Date of Filing             : 25-02-2009

                                                            Date of Order            : 11-08-2009

IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD

                                                C.C.No.61/09

                                    Dated this, the 11th day of August 2009.

PRESENT

SRI.K.T.SIDHIQ                                            : PRESIDENT

SMT.P.RAMADEVI                                                : MEMBER

SMT.P.P.SHYMALADEVI                          : MEMBER

Mrs.Gomathy.J.Kumar,

Mullakal, Wd.VIII/109-A,                                } Complainant

Narayanamangalam,Kumbala,

Kasaragod.

(In person)

1. Sub Post Master, Soorambail.Po,         } Opposite parties

    Near Naikaup, Kumbala, Kasaragod

2. Post Master, Kumbala Post office,

    Kumbala, Kasaragod.

                                                            O R D E R

SRI.K.T.SIDHIQ, PRESIDENT

            The case of the complainant Mrs.Gomathy.J.Kumar is that the opposite parties illegally deducted interest for her term deposit and thereby she sustained monetary loss.  According to complainant, she deposited Rs.1,00,000/- on 14-02-04  for the rate of interest @ 8%.  On completion of one year the sub-postmaster informed that the Ist term interest of Rs.8000/- can be collected but she did not do so and informed that they would claim the total after 5 year period.  But on maturity of the 5 year term when she approached the post master for redemption of FD, he informed that the FD account on closure would fetch Rs.1,43,000/- and cheque will be issued by 2^nd opposite party.  Accordingly she was issued with a cheque.  But it was only for Rs.1,38,570/-.  On enquiry made with opposite parties about the difference it was told that the interest rate infact was @ 7.5% and calculating interest on the accrued total amount year wise becomes 8%.

2.            According to complainant even if her deposit has fetched only 7.5% interest, contrary to what initially opposite party made her to believe on closure of the said deposit she ought to have entitled for Rs.1,43,569/- instead of Rs.1,38,570/-. Hence alleging deficiency in service on the part of opposite parties the complaint is filed.

3.         The Superintendent of Post Offices, Kasaragod Division filed version for opposite parties.  According to him post office term deposit accounts are governed and regulated by Post Office.  Time Deposit Rules 1981 and other statutory rules.  As per Rule 7 of Post Office Time Deposit Rules 1981 as amended from time to time for a 5 year Term Deposit made on or after 1-1-2003 interest will be payable at the rate of 7.5% per annum calculated quarterly compounding basis and such interest shall be payable to the depositor at the end of each year during the period of deposit.  No further interest will be payable on the interest not drawn by the depositor.

4.            Complainant and opposite parties heard.  Ext.A1 marked.  Ext.A1 is eventhough produced as the pass book for the Term Deposit, it appears that an old pass book of some other scheme is seen issued by opposite parties making some deletions and corrections.   What was the rate of interest offered for the Term Deposit is nowhere mentioned in the said pass book.

5.         It is hard to believe that a term depositor would deposit a considerable amount   say Rs.1,00,000/- without even knowing the exact rate of interest.  Therefore the case of  complainant is appears to be true and hence the complainant is entitled to get interest @ 8% for the Term Deposit she made irrespective of the rules prevailing for the Term Deposit.

6.         Issuing a Term Deposit Pass book not even in its proper manner without mentioning the rate of interest will no doubt open the way  for endless disputes.

            Therefore we find deficiency in service on the part of opposite parties and therefore opposite parties 1 & 2 are jointly & severally directed to pay Rs.5,000/- to the complainant due to the loss hardships and mental agony suffered by her.  Opposite parties also directed to pay Rs.1000/- towards the cost of these proceedings. Time for compliance is limited to one month from the date of receipt of copy of order.  Failing which opposite parties shall pay interest @ 9% for the said amount of Rs.5000/- from the date of complaint till payment.

      Sd/-                                                         Sd/-                                       Sd/-

MEMBER                                                       MEMBER                               PRESIDENT

Exts.

A1.Pass book of complainant.

B1.True copy of Section 15 of the Government Savings Banks Act 1873.

B2. True copy of Rule 7 of post office time deposit rules 1981 and clarifications thereon.

B3.Ture copy of GSR 174 (E) Amending Rule.7.

B4. Applicable to deposits made on or after 1-3-2003.

B5. Statement of Sri.S.Gopalakrishna Nayak.

     Sd/-                                                          Sd/-                                         Sd/-

MEMBER                                                       MEMBER                               PRESIDENT

Pj/                                                                                Forwarded by Order

                                                                           SENIOR SUPERINTENDENT