DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II
Udyog Sadan, C-22 & 23, Qutub Institutional Area
(Behind Qutub Hotel), New Delhi-110016.
Case No.02/2016
Sh. N. S. Dhama (Senior Citizen)
R/o 10-C, Sheikh Sarai, 75 years
Phase-I, SFS Flats Category -1,
New Delhi-110017 ….Complainant
Versus
Punjab National Bank
Green Park, Gulmohar Enclave,
New Delhi-110049 ……Opposite Party
Date of Institution : 04.01.16 Date of Order : 20.01.17
Coram:
Sh. N.K. Goel, President
Ms. Naina Bakshi, Member
O R D E R
Complainant’s case, in short, that he had opened an account under the Senior Citizen Saving Scheme, 2004 (SCSS, 2004) on 03.01.05 by initial deposit of Rs.1 lac with the OP. He had deposited Rs.13,10,000/- with the OP on different dates (as detailed in the complaint) between 03.01.2005 to 30.04.10. At the time of opening the account, the OP informed him that he will get interest on fixed deposit @ 9%. His saving account No. is 0159000100261524 which was opened in 2003 prior to opening the SCSS, 2004. The interest was deposited by the OP in his saving account quarterly. In five years he was paid interest @ 9% and thereafter at post office/bank savings rate being about 4% till he withdrew amount of Rs.12,50,000/- on 11.04.15 and 05.05.15. He withdrew this amount as he was going in heavy financial losses. He informed the OP personally in April, 2015 and invested in fixed deposit in PNB, Malviya Nagar, New Delhi on 11.04.15 as FD of Rs.11,50,00/-. It is submitted that by paying him saving rate on deposits the OP put him in heavy financial loses during the period from 2010 to 2015. The OP had his residential address but the OP never informed him about maturity of his fixed deposit and he had received lesser amount of interest from 2010 to April, 2015. If the OP had informed him regarding his maturity he would have renewed his fixed deposit under the SCSS, 2004 which had put him under heavy loss at about Rs.4000/- per month. Thus the total loss was Rs.2.5 lac from 2010 to 2015. There was a grace period of one year for extension after 2010 but it was not printed on the application form A at the time of opening SCSS account. He approached Ministry of Finance, Dept. of Economic Affairs, Govt. of India but to no avail. It is submitted that the other banks informed him on 16.03.15 to deposit money (for locker fees) and the Canara Bank also sent the reminder to him but the OP bank did not issue any letter during 2010 to 2015 putting him in heavy financial loss. The deposits made by him under SCSS, 2004 were remitted to RBI and funds remained with RBI as informed by Sh. K. V. Rajesh, Dy. General Manager, PNB, Rajindra Place vide letter dated 10.06.2015. Hence, the OP was required to pay interest @ 9.2% from 2010 to 2015. He also represented to the Ministry of Finance, Secretary, Banking Ombudsman, Reserve Bank of India on 18.08.15 but to no avail. Hence, there is a deficiency in service on the part of OP. The Complainant has filed the present complaint with the following prayers:-
- Direct the OP to pay Rs.2.5 lacs as interest payable @ 9% for the period from 2010 to 2015 instead of saving rate @ 4% on his deposit.
OP in the written statement has inter-alia stated that the Complainant of his own relaxed and by his careless attitude failed to renew his deposit under Senior Citizen Saving Scheme (SCSS ) on timely basis. This scheme is governed by the provisions laid down by the Ministry of Finance and RBI over which the OP has no control . The terms and conditions/provisions were brought to the knowledge of the Complainant by the OP before he made the deposits with the OP. The Complainant is a retired Sr. Govt. Official and well educated who is reasonably expected to safeguard his own rights and interest before entering into any scheme. The Complainant was aware to renew the deposit upon the maturity. However, the Complainant chose not to renew his deposit under the scheme for a period of over five years after maturity and approached the OP for its renewal after a lapse of five years. Hence, the same is barred by limitation. The cause of action if any arose in the year 2010 when the Complainant deposited the money under SCSS 2004 and after maturity the Complainant was being given interest at saving rate as per terms and conditions/policy of the scheme. According to the OP, the Complainant was regularly visiting the OP bank and getting his passbook renewed from time to time. Therefore he was well aware of the fact that the deposits under the said scheme had matured as per policy. However, he chose not to renew the same for reasons best known to him. It is prayed that the complaint be dismissed .
Complainant has filed a rejoinder.
Complainant has filed his own affidavit in evidence while affidavit of Sh. Naval Kishore, Dy. Manager has been filed in evidence on behalf of the OP.
Written arguments have been filed on behalf of the parties.
We have heard the arguments on behalf of the Complainant and have also gone through the file very carefully.
Parties have failed to mark exhibit / Annexures on their respective documents.
It s not in dispute that the Complainant had opened an account under SCSS, 2004 by deposing initial Rs.1 lac and total amounting Rs.13,10,000/- on various dates. The Complainant sent a letter dated 22.06.2015 to the Joint Secretary, Ministry of Finance, Dept. of Economic Affairs, Govt. of India (we mark the document as Annexure-1 for the purposes of identification) regarding causing financial loss amounting to Rs.2.5 lacs from 2010 to 2015 to him. The Ministry of Finance, Deptt. of Economic Affairs, vide letter dated 03.08.2015 informed the Complainant that his case was examined by the Ministry and it had not been found feasible to consider fixed deposit rate post maturity of senior citizen saving account as provided in sections 4 and 7 of SCSS Rules (we mark the document as Annexure-2 for the purposes of identification). The OP vide letter dated 10.06.15 (we mark the document as Annexure-3 for the purposes of identification) informed the Complainant that they had forwarded his representation to National Saving Institute for extension after maturity. The National Saving Institute , Govt. of India vide letter dated 19.06.15 informed the Complainant that as “he had not made any application to extend the account after the maturity the same cannot be extended after one year from the date of maturity” (we mark the document as Annexure-4 for the purposes of identification).
In view of the above, it is evident from the record that the Complainant has failed to renew his SCSS account after maturity of 5 years. As per the passbook the same was updated from time to time. After the maturity he did not renew the SCSS account. As per the terms and conditions of SCSS the same could be renewed within one year after the maturity but the complainant failed to do so. The OP had paid the Complainant interest at saving bank rate from 2010 to 2015. The Complainant sent various letters to the different authorities regarding his grievance. As the Complainant himself failed to renew the SCSS account he cannot put blame for this lapse on the shoulders of the OP. The Complainant has miserably failed to prove any deficiency in service on the part of OP. Accordingly we dismiss the complaint with no order as to costs.
Let a copy of this order be sent to the parties as per regulation 21 of the Consumer Protection Regulations. Thereafter file be consigned to record room.
Announced on 20.01.17
