint, the claim was Rs.35,000/-. The executive officer of the 2nd opposite party enquired the same and found that there was mistake in calculating the interest of the deposit and loans. So the opposite party issued notice demanding Rs.9,365/- to the complainant on 26.2.2008. So the complainant remitted Rs.4,038/-. Complainant was given an opportunity for personal hearing on 5.4.2008. At that time he expressed his dissatisfaction in the calculation. Upon mutual agreement the matter was then referred to Concurrent Auditor (Joint Registrar of Co-operative Societies). On his calculation, it is reported that an amount of Rs.3,385/- is due to the complainant. This was informed to the complainant on 19.5.2008. But the complainant has not so far turned up instead he filed this complaint. So opposite party produced a draft for that amount. Hence there is no deficiency in the part of opposite party.
 

3. The point for consideration is whether there was any deficiency in service on the part of the opposite parties, and if so, for what relief the complainant is entitled to?

4. The evidence consists of the oral testimony of PW1 and Ext. P1 to P5 marked on the side of the complainant and the oral testimony of DW1 and Exst.R1 to R4 marked on the side of the opposite parties.
 

5. The POINT :- Complainant and his wife were working abroad. They have deposited 10 lakhs rupees in opposite party bank. But the interest calculated by the opposite party in the fixed deposit is not correct. Complainant was examined as PW1. As per PW1 they have deposited Rs.10 lakhs in opposite party bank. When they were in emergency in money, the opposite party compelled to take loan from the fixed deposit account. So they availed loan of Rs.9.5 lakhs from the fixed deposit. The opposite party assured that they would not take interest for the fixed deposit loan, at he time of availing the loan. But the opposite party calculated hike interest for the same. PW1 has given several complaints to the opposite party. Ext. P1 is the copy of the complaint given to the opposite party. The reply notice issued by the opposite party is Ext. P2. The complainant audited the account by a Chartered Accountant. The report filed by Chartered Accountant is Ext. P3. Complaint is entitled to get Rs.18,000/- as per Ext. P3. The details of interest calculated by the opposite party is Ext. P5. The Joint Registrar/Concurrent Auditor of the Idukki District Co-operative Bank is examined as DW1. DW1 investigated the interest rate of fixed deposit of the complainant. As per the request of the complainant and the opposite party, the auditing was done by DW1, the report filed by DW1 is marked as Ext. R4. As per the report, the interest received by the complainant and his family is more than the actual rate. The interest rate calculated in the fixed deposit loan of the complainant is also more than the actual amount. So after balancing both the amounts, it is decided that Rs. 3,585/- is entitled by the complainant. As per Ext. P3, the audit report filed by the complainant, the amount entitled by the complainant is Rs.18,657/-. As per Ext. R1, the written complaint given by the petitioner to the Ist opposite party, the amount entitled by the complainant from the opposite party is Rs.35,000/-. But as per this petition the first relief claimed is Rs.1,17,502.18/- which is the amount entitled by the complainant from the opposite party. PW1 also admitted that Rs.85,848/- is the amount due to the complainant from the opposite party as per the statement of account filed which is Ext. R2. PW1 deposed that he is not aware of the calculation of Ext. P3, but the amount was told by the Chartered Accountant.
 

So we think that the complainant is not definite about the amount due to him from the opposite party. But as per Ext. R4 it is very clear that the complainant is only entitled for an amount of Rs.3,585/-. The report is filed by the Joint Registrar, who is a Government employee, and the report was prepared by the joint request of the complainant and the opposite party. So there is no reason for disbelieving the version of DW1. The opposite party already produced a Demand Draft of Rs.3,585/- before the Forum as per the report. As per Ext.P2 reply notice dated 19/5/08, it is stated that the opposite party is ready to disburse the said amount to the complainant. But the complainant was not ready to receive the same. There is no evidence produced by the complainant to show that the opposite party compelled the complainant to avail loan from the opposite party. So we think that there is no deficiency is seen from the part of the opposite party. The complainant can receive the Demand Draft produced by the opposite party before this Forum for Rs.3,585/-.
 

Hence the petition dismissed. No cost is ordered against the complainant.
 

Pronounced in the Open Forum on this the 28^th day of December, 2009

Sd/-

SRI.LAIJU RAMAKRISHNAN(PRESIDENT)
 

Sd/-

I agree SMT.SHEELA JACOB(MEMBER)

Sd/-

I agree SMT. BINDU SOMAN(MEMBER)

APPENDIX

Depositions :

On the side of Complainant :

PW1 - Titus Mathew

On the side of Opposite Parties :

DW1 -A.Mubarak

Exhibits:

On the side of Complainant:

Ext.P1 - Photocopy of Complainant's letter dated 5.02.2008 addressed to the2^nd opposite party

Ext.P2 - 2^nd opposite party's reply letter dated 19.05.2008

Ext.P3 - Copy of Statement of Computation of Interest on Deposits

Ext.P4(series) - Photocopy of Deposit Certificates(46 Nos)

Ext.P5 - Photocopy of Statement showing the interest rate of deposits

On the side of Opposite Parties :

Ext.R1 - Photocopy of complainant's letter dated 15.11.2009 addressed to the 2^nd opposite party

Ext.R2 - Photocopy of Account Statement

Ext.R3 - Statement of computation interest on deposit made on District Co-operative Bank Limited, Vannappuram

Ext.R4 - Photocopy of details of deposits and interest in respect of Sri.Titus Mathew and family issued by Sri.A.Mubaraq, Joint Registrar/Concurrent Auditor, Idukki DCB