Haryana

Ambala

CC/412/2018

Ajay Aggarwal - Complainant(s)

Versus

SBI - Opp.Party(s)

Adit Aggarwal

04 Aug 2021

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, AMBALA.

 

                                                          Complaint Case No.:  412 of 2018.

                                                          Date of Institution           :     10.12.2018.

                                                          Date of decision    :     04.08.2021.

 

Ajay Aggarwal son of Shri Rameshwar Pershad, aged about 66 years, r/o 5675, Guru Nanak Marg, Ambala Cantt.

 

                                                                             ……. Complainant.

                                                Versus

 

1. State Bank of India, Nicholson Road, Sadar Bazaar Branch, Ambala, through its Branch Manager

2. Assistant General Manager, State Bank of India, SCO-70, Sector-5, Panchkula.

3.       Chief General Manager, State Bank of India, Local Head Office, Sector-17, Chandigarh.

4.       State Bank of India, State Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai, 400021.

           ..…..Opposite Parties.

         

Before:        Smt. Neena Sandhu, President.

                   Smt. Ruby Sharma, Member.

Shri Vinod Kumar Sharma, Member.         

                                                

Present:       Shri Adit Aggarwal, Advocate, counsel for the complainant.

Shri S.S.Garg, Advocate, counsel for the OPs.

 

Order:        Smt. Neena Sandhu, President.

Complainant has filed this complaint under Section 12 of the Consumer Protection Act, 1986 (hereinafter referred to as ‘the Act’) against the Opposite Parties (hereinafter referred to as ‘OPs’) praying for issuance of following directions to them:-

1. To pay interest on the amount of Rs.7,69,661.60 @ 8% per annum from April, 2015 to till date, less the amount of interest already paid i.e.an approximate amount of Rs.80,000/-.
2. To pay Rs.75,000/- as compensation for the mental agony and physical harassment suffered by the complainant and Rs. 11000/- as litigation expenses.

                                      OR         

 

          Any other relief which this Hon’ble Commission may deem fit.

 

Brief facts of the case are that the complainant is maintaining a saving bank Account No.10333620750 with the OP bank. In the said bank account of the complainant, the OP is providing the MOD facility i.e saving plus account, which means that all the credit balance in the saving account which is over and above Rs.5,000/- is transferred to the MOD facility (temporary fixed deposit) which attracts prevailing rate of interest for FDR (usually 7% to 8% p.a) and the remaining amount lying in the saving account attracts prevailing rate of interest for the saving account i.e about 3 ½ % to 4%. The OP-bank was providing satisfactory services up-to mid of November, 2014 only. Thereafter, from November, 2014, the OP exceeded the minimum limit for MOD facility  from Rs.5,000/- to Rs.25,000/-. The OP did this without the consent of the complainant and without intimating him. The complainant personally enquired about it from the OP but no satisfactory reply was given to him. From April, 2015, OP arbitrarily stopped transferring any amount for the MOD facility, even though the credit balance in the bank account of the complainant exceeds the minimum limit of Rs.25,000/- by many folds. The MOD facility was not discontinued by the bank but it had arbitrarily stopped transferring any further funds of the complainant for the MOD facility, despite availability of the funds in the account of the complainant. At the time of last passbook update i.e. on 14.11.2018, complainant was having a balance of Rs.7,69,661.60 in his saving account and Rs.11,90,897.00 as MOD Balance. Since April, 2015, complainant is deprived of getting the FDR interest @ 7% to 8% per annum on the balance amount lying in his saving account i.e. Rs.7,69,661.60 and the complainant has to confine himself for saving account interest only i.e 3.5% to 4% per annum only on the said amount. Complainant requested the OP No.1 time and again to transfer eligible funds for the MOD facility, so that he can earn FDR interest but it did not do so. Complainant even reported the matter to the chairman of the OP bank vide email dated 17.11.2018 but nothing was done to settle the grievance of the complainant, regarding loss of interest. Hence, the present complaint.

2.                Upon notice, OPs appeared and filed written version and raised preliminary objections regarding maintainability, not come with clean hands and suppressed the material facts, jurisdiction and time barred. On merits, it is stated that the complainant has a saving bank account with the OP Bank, but denied that the balance amount lying in the saving account of the complainant, which is over and above Rs.5,000/- attracts rate of interest as prevailed on the FDR. Others allegations levelled by the complainant were also denied for want of knowledge and prayer has been made for dismissal of the present complaint with costs.

3.                The learned counsel for the complainant tendered affidavit of complainant as Annexure C-A alongwith documents as Annexure C-1 to C-10 and closed the evidence on behalf of complainant. On the other hand, learned counsel for the OPs tendered affidavit of Shri Jatinder Kumar Arora, Deputy Branch Manager, State Bank of India, Sadar Bazar Branch, Ambala Cantt as Annexure OP-A and closed the evidence on behalf of OPs.

4.                We have heard the learned counsel for parties and carefully gone through the case file.

5.                The learned counsel for the complainant has contended that the complainant is maintaining a saving account with the OPs and has availed the Multi Options Deposits (MOD) facility. As per the said facility all the credit balance in the saving account which is over and above Rs.5,000/- is converted in the shape of FDR, which attracts prevailing rate of interest on the FDR (usually 7% to 8% per annum). Up till November 2014, minimum limit for MOD facility was Rs.5,000/- and thereafter the minimum limit for MOD facility was increased from Rs.5,000/- to Rs.25,000/-. The OPs neither took the consent of the complainant nor informed him about the increase of the MOD limit. Inspite of the fact that as on 14.11.2018, complainant was having balance of Rs.7,69,661.60, in his saving account. The OPs stopped giving benefit under the MOD scheme w.e.f April 2015 till November 2018. For the above said period complainant was deprived of getting rate of interest prevailing for the FDR on the aforesaid balance amount.

6.                In the written version there is specific denial on the part of the OPs regarding availing of MOD facility by the complainant. However, in the reply to the information sought for by the complainant under the RTI Act, the OPs have admitted the factum of providing the MOD facility to the complainant.

7.                From the perusal of passbook Annexure C-1, it is evident that sweep transfer was done on 03.04.2015 and thereafter sweep transfer was done on 18.11.2018. In between the period from 04.04.2015 to 17.11.2018, there was no sweep transfer from the account of the complainant. On 14.11.2018, there was balance amount of Rs.7,69,661.60. As per the complainant, he was entitled to get interest as available on the FDR w.e.f year 2015 to November 2018. In this regard, he has placed on record the calculation sheet regarding loss of interest, Annexure C-10. From the said calculation sheet it is evident that the OPs are liable to pay Rs.48,581.45 to the complainant. This fact has neither been denied by the OPs nor any calculation sheet as to what should be the exact amount of interest, has been placed on record by the OPs. Taking all the facts and circumstances into consideration, we do not hesitate to conclude that the OPs are liable to pay Rs.48,581.45 to the complainant. The OPs are also liable to compensate the complainant for the mental agony and physical harassment suffered by him alongwith litigation expenses.

8.                In view of the aforesaid discussion, we hereby allow the present complaint and direct the OPs, in the following manner:-

                   (i)      To pay Rs.48,581.45/- to the complainant.

                   (ii)     To pay Rs.5,000/- as compensation for mental agony and                                      physical harassment suffered by the complainant.

                   (iii)    To pay Rs.3,000/- as litigation expenses.

                    The OPs are further directed to comply with the aforesaid direction within the period of 45 days from the date of receipt of the certified copy of this order failing which, the awarded amount shall carry interest @ 7% per annum for the period of default. Certified copies of this order be supplied to the parties concerned, forthwith, free of cost as permissible under Rules. File be indexed and consigned to the Record Room.

Announced on :04.08.2021.

 

 

(Vinod Kumar Sharma)            (Ruby Sharma)               (Neena Sandhu)

 Member                                     Member                       President