Shri B. Mukhopadhyay, President.   

This is an application u/s.12 of the C.P. Act, 1986.

          The present complaint by filing this compliant has submitted that he deposited Rs.14 lakhs on 07-03-2009 to the OPs Bank as fixed deposit for three years subject to its maturity on 06-03-2012 under Consumer I.D. No.104480366 having A/c. No.40124511002391 deposit type DBD Repayable to Self on the date of maturity and total maturity amount would be Rs.17,80,638/- at the time of maturity. 

          Complainant’s grievance is that he went to the Bank for withdrawal of the sum before maturity but OP attend him and did not return it for which this complaint was filed praying for refund of the sum along with harassment cost etc. and prayed for relief.

          OP by filing written statement has admitted that fact of deposit for Rs.14,00,000/- and  no doubt the maturity date was 06-03-2012 but fact remains that OP never denied to return it before maturity period but truth is that the complainant did not file the original fixed deposit receipt along with application for withdrawal of the same before maturity so the money could not be returned to the complainant.  Practically OP submitted written version on 24-04-2012 and in that written version he has also stated that the amount had already been matured on 07-03-2012 and if complainant would produce the original fixed deposit fulfilling the lawful formalities of the bank as per RBI guideline, the OP shall have to pay it so the entire complainant is fabricated one.

Decision with Reasons

On proper consideration of the argument as advanced by the Ld. Lawyers of both the parties particularly complainant it is admitted fact that this complaint was filed on 16-12-2011 but maturity date of the fixed deposit was on 06-03-2012.  So, as per fixed deposit term complainant is not entitled to get back full maturity amount of Rs.17,88,638/-.  So, in this regard the version of the OP is quite correct.

          Most interesting factor is that complainant sent one lawyer’s notice on 08-12-2011 informing that his client was willing to withdraw the sum before maturity date with such interest but he was refused but most interesting factor is that it is the RBI rules if anyone deposits any amount in any fixed deposit with certain condition and before that period the said fixed deposit must not be returned before maturity period.  But if anyone wants to cancel the fixed deposit and withdraw the said deposit amount in that case the depositor shall have to get deposit amount with simple bank interest and that is the principles of law and if anyone withdraw any fixed deposit amount prior to maturity date he must have to file an application in prescribed form and with declaration that he is not entitled to any higher rate of interest in respect of the deposit amount except the simple bank rate interest with effect from date of deposit.  But no such paper was submitted at the time of filing of this case and not only that anyone of this bench did not apply their eyes on the date of filing written version and another factor is that the case has no merit because maturity date already expired so this arrogant complainant without hunting for withdrawal of money after maturity has been loitering in this field for getting compensation and so his approach has become very bad and as such we are not giving compensation to arrogant consumers or unfaithful consumers.  Truth is that the amount has already been matured on 17-03-2012 but this case is still pending.  Can any prudent man shall believe that one person will not willing to withdraw the matured amount knowing fully well about his fixed deposit maturity date on 17-03-2012 in still fighting before this Forum and in our view it is the complainant’s fight which is called peacock’s fight.

          Considering the entire materials and merits of this case we are directing the complainant to go to bank by submitting original fixed deposit to withdraw the matured amount and at the same time the bank is directed to pay simple bank interest over the matured amount from 18-03-2012 and till delivery of the entire amount to the complainant and accordingly, this complaint is finally decided and disposed of.

Hence,

Ordered

That the complaint be and the same is allowed without any cost against the OP.

          The OP is directed to refund and to pay total maturity amount of the fixed deposit of the complainant (as it was matured on 17-03-2012) along with 6% interest over the said matured amount starting from 18-03-2012 till full payment of the same to the complainant.

          The OP is directed to comply the same immediately and within one month from the date of this order and in this regard OP shall send a letter to the complainant for submitting his original receipt (fixed deposit) for withdrawal of the said amount with interest.

          Complainant is also directed to step towards bank along with document (original fixed deposit) and submit it and take the money by adopting proper process along with 6%(six per cent) interest over the entire maturity amount with effect from 18-03-2012 till full payment of the same by the Bank.

          Bank is directed to comply with this order after applying the spirit of the order within one month and if bank refuses to do that the bank shall be imposed a penalty of Rs.1 lakh for disobeyance and violation of the Forum’s order and without any fail the order shall be complied otherwise penal action shall be taken against the bank.