DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BARNALA, PUNJAB.
Complaint Case No : 53/2015
Date of Institution : 18.03.2015
Date of Decision : 08.09.2015
Jasvir Kaur W/o Chota Singh R/o Dhanaula now R/o Aulakh Patti Village Nilowal District Sangrur.
…Complainant
Versus
1. Punjab National Bank main Bazaar Dhanaula District Barnala.
2. Punjab National Bank Head Office Bhikaji Cama Palace New Delhi.
…Opposite Parties
Complaint Under Section 12 of Consumer Protection Act, 1986.
Present: Sh. Rajan Chaudhary counsel for the complainant.
Sh. A.K. Jindal counsel for the opposite parties.
Quorum.-
1. Shri S.K. Goel : President.
2. Sh. Karnail Singh : Member
3. Ms. Vandna Sidhu : Member
ORDER
(SHRI S.K. GOEL PRESIDENT):
The complainant namely Jasvir Kaur has filed the present complaint under Consumer Protection Act, 1986 (hereinafter called as Act) against Punjab National Bank Branch Dhanaula & Punjab National Bank Head Office New Delhi (hereinafter called as the opposite parties).
2. The facts emerging from the present complaint are that one Sadda Singh son of Sh. Nand Singh resident of Dhanaula obtained FDR No. 061100DP00001300 of Rs. 35,000/- from the opposite parties on 9.12.1991 payable with interest @ 11% per annum. Sadda Singh expired on 24.1.1992 and was survived by 1. Balvir Singh his son, 2. Gurdev Singh son, 3. Bharpur Singh son, 4. Manjeet Singh son, 5. Gamdoor Singh son of Sadda Singh, 6. Smt. Joginder Kaur W/o Raghvir Singh pre deceased son of Sadda Singh, 7. Gurmeet Singh S/o Raghvir Singh S/o Sadda Singh and 8. Dharam Singh, Surjeet Kaur, Paramjeet Kaur sons and daughters of Harpal Kaur D/o Sadda Singh, 9. Rajinder Kaur D/o Sadda Singh and these are the legal heirs of the deceased Sadda Singh.
3. It is further pleaded that all the above mentioned LR's have given an undertaking to the Bank that the payment/maturity amount of the said FDR be paid to Smt. Jasvir Kaur complainant. The said undertaking alongwith forms are in the possession of the opposite parties. It is further pleaded that the opposite parties released only Rs. 51,113/- to the complainant on 5.2.2015.
4. It is further averred that the said FDR of Rs. 35,000/- was got issued by Sadda Singh deceased on 9.12.1991 with interest @ 11% per annum i.e. with compound interest @ 11% per annum. It is further averred that interest on Rs. 35,000/- @ 11% became Rs. 92,400/- and the total maturity amount + interest became Rs. 1,27,400/-. However, the opposite parties made wrong calculation and paid Rs. 51,113/- against Rs. 1,27,400/- to the complainant and in this way the less amount of Rs. 76,287/- is payable to the complainant.
5. It is further alleged that the complainant visited number of times to the opposite party No. 1 for payment of Rs. 76,287/-, but they refused to make the said amount. Thus, the opposite parties is guilty of deficiency in service and therefore the present complaint is filed seeking the following reliefs:-
1. To pay Rs. 76,287/- being the less interest paid by the opposite parties.
2. To pay Rs. 50,000/- as compensation and Rs. 10,000/- as litigation expenses.
6. Upon notice, the opposite parties filed joint written version taking legal objections interalia on the grounds of locus-standi or cause of action, jurisdiction, flagrant abuse of process of law and not properly verified etc. On merits, it is submitted that the deceased Sadda Singh had deposited Rs. 35,000/- with the opposite party No. 1 in the shape of FDR and opposite party No. 1 agreed to repay the same alongwith interest @11% per annum on the due date. It is also submitted that the opposite party No. 1 released an amount of Rs. 51,113/- in favour of the complainant.
7. It is further submitted that where the person, in whose name FDR has been issued died before the maturity, then the LR's of deceased are entitled only claimed contracted rate of interest till the date of maturity.
8. It is further averred that as per circular No. RMD 54 of 2011 dated 27.10.2011 clearly mentioned that interest payable on term deposit in deceased account is as under:-
“In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay interest as permissible in case of overdue term deposits for the period for which the deposit remained with the Bank beyond the date of maturity”
9. It is further submitted that however after maturity the LR's only entitled simple interest upon the deposited amount as mentioned in circular No. RMD, HO 46 dated 15.5.2014, which is as under:-
“In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay interest as permissible in case of overdue term deposits for the period for which the deposit remained with the Bank beyond the date of maturity”.
10. It is further averred that in view of the above circular, the opposite parties have rightly made the payment to the complainant and moreover at the time of payment the complainant was fully satisfied with the service of opposite party No. 1.
11. It is further submitted that a specific circular regarding the deceased accounts, which was circulated by the Head Office of the opposite party No. 1 and as per circular No. 5/2001 dated March 07, 2001 in deceased depositor account, the interest would be paid till maturity agreed interest and after maturity the claimants could claim as simple interest upon the amount deposit with the Bank. As per circular the Head Office of the opposite party No. 1 mentioned as under:-
“In the event of the death of the deposit before the date of maturity of the deposit if the amount of the term deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity till the date of payment, the Bank shall pay interest at simple rate as permissible on the date of maturity. The interest shall be payable on the above basis, if the depositor has died before the maturity of the deposit”.
“If any term deposit is over due before 21.8.2008, no interest will be paid till 21.8.2008 and thereafter w.e.f. 22.8.2008, saving rate of interest will be payable till the date of renewal of the TDR on the following basis:-
“From 22.8.2008 till the renewal date interest at saving Bank rate of interest present being 3.5% per annum would be calculated on simple basis and would be payable till 31.3.2010 interest at saving Bank rate of interest, presently being 3.5% per annum on the basis of daily products is to be calculated w.e.f. 1.4.2010 till the date of renewal”.
12. It is further submitted that the opposite parties had made the payment under the guidelines and instructions of the Head Office and there is no deficiency in service on their part. Therefore, the opposite parties prayed for the dismissal of complaint with costs.
13. In order to prove her case, the complainant tendered in evidence her own affidavit Ex.C-1, copy of FDR dated 9.12.1991 Ex.C-2, copy of pass book Ex.C-3 & Ex.C-4 and closed the evidence.
14. To rebut the case of the complainant, the opposite parties tendered in evidence affidavit of Balwinder Singh Ex.O.P1, copy of circular dated 27.10.2011 Ex.O.P2, copy of circular dated 15.5.2014 Ex.O.P3, copy of circular dated 30.3.2011 Ex.O.P4, copy of circular dated 7.3.2001 Ex.O.P5, copy of circular dated 1.10.2014 Ex.O.P6, copy of detail of the case Ex.O.P7 and closed the evidence.
15. We have heard the learned counsels for the parties and have gone through the file carefully.
16. There is no dispute that Sadda Singh now deceased father of the complainant got issued a FDR of Rs. 35,000/- from the opposite parties on 9.12.1991 with interest at the rate of 11% per annum. It is also not disputed that the said Sadda Singh expired on 24.1.1992. There is also no dispute that the LRs of the said Sadda Singh made undertaking to pay the maturity amount of the said FDR to the complainant namely Jasvir Kaur daughter of the deceased Saddar Singh. It is also not disputed that the opposite party released Rs. 51,113/- to the complainant on 5.2.2015.
17. The case of the complainant is that the FDR was issued with interest at the rate of 11% per annum on 9.12.1991 and the complainant is entitled to at the same rate of interest till its payment i.e. 5.2.2015.
18. On the other hand the stand of the opposite parties is that the complainant is entitled to agreed rate of interest till the maturity date and thereafter the interest payable is governed by various circulars from time to time issued by the Bank and as mentioned in the reply of the opposite parties.
19. It is relevant to refer circular No. RMD 54 of 2011 dated 27.10.2011 Ex.OP-2 which clearly mentioned that interest payable on term deposit in deceased account is as under:-
“In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay interest as permissible in case of overdue term deposits for the period for which the deposit remained with the Bank beyond the date of maturity”
20. It is further relevant to refer circular No. 19/2011 dated 30.3.2011 Ex.OP-4 which is as under:-
“Overdue Term Deposits are to be renewed on the date of presentation and not to be renewed from retrospective date.
If the depositor does not opt for renewal of Overdue Term Deposit, interest shall be allowed as per guidelines issued by IAD-H.O. Which interalia reads as under.-
Interest would be paid at savings bank rate of interest as applicable from time to time, presently being 3.5% p.a. Interest would be calculated on 'Simple basis' and would be payable w.e.f. 22.8.2008 or the date of maturity whichever is later for the overdue period alongwith the maturity proceeds of the matured term deposits.”
21. It is further relevant to refer Circular No. 94 dated 1.10.2014 Ex.OP-6 which is as under.-
“W.E.F. 3.5.2011 rate of interest in respect of Saving Deposit stands revised to 4% p.a. From 3.5% p.a. The revised rate will be applicable to all the (Existing as well as New) domestic Saving Accounts.”
22. It is further relevant to refer the calculation sheet Ex.OP-7 made by the opposite parties. The calculation sheet shows that the FDR was issued on 9.12.1991 for three months and maturity value was Rs. 35,962/-. It further shows the calculation made as per circulars as referred to above and duly signed by the Manager of the Punjab National Bank-opposite party and it shows complete details of the interest payable to the complainant and the amount so calculated is mentioned Rs. 51,113/- which is also shown paid on 5.2.2015. Apart from the above said details of the interest Ex.OP-7,the opposite parties have also placed on the file account statement indicating the interest calculated till 5.2.2015 which is to the tune of Rs. 51,113/-.
23. On the other hand the complainant has not placed on record any circular contrary to the circular placed by the opposite parties indicating the interest rate applicable to the present case. In the absence of any cogent evidence the contention of the learned counsel for the complainant that the complainant is entitled to 11% per annum interest is untenable.
24. As a result of the above discussion, there is no merit in the present complaint and the same is accordingly dismissed. No order as to costs. Copy of this order be supplied to the parties free of costs. Thereafter file be consigned to the records.
ANNOUNCED IN THE OPEN FORUM:
8th Day of September 2015
(S.K. Goel)
President.
I do agree
(Karnail Singh)
Member.
(Vandna Sidhu)
Member
