BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, VELLORE DISTRICT AT VELLORE. PRESENT: THIRU. A. SAMPATH, B.A., B.L., PRESIDENT TMT. G. MALARVIZHI, B.E. MEMBER – I THIRU. K. DHAYALAMURTHI,B.SC. MEMBER – II CC.9 / 2004 TUESDAY THE 23RD DAY OF NOVEMBER 2010. A. Sujatha, W/o. Thiru. V.Senthil Murugan, No.6, LIC Colony, 1st street, Sainathapuram, Vellore 632 001. … Complainant. - Vs – The Vellore Co-operative Town Bank Ltd., Vellore, Rep. by its General Manager, No.12, Filterbed Road, Vellore 632 001. … Opposite party. . . . . This petition coming on for final hearing before us on 16.11.2010, in the presence of Thiru.K. Anandapadmanaban & A. Ramesh, Advocate for the complainant and Thiru. A.B. Gangadharan, Advocate for the opposite party, and having stood over for consideration till this day, the Forum made the following: O R D E R Pronounced by Thiru. A. Sampath, President of the District Consumer Disputes Redressal Forum, Vellore District. 1. The brief facts of the case of the complainant is as follows: The complainant was having certain fixed deposits with the opposite party and the details of the same are as under: S.No Date of Amount of Date of Interest Maturity Deposits deposits Maturity offered amount 1. 8.6.97 10,000 8.7.98 14% 11,607 (No. 8589) 2. 8.6.97 10,000 8.7.98 14% 11,607 (No. 8590) 3. 8.6.98 17,411 8.6.2000 14% 22,925 ------------- 46,139 ------------- The deposit receipts have not mentioned the dates by which the deposits have to be renewed on maturity. The envelop containing the plastic covers of the deposit certificates were in the custody of her brother A.Ramesh, Advocate. They have been mingled with the clients documents and in the absence of any intimation from the opposite party, the complainant was under a bonafide impression that the deposits have not been matured, since the complainant was aware that few deposits get matured in April, 2003. It is duty to inform in advance about the maturity of the deposits, by the opposite party mentioning the different rates of interest offered for different periods of renewals and how the deposits have to be renewed or encashed, by immediately on finding the over due matured deposit certificates , she contacted the opposite party their maturity with interest prevailing on the actual date of maturity. The complainant’s contention was as one of the deposits which get matured on 8.6.98, was actually renewed much later on 4.5.2000, with respective effect by offering compound rate of interest. The opposite party had agreed to renew the overdue deposits by offering a simple interest of 9.5% p.a from the date of maturity to the date of renewal, if they were renewed for a further of 2 years. If the renewal was sought for lesser period, the interest would be reduced accordingly. The complainant was left with no choice and latently agreed for the renewal of the over due deposits for a further period of 2 years from 13.6.02 to 13.6.04. An interest amount calculated at 9.8% simple interest from the date of maturity to 13.6.02 amounting to Rs.13,054/- was credited to the maturity amount of Rs.46,139/- and the total sum was Rs.59,193/- ( maturity amount 46,139/- + interest 13,054/-) was placed in two deposits of Rs.40,000/- and Rs.19,193/- on 13.6.02. The opposite party had continued to utilize the deposit amounts even after the dates of their maturity to its own benefit and did not care to take any action either to renew or refund the amount due to the complainant. Due to the deficiency of the service of the opposite party, she was made to suffer mental agony, torture and distress and the opposite party is liable to compensate the complainant. He prayed for directing the opposite party to pay the complainant, the interest due to her, had the deposits been renewed on the dates of their maturity, on cumulative basis upto 13.6.02, on which date they have been actually renewed by the opposite party, and to work out the interest as claimed upto 13.6.02 on the ever due matured deposits and deduct there from a sum of Rs.13,054/- already offered by the opposite party as simple interest at 9.5%, treat the balance amount as a separate deposit and pay interest thereon from 13.6.02 depending upon the further period upto which it would remain as a deposits and to pay as damages Rs.10,000/- towards mental torture, agony and distress suffered by the complainant and also to pay a sum of Rs.5,000/- towards the costs of the complaint. 2. The averment in the counter filed by the opposite party is as follows; The respondent does not admit any of the allegations in the complaint save those that are specifically admitted herein and puts the complainant to strict proof of rest of them all. The respondent submits that it is true that the complainant had fixed deposits as mentioned in para 1 of the complaint. The fixed deposits are three in number and the total value of those deposits comes to Rs.46,139/-. The first deposit was made on 8.6.1997 and then maturity date is 8.7.1998 with 14% interest cumulative. The deposit No.2 is made on 8.6.1997 and the maturity date is 8.7.1998 and the interest is 14% p.a at cumulative. The third deposit was made on 8.6.1998 and its maturity date is 8.6.2000 with an interest of 14% p.a cumulative. In the deposit receipt it is clearly mentioned that interest will cease at the expiration of the period of deposits. It is not correct to state that the deposit receipts should have mentioned the date within which the deposits to be renewed after maturity. There is no compulsion that he should renew the deposit. It is left to the choice of the deposit holder either to renew the deposit or to receive the money due. The bank should send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the fixed deposit receipts it is also stated themselves under note: “Interest will cease at the expiration of the above period when this receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed. This deposit earns simple interest as per R.B.I directions. The rate of interest payable on this deposit is subject to the directions that may be issued by the R.B.I from to time. The complainant is educated lady. Her father –in-law is an advocate auditor and the other deposits concerned in 4 other CDOps filed with this complaint are all his sons. All are well educated, practicing lawyer, income tax auditor and government servants. In order to claim interest at the same rate at which she deposited the money even after a lapse of 4 years she was keeping quiet and she wants to take the plea that she has not been intimated the date of maturity and therefore she can claim interest at the original rate. This is the main motive behind the actions of the complainant. So simple interest was offered and the complainant had accepted and renewed the deposits at the interest rate which was due to her legally which was about Rs.13,054/-. In response of this amount and the security amount of Rs.46,139/- in all Rs.59,193/- was placed in two deposits one for Rs.40,000/- and another for Rs.19,193/- on 13.6.2002. Therefore there is no question of deficiency in service on the part of the opposite party which has caused any mental agony, torture and distress. The bank has done everything as per rules and instructions and directives received from the Reserve Bank Of India from time to time undeviatingly. The bank has not been sending any intimation about the date of maturity before the year 2002. There is no deficiency of service on the part of the bank in any manner whatsoever to cause mental agony, torture and distress to the complainant since the bank has acted as per law and rules and directives of the Reserve Bank Of India and therefore there is no payment of compensation for that. Therefore there are no merits of bonafides in the complaint and it is therefore prayed that this Hon’ble Forum may be pleased to dismiss the complaint with the cost of this respondent. 3. Now the points for consideration are: a) Whether there is any deficiency in service, on the part of the opposite party? b) Whether the complainant is entitled to the reliefs asked for?. 4. Ex.A1 to ExA5 were marked on the side of the complainant and Ex.B1 to Ex.B4 were marked on the side of the opposite party. Proof affidavit of the complainant and Proof affidavit of the opposite party have been filed. No oral evidence let in by either side. 5. POINT NO.(a):- It is admitted facts of the parties that the complainant was having the following fixed deposit with the opposite party’s bank:: the 1st reinvestment deposit Ex.A1 was made on 8.6.97 for the period of 13 months and the maturity date was on 8.7.98, the 2nd reinvestment deposit Ex.A2 was made on 8.6.97 for the period of 13 months and the maturity date was on 8.7.98 and the 3rd reinvestment deposit Ex.A3 was made on 8.6.98 for the period of 12 months and the maturity date was on 8.6.00. 6. The complainant contended that it is the duty of the opposite party’s bank to inform inadvance about the maturity of the above deposits and in the absence of any intimation from the opposite party’s bank, the complainant was under a bonafide impression that the deposits have not been matured. The above said three re-investment deposits continued to remain as such with the opposite party and have not lost its identity and the opposite party had agreed to renew the said deposits by offering a simple interest of 9.5% p.a. from the date of maturity to the date of renewal, if the said deposits were renewed for a further period of two years. The opposite party due to utilize the said deposit amounts even after the dates of their maturity to its own benefit and did not care to take any action either to renew or refund the amount due to the complainant’s S.B. account. The absence of any prior intimation with necessary details before the maturity of the said three deposits and also the failure to intimate any alleged change of policy in renewing the deposits will clearly prove the negligence, the deficiency of the service on the part of the opposite party. 7. The opposite party contended that the opposite party’s bank send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the three re-investment deposit receipts Ex.A1 to Ex.A3. It is also stated in the said reinvestment receipts under note that “interest will cease at the expiration of the above period when the receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed. The complainant could have renewed the said three fixed re-investment depoists if he wanted on maturity date mentioned in the said deposits Ex.A1 to Ex.A3 but he did not do so. It is further contended that the complainant is educated lady. Her father-in-law is an advocate auditor and the other deposits concerned in four other CD Ops filed along with this complaint are all her family member. All are well educated, practicing lawyer, income tax auditor and Government servants. In order to claim interest at the same rate at which he deposited the money even after lapse of four years he has keeping quiet and he wants to take the plea that he has not been intimated and therefore he can claim interest at the original rate. The opposite party’s banks have done everything as per rules and instructions and directives received from the Reserve Bank of India from time to time. Therefore there was no deficiency of service on the part of the opposite party’s bank in any way whatsoever to cause mental agony torture and distress to the complainant. 8. From the perusal of 1st reinvestment deposit receipt Ex.A1 & Ex.B2, dt. 8.6.97 it is mentioned that received from (M/s A. Sujatha) the complainant Rs.10,000/- only as a re-investment deposit are repayable 13 months after date, The 2nd reinvestment deposit receipt Ex.A2 & Ex.B3, dt. 8.6.97 it is mentioned that received from (M/s A. Sujatha) the complainant Rs.10,000/- as a re-investment deposit repayable 13 months after date and the 3rd reinvestment deposit receipt Ex.A3 and Ex.B4 dt. 8.6.98 it is mentioned that received from (M/s A. Sujatha) the complainant Rs.17,411/- as a reinvestment deposit repayable 24 months after date. From the further perusal of re-investment deposit receipt Ex.A1 to Ex.A3 it is seen that the opposite party’s bank stated under note that “interest will cease at the expiration of due date or maturity date when this receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed.” The 1st reinvestment deposit a sum of Rs.10000/- was made on 8.6.97 and the maturity was 8.6.98, the 2nd reinvestment deposit a sum of Rs.10,000/- was made on 8.6.97 and the maturity date was 8.7.98 and the 3rd reinvestment deposit a sum of Rs.17,411/- was mad on 8.6.98 and the maturity date was on 8.6.00. The complainant could have renewed the said three deposits if she wanted after maturity date i.e. on 9.7.98 & 9.6.2000 respectively, but she did not do so. 9. The contention of the complainant that the envelop containing the plastic covers of deposit certificates Ex.A1 to Ex.A3 were in the custody of his brother A. Ramesh, Advocate. They have been mingled with the clients documents and in the absence of any intimation from the opposite party, the complainant was under a bonafide impression that the deposits have not been matured, and it is the duty of opposite party to inform inadvance about the maturity of the deposits but the bank failed to inform it to the complainant. According to the opposite party, the bank send an intimation to the complainant about the date of maturity of each deposit is not obligatory since the date of maturity is mentioned on the top in the fixed deposit receipts, and it is also mentioned in the said receipts under note that interest will cease at the expiration of the above period when this receipt must be sent in for payment or renewal endorsed by the depositor and have appropriate revenue stamp affixed. 10. The complainant has not denied the contention of the opposite party that the complainant is educated lady, her father-in-law is an advocate auditor and the other deposits concerned in four other Ops filed along with this complaint are all her family members. All are well educated, practicing lawyer, income tax auditor and Government servants. Therefore the contention of the complainant that the envelop containing the plastic covers of deposit certificates Ex.A1 to Ex.A3 were in the custody of his brother Mr.A. Ramesh, Advocate and they have been mingled with the clients documents is not acceptable. It is admitted facts of the parties that the date of maturity is mentioned on the top in the reinvestment deposit receipts Ex.A1 to Ex.A3 it is clearly mentioned in the reinvestment deposit receipts Ex.A1 to Ex.A3 under note that interest will ceases at the expiration of the period mentioned in the receipts. There is no specific rule or direction by the Reserve Bank of India about the intimation to the complainant regarding to inform inadvace about the maturity date. Therefore the contention of the complainant that it is the duty of the opposite party to inform inadvance about the maturity of the deposit and failing to inform the maturity date by the opposite party is deficiency in service is not acceptable. 11. Hence, taking all the above facts into consideration from the contention in the complaint and the counter, as well as proof affidavit of the both the parties, and from the documents Ex.A1 to A5 and Ex.B1 to Ex.B4, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein. Hence we answer this point (a) as against the complainants herein. 12. POINT NO : (b) In view of our findings on point (a), since, we have come to the conclusion that the complainant herein has not clearly proved the deficiency in service on the part of the opposite party herein. We have also come to the conclusion that the complainant is not at all entitled to any relief asked for by him, in this complaint. Hence we answer this point (b) also as against the complainant herein. 13. In the result this complaint is dismissed. No costs. Dictated to the Steno-typist and transcribed by her, corrected and pronounced by the President, in Open Forum, this the 23rd day of November 2010. MEMBER-I MEMBER-II PRESIDENT. List of Documents: Complainant’s Exhibits: Ex.A1- 8.6.97 - X-copy of Re-investment Deposit Receipt. Ex.A2- 9.6.97 - X-copy of Re-investment Deposit Receipt Ex.A3- 4.5.00 - X-copy of Re-investment Deposit Receipt Ex.A4- 13.6.02 - X-copy of Fixed Deposit Receipt. Ex.A5- 13.6.02 - X-copy of Fixed Deposit Receipt. Opposite party’s Exhibits: Ex.B1- 13.6.02 - Adjustment slip by opp party’s bank. Ex.B2- 9.6.97 - Reinvestment deposit receipt. Ex.B3- 8.6.97 - Reinvestment deposit receipt. Ex.B4- 4.5.00 - Reinvestment deposit receipt. MEMBER-I MEMBER-II PRESIDENT.
| | [ Hon'ble Tmt G.Malarvizhi, B.E] MEMBER[ Hon'ble Thiru A.Sampath, B.A., B.L] PRESIDENT[ Hon'ble Tr K.Dhayalamurthy, Bsc] MEMBER | | 
