CC Filed on 24.12.2007<br /> Disposed on 03.05.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated 03.05.2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.338/2007<br /> <br /> S.V.Aswathanarayana Gupta,<br /> S/o S.V.Viswanathaiah Setty,<br /> Retired Lecturer,<br /> Aged about 60 years,<br /> C/o Gayathri Devi,<br /> G.M.P.B. School,<br /> Bagepalli – 561 207. Complainant <br /> (By Advocate Sri. G.V.Gopala Reddy)<br /> <br /> V/S<br /> 1. The Branch Manager,<br /> Kolar District Co-operative <br /> Central Bank Ltd.,<br /> Bagepalli Branch,<br /> Bagepalli – 561 207.<br /> 2. The Managing Director,<br /> Kolar District Co-operative <br /> Central Bank Ltd., <br /> Head Office,<br /> Kolar. Opposite Parties<br /> (Ex-parte) <br /> ORDERS<br /> <br /> This is a complaint under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay a sum of Rs.12,228/- and another Rs.80,500/- totally Rs.92,728/- to the complainant with current and future interest at 24% per annum from the date of maturity of deposits till the date of realization with costs etc.,<br /> <br /> CC No.338/2007<br /> 2. The opposite party No.2 is a banking institution having its head office at Kolar and branches all over Kolar District. Opposite party No.1 is one of the branches situated at Bagepalli Town. Opposite party No.1 collected deposits from complainant, the particulars of which are as follows: <br /> Nature of Deposit Amount of Deposit in Rs. Date of Deposit Date of Maturity Rate of Interest per annum Maturity Amount in Rs.<br /> Ksheera Nidhi Deposit Sl. No.13022 6000 24.09.2001 24.09.2007 12% 12228<br /> Fixed Deposit Sl. No.13115 50000 05.10.2001 05.11.2006 12% 50000<br /> <br /> It is submitted by the complainant that in respect of fixed deposit amount the OPs had agreed to pay the interest every month crediting the same to the SB account of complainant and that after maturity period only the original amount deposited was to be returned. It is alleged by complainant that even after maturity of deposits the opposite parties failed to repay the amount inspite of repeated demands. The complainant submitted at the time of argument that the interest payable on fixed deposit of Rs.50,000/- was being paid as agreed, crediting the same to the SB account of complainant. <br /> <br /> 3. The opposite parties remained absent, though served with notice by muddam on OP-2 and through RPAD on OP-1. They have not filed any version. <br /> <br /> <br /> <br /> CC No.338/2007<br /> 4. The complainant filed affidavit in support of allegations made in the complaint. We heard the learned counsel for complainant and perused the records. The non-payment of deposits after its maturity by a banking institution for any reason amounts to deficiency in service. <br /> <br /> The subsequent interest may be awarded at 8% per annum on the maturity amount subsequent to the date of maturity. Separate compensation need not be awarded as interest is payable. <br /> <br /> 5. For the above reasons we pass the following:<br /> O R D E R<br /> <br /> The complaint is allowed with costs of Rs.1,000/-. The opposite parties shall pay the maturity value of Ksheera Nidhi Deposit of Rs.12,228/- (Twelve Thousand Two Hundred Twenty Eight only) to complainant with interest at 8% per annum on the said amount from 25.09.2007 till the date of payment within 45 days from the date of this order. <br /> <br /> The opposite parties shall further pay the maturity value of fixed deposit of Rs.50,000/- (Fifty Thousand only) to complainant with interest at 8% per annum on the said amount from 06.11.2006 till the date of payment within 45 days from the date of this order less the amounts paid if any towards interest subsequent to 05.11.2006 with counter interest at the same rate. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 3rd day of May 2008.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br />