Date of Filing : 04/01/2023

Date of Judgement : 28/03/2024

Mrs. Monihar Begum, Hon’ble Member

                                                                           BRIEF FACTS

The complaint is filed by Sri Swapan Kumar Maity against the opposite parties (referred as OPs hereinafter) namely Chief Manager/Manager PNB (formerly UBI) alleging deficiency in rendering of service on the part of the opposite parties.

The case of the complainant in short is that on 28.01.2020 to earn maximum available interest the sum of Rs.10,00,000/- (Ten lac) was deposited as a term deposit for a period of four months, bearing Term Deposit A/c. No.0389102752037, Certificate No.EIH/1-871633. The complainant is a bonafide customer of the said bank having his Savings Bank A./c., bearing SB A/c. No.038910282871. The said Term Deposit, was for a period of four months to be matured on 28.05.2020.  Due to pandemic situation, as the routine service of the bank was jeopardized, OP assured that the amount deposited as a Term Deposit will be automatically renewed for a larger time period at contractual interest rate @5% p.a. The said term Deposit, thus was found to be automatically renewed up to 31/01/2022.

Complainant submitted the said original Term Deposit Certificate on 31/01/2022 for encashment of the Term Deposit – expecting matured value of Rs.11,00,000/- (Principal of Rs.10,00,000/- + Rs.1,00,000/- as interest) @5%p.a. on Rs.10,00,000/- for two years from 28.01.2020 to 31.01.2022.

The opposite party only paid the Principal sum amounting to Rs.10,00,000/- on 31.01.2022 in the savings account of the complainant.

Complainant requested by communication on 23.02.2022 to  paythe interest explained earlier.

OP had credited only principal amount of Rs.10,00,000/- without giving any interest in his bank account from 28.01.2020 to 31.01.2022 but deducted TDS from the said interest income.  Opposite party made payment of Rs.32,376/- on 23.02.2022 as interest and , again on 14.03.2022 of Rs.9,578/- as further interest.   So a sum of Rs.41,954/-  was paid as total interest.

He again sent the notice to the opposite party on 16.03.2022 (i.e. Annexure-D) and on 16.09.2022 (Annexure-E) to claim the residual interest.

So as the complainant was deprived of interest, the present complaint has been filed by the complainant praying for directing the opposite party to pay interest for the period of 28.01.2020 to 31.01.2022

The complainant demanded to pay the entire amount of interest due till date of Rs.1,00,000/- as compensation and Rs.20,000/- as litigation cost.

On perusal from the record it appears that on receipt of the notice, opposite parties did not turn up and so the case has been heard exparte.

During the course of evidence, complainant filed examination in chief on affidavit and ultimately argument has been advanced.

BNA has also been filed by the complainant.

So the only point requires determination is whether the complainant is entitled to the relief (s) as prayed for?

                                                               FINDINGS

In support of his claim, complainant has filed the several communications exchanged between the parties where from it appears that it is an admitted fact that the complainant opened the Term Deposit A/c on 28.01.2020 and the said term deposit account was to mature on 28.05.2020.  Due to the pandemic situation, OP said to the complainant that the amount deposited as Term Deposit will be automatically renewed for a larger period with the same rate of interest.

On 31.01.2022 the complainant found that only the principal sum amounting to Rs.10,00,000/- was credited without giving any interest to SB A/c..

Complainant requested the opposite party by sending letter dated 23.02.2022, they made payment only a total interest of Rs.41,954/-.

But the remaining amount of interest was not paid.  Here it is found that despite repeated communications from the complainant, OP did not appear to refute the contentions of the complainant and the same remained unchallenged.

So, in this circumstances we are of the opinion that the OP Bank is liable to pay the remaining amount of interest.

Certainly of course after TDS in accordance with the rules along with interest @9% p.a. from the date of 14.03.2022 when the amount on the interest was paid by the Bank.

Complainant is also entitled to Rs.5,000/- towards cost of litigation.

Hence it is

                                                   ORDERED

Hence that the instant case stands allowed exparte against the O.P. Bank.

OP is directed to pay the complainant remaining amount of interest which is Rs.58,046/- as claimed by him after TDS in accordance prescribed rules, along with interest @Rs.9% p.a. from 14.03.2022 until payment in full.

OP to pay Rs.5,000/- to the complainant for cost of litigation.

This order shall be complied with within 30 days from this date failing which the complainant shall be at liberty to proceed in accordance with law.

Directed and corrected by me

    Presiding Member