Petitioner who had obtained Fixed Deposit Receipts from respondent Bank had also facility of over draft of Rs.1,00,000/-. As he was not operating account since April, 2007, he moved Bank to dissolve Fixed Deposit Receipts and, on adjustment, to keep the sum in his account. After respondent Bank debited a sum, calculating @ 7.75% on delayed amount, petitioner questioned authority of Bank for revision in rate of interest on over draft facility available to him, and eventually, also, alleging short credit and also revision in rate of interest, a consumer complaint was filed. Bank against short recovery, credited Rs.551/- to account of petitioner. District Forum, however, on appreciation of pleadings of parties, finding no deficiency with respondent Bank, relegated matter to Civil Court. State Commission too, in appeal did not record any deficiency with respondent Bank. Grouse of petitioner was that if there was revision of interest on over draft facility available to customer, there should have been parallel enhancement of interest rate also, on fixed deposits. Since respondent Bank had levied revised interest from 6.75% to 7.75% under guidelines of Reserve Bank of India, it had no authority on its own to make revision in rate of interest on fixed deposits. Contention raised, being without substance, revision petition is dismissed, with no order as to costs.
......................JB.N.P. SINGHPRESIDING MEMBER | |
