Chandigarh

DF-I

CC/150/2017

Subhash Aggarwal - Complainant(s)

Versus

Indian Bank - Opp.Party(s)

In Person

08 Mar 2018

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I,

U.T. CHANDIGARH

 

 

                               

Consumer Complaint No.	:	CC/150/2017
Date of Institution	:	16/02/2017
Date of Decision	:	08/03/2018

 

Subhash Aggarwal son of late Sh. R.N. Aggarwal, resident of 2038/21-C, Chandigarh.

…..Complainant

V E R S U S

1.     Indian Bank through its Manager, S.C.O. No.18, Sector 20-D, Chandigarh.

2.     Indian Bank through its Zonal Manager, S.C.O. No.190-192, Sector 7, Chandigarh 160019.

……Opposite Parties

 

CORAM :	MRS.SURJEET KAUR	PRESIDING MEMBER
	SHRI SURESH KUMAR SARDANA	MEMBER

 

                                                                       

ARGUED BY	:	Complainant in person
	:	Ms. Amita Khanna, Counsel for OPs alongwith Mrs. Anuradha Sood, Asstt. Branch Manager.

 

Per Surjeet Kaur, Presiding Member

1.         The facts of the consumer complaint, in brief, are that on 3.3.2016, the complainant opened a five years FD of Rs.1,00,000/- with the OPs in the tax saving scheme and the rate of interest was 7.25%.  As per the practice of banks, the moment a person becomes senior citizen, he is entitled for extra half per cent interest. According to the complainant, on 22.5.2016 he became senior citizen and as such was entitled to extra half per cent interest. The complainant contacted the OPs and requested for implementing of senior citizen interest, but, they failed to do so. Alleging that the aforesaid act amounts to deficiency in service and unfair trade practice on the part of OPs, the complainant has filed the instant complaint.
2.         OPs in their written statement have not disputed the factual matrix.  It has been averred that since the complainant had obtained his FDR on 3.3.2016 @ 7.25% per annum, therefore, on his becoming senior citizen on 22.5.2016, as per bank circular, he cannot claim the extra benefit of half per cent interest as the tenure of the same is five years.  It has been contended that it is baseless to compare the Indian Bank circular with the policy and norms of Union Bank of India especially with regard to FDR relating to Tax Saving Scheme.  Pleading that there is no deficiency in service or unfair trade practice on their part, OPs prayed for dismissal of the complaint.
3.         Rejoinder was filed by the complainant denying all the averments in the written reply of the OPs.
4.         The complainant led evidence in support of their contentions. 
5.         We have gone through the record and heard the arguments addressed by the learned Counsel for the parties. 
6.         It is evident from Annexure P-1 that the complainant opened a five years fixed deposit of Rs.one lakh with the OPs in the tax saving scheme and the rate of interest was 7.25%.  The date of the investment is 3.3.2016 and the maturity of the same is 3.3.2021. As per the complainant, after opening the present FD, he became a senior citizen after 02 months and 19 days and, therefore, he is entitled for extra half per cent rate of interest, but, the OPs, despite various requests, are not implementing the same. Annexure P-2 is the copy of another fixed deposit receipt of Union Bank of India in which the complainant has been given the benefit of extra half percent rate of interest upon attaining the senior citizenship.  Hence, is the present consumer complaint.
7.         The stand taken by the OPs is that as per the bank circular (Annexure R-1), the complainant cannot claim benefit of extra half per cent interest as the tenure of the FD in question is five years and there is no reason to compare the Indian Bank circular with the policy and norms of Union Bank of India, especially with regard to FDR relating to tax saving scheme.
8.         After going through Annexure R-1 (at page 11), which is the document of the OPs themselves, there is clear cut mention of .50% per annum additional rate of interest over the card rate for the senior citizens. We feel it makes no difference, but, the lock in period remains the same five years which does not have any concern with the grant of benefit of extra .50% rate of interest to the senior citizens. 
9.         So far as the question of Circular Annexure R-1 is concerned, it does not indicate the status of senior citizens.  In fact the Govt. is obliging the extra privilege to the senior citizens by launching such schemes, therefore, when the interest of senior citizens is applicable to all the Government and private banks then it is difficult to our understanding in which capacity the OPs are refusing the same to the complainant. The circular which the OPs are referring to indicates the term deposits, investment, types of deposit, procedure for investment in term deposit, rate of interest and payment to legal heirs and income tax etc. These all have nothing to do with the grant of additional half per cent rate of interest to be provided to the senior citizens, therefore, the same cannot be forfeited by the OPs. Hence, the OPs are proved to be deficient in rendering proper services which certainly caused mental and physical harassment to the complainant.
10.         In view of the above discussion, the present consumer complaint deserves to succeed and the same is accordingly partly allowed. The OPs are directed as under:-

1. To immediately grant the benefit of additional rate of interest @ 0.50% per annum to the complainant, being senior citizen, in respect of the FDR in question, from the date of his becoming a senior citizen till maturity.
2. To pay Rs.5,000/- to the complainant as compensation for mental agony and harassment caused to him;
3. To pay to the complainant Rs.3,000/- as costs of litigation.

11.         This order be complied with by the OPs within thirty days from the date of receipt of its certified copy, failing which, they shall make the payment of the amount mentioned at Sr.No.(ii) above, with interest @ 12% per annum from the date of this order, till realization, apart from compliance of directions at Sr.No.(i)&(iii) above.
12.         The certified copies of this order be sent to the parties free of charge. The file be consigned.

	Sd/-	Sd/-
08/03/2018	[Suresh Kumar Sardana]	[Surjeet Kaur]
hg	Member	Presiding Member