| Final Order / Judgement | SH. RAJESH, MEMBER - Present complainant has been filed by complainant seeking direction to OPs to pay Rs. 10,087/- along with interest, cost and compensation.
- It is stated that in July 2018 while surfing internet complainant came across the website of OPs bank and induced by their offering high interest rate on fixed deposits i.e. 8.25% p.a. for period of three years+. On 19.07.2021 complainant visited OPs branch and after detailed discussions with the officials of bank a deposit A/c No. 10025649601 was opened instantly and Rs. 16 Lakhs were deposited for FD. Below are three FDs issued on 20.07.2021 by OP for 1096 days @ 8.25% p.a.
Date | FD No. | Amount | Maturity Amount | 20.07.2018 | 10025796361 | 4,00,000/- | 5,11,040/- | 20.07.2018 | 10025796418 | 7,00,000/- | 8,94,320/- | 20.07.2018 | 10025793452 | 5,00,000/- | 6,38,798/- |
- It is stated that on 25.07.2018 complainant again deposited Rs. 13,80,000/- for FDs booking and below FDs are issued by the OPs for 1096 days @ 8.25 p.a.
Date | FD No. | Amount | Maturity Amount | 25.07.2018 | 10026123076 | 4,80,000/- | 6,13,246/- | 25.07.2018 | 10026087911 | 9,00,000/- | 11,49,840/- |
- It is stated that on 14.09.2018 complainant again deposited Rs. 3,00,000/- for FD booking and below FD is issued by the OPs for 1096 days @ 8.25% p.a.
Date | FD No. | Amount | Maturity Amount | 14.09.2021 | 10028886311 | 3,00,000/- | 3,83,281/- |
- It is stated that initially these FDs were booked and maturity instructions was given for Auto Renewal. Later on when complainant realized that OP were not offering same interest rate on auto renewal than complainant got the same converted to Auto Closure.
- It is stated that during these three years OPs deposited Rs. 82,574/- as TDS against all 6 FDs cumulatively into his 26 AS linked with PAN No. AAIPM8205H.
- It is stated that total maturity amount would be amounting to Rs. 41,90,525/- as per six FDs issued by OPs.
- It is stated that since OPs deposited Rs. 82,574/- in TDS account this OPs are liable to remit the balance amount to complainant i.e. 41,07,951/-.
- It is stated OP deducted and deposited TDS Rs. 82,574/- during 2018-19, 2019-20, 2020-21, 2021-22.
- It is stated that after TDS final agreed interest amount payable to complainant is Rs. 8,27,951/- +principal Rs. 32,80,000/-.
- It is stated complainant received only 8,17,864/-+32,80,000/-=(40,97,864/-) against agreed amount Rs. 41,07,951/-. Thus there is short payment of Rs. 10,087/-.
- It is stated that after various emails / phone call talks, OP is not listening the facts and not making payment.
- It is stated that OP is a member of Ban king Codes and standard Board of India and is expected to adhere to the code of Banks commitment to its customers.
- Notice was issued to OP who filed its written statement beyond statutory period, therefore, vide order dated 23.02.2017 written statement filed by OP was taken off the record.
- Complainant has led his Ex Parte evidence by way of affidavit reiterating contentions made in the complaint.
- We have heard Ld. Counsel for complainant and perused the record.
- In substance the main grievance of the complainant is that he deposited 32,80,000/- in six FDs with OP. Complainant received only 8,17,864/-+32,80,000/-=(40,97,864/-) against agreed amount Rs. 41,07,951/-. Thus there is short payment of Rs. 10,087/-.
- Complainant has placed on record six FDs on which maturity amount is specifically mentioned as below in Sr. No. 1 to 6.
Sr. No. | Maturity No. | 1. | 5,11,040/- | 2. | 8,94,320/- | 3. | 6,38,798/- | 4. | 6,13,246/- | 5. | 11,49,840/- | 6. | 3,83,281/- | Total amount payable on maturity | 41,90,525/- | Tax Deducted at Source | 82,574/- | Net amount Payable to complainant after TDS | 41,07,951/- | Amount Actually received by complainant | 40,97,864/- | Deficit amount not paid by OP | 10,087/- |
- All the FDs specifically mention the amount totaling Rs. 41,90,525/-, therefore, there after deducting TDS amounting to Rs. 82,574/- a sum of Rs. 41,07,951/- is net payable to complainant by OP, however, he received only as sum of Rs. 40,97,864/- from OP, therefore, a sum of Rs. 10,087/- is still payable by OP to complainant.
- There is nothing on record indicating why complainant is not entitled for balance amount of Rs. 10,087/-
- On the basis of above observation and discussion we are of the considered view that OPs are liable for deficiency in service by not providing the entire maturity amount payable on fixed deposits therefore present complaint is allowed, hence, OP is directed to refund a sum of Rs. 10,087/- to complainant along with interest @ 8.25 p.a. from the date of maturity of Fixed Deposit till today and also pay a sum of Rs. 7,000/- as compensation for mental, agony and harassment including cost of litigation to complainant within thirty days of receiving this order failing which entire amount shall carry interest @ 9 % p.a. till realization.
- Copy of the order be given to the parties free of cost as per order dated 04.04.2022 of Hon’ble State Commission after receiving the application from the parties in the registry.
Order be uploaded on www.confonet.nic.in. File be consigned to Record Room. Announced in open Commission on 24.04.2024. (SANJAY KUMAR ) (NIPUR CHANDNA) (RAJESH) PRESIDENT MEMBER MEMBER | |
