In the proposal of reporting settlement we have heard the counsel for both parties and also the complainant who is in person.   The counsel for the complainant submitted that Op No.1 even after the maturity of the deposit amount has not paid the maturity value of the deposits.  Therefore, Op is liable to pay interest on the maturity value @ 18% p.a.   Whereas the counsel representing the Op opposing the interest claimed by the complainant submitted that there was bar by Reserve Bank of India in getting deposits for longer period like 30 years and more.  Therefore, in order to seek certain clarification in this regard, Op did not pay the maturity value and in that regard there has been some delay and stated that there was no intention of withholding the maturity value due to the complainant.    He also submitted deposit made by the complainant was for 30 years as such, clarification was warranted.   He further submitted that as per the guidelines of the Reserve Bank of India they cannot pay subsequent interest after maturity.   Therefore, opposing interest claimed by the complainant submitted that this forum may consider if it is justifiable to consider a reasonable rate of interest payable on the maturity value.

        The learned counsel representing the Op has not produced any guidelines of Reserve Bank of India which barred receiving the deposits for 30 years or more than 30 years.   Op is not denying that the complainant after maturity of deposits made demand for payment of maturity value, but the same has been withheld by them.   Under these circumstances when the Op deprived the complainant to make use of his deposited money, he cannot escape the liability to pay at least bank rate of interest.   It is found that the first deposit of the complainant matured on 23/01/2010 but is not yet paid.   Similarly second deposit matured on 20/02/2010.  On those deposits, the Op is liable to pay interest @ 6.75% p.a which is prevailing rate of interest.  The other four deposits matured on 03/04/2010 are lying with Ops for less than one year.    As such, the Op shall pay interest @ 5.75% p.a on those deposits from the date of maturity till the date of payment.   With this, we dispose of the complaint accordingly and pass the following order.

                                        O R D E R

        Complaint is allowed.   Ops No.1 to 3 are jointly and severally held as liable are therefore directed to refund the maturity value of the Fixed Deposits made by the complainant with interest @ 6.75% p.a on the first two deposits from the date of maturity till the date of payment.

        Ops are directed to pay maturity value of the other four Deposits with interest @ 5.75% from the date of maturity till the date of payment and they shall pay the maturity value with interest as ordered above within a week from today.   Failing which, they shall pay interest @12% p.a from the date of this order till the date of payment.

        Ops shall also pay cost of Rs.5,000/- (Rupees Five Thousand only) to the complainant.