Date of Filing:13.09.2007<br /> Date of Order:12.02.2008<br /> <br /> <br /> <br /> BEFORE THE II ADDITIONAL DISTRICT CONSUMER DISPUTES REDRESSAL FORUM SESHADRIPURAM BANGALORE-20<br /> Dated: 12TH DAY OF FEBRUARY 2008<br /> PRESENT<br /> <br /> <br /> <br /> Sri. S.S. NAGARALE, B.A, LL.B. (SPL.), President.<br /> Smt. D. LEELAVATHI, M.A.LL.B, Member.<br /> Sri. BALAKRISHNA. V. MASALI, B.A, LL.B. (SPL.), Member.<br /> <br /> <br /> <br /> COMPLAINT NO: 1920 OF 2007 <br /> <br /> P.P. Upadhya,<br /> S/o P.N. Upadhya,<br /> Occ: Business, R/at No.297/41,<br /> 10th Main Road, Gokula,<br /> I Stage, II Phase,<br /> Mathikere,<br /> Bangalore-560 054. Complainant<br /> <br /> V/S<br /> 1. The Branch Manager,<br /> ICICI Bank Ltd.,<br /> Malleswaran Branch,<br /> 95/1, 11th Cross,<br /> 4th Main, Malleswaram,<br /> Bangalore-560 003.<br /> <br /> 2. Chief Manager-Customer Service Quality,<br /> International Banking,<br /> ICICI Bank Ltd.,<br /> Landmark, Race Course Circle,<br /> Vadodara-390007. Opposite Parties<br /> <br /> ORDER<br /> By the President Sri. S.S. Nagarale<br /> <br /> This complaint is filed U/Sec. 12 of the Consumer Protection Act, 1986 claiming Rs.20,000/- with cost.<br /> The facts of the case are that, the complainant had opened FD NRI fixed deposit account with the opposite parties. He had closed the accounts on 6/7/2007 for his personal reasons. The sum of Rs.4,24,452/- was transferred to the S.B A/c. It was informed to him that the rate of interest calculated was at 7% p.a for pre-mature closer of accounts though the agreed rate of interest is 8% for first account and 8.25% for the second and third accounts. For the first account there is no change in interest whereas change of interest for the second and third accounts. No explanation is offered for the same by the opposite party. The complainant has given calculation in his complaint as to how much he is entitled the interest amount. The complainant has claimed Rs.12,065/- towards interest and Rs.7,934/- towards compensation. The total amount he has claimed is Rs.20,000/-. Hence, the complaint. <br /> 2. Notice was issued to opposite parties by RPAD. Notice was served. In spite of service of notice they have not appeared and they remained absent. <br /> 3. Affidavit evidence of complainant filed. Arguments of learned counsel for the complainant heard.<br /> 4. The points for consideration are:-<br /> 1. Whether there was a deficiency in service <br /> on the part of the opposite parties? <br /> 2. Whether the complainant is entitled for <br /> interest as claimed? <br /> <br /> <br /> <br /> REASONS<br /> <br /> 5. I have gone through the complaint, affidavit evidence and documents. Complainant has claimed Rs.12,065/- as interest on his FD amount since the opposite party has given less interest than the agreed rate of interest. The complainant had deposited the amount with the opposite party Bank and the rate of interest agreed was 8.25% for two FDs’ and another FD the rate of interest was 8%. The complainant has chosen to close the accounts and there was pre-mature closer of the account. The complainant has received the amount from the opposite party out of his three accounts and it is the grievance of the complainant that the interest given to him by the Bank is not as per the agreement. The case made out by the complainant has gone unchallenged. The opposite parties have not appeared and contested the matter even though issue of notice. Absolutely there is no dispute to make. The opposite parties have not presented the defense version. The opposite parties have not produced any Banking rules to show that for pre-mature closer of the accounts there will be reduced rate of interest. So, under these circumstances, in the absence of any evidence or documents the complainant is entitled for the interest as per the agreed rate. It is up to the opposite party that, the Bank is not entitled to pay the interest as per the agreed rate in case of pre-mature closer of accounts. So, under this process the complaint present by the complainant shall not have to be accepted and the opposite parties shall be directed to pay the interest as per the agreed rate on the FD. The complainant has claimed Rs.12,065/- towards the interest amount and he has given calculation in his complaint. The calculation submitted by the complainant has to be accepted because the opposite parties have not appeared and the calculation not disputed. In the result, I proceed to pass the following:-<br /> ORDER<br /> <br /> 6. The complaint is allowed. The opposite parties are directed to pay Rs.12,065/- to the complainant within 30 days. The complainant is entitled to Rs.500/- towards costs of the present proceedings from the opposite party.<br /> 7. Send the copy of this Order to both the parties free of costs immediately. <br /> <br /> 8. Pronounced in the Open Forum on this 12TH DAY OF FEBRUARY 2008.<br /> Order accordingly,<br /> <br /> PRESIDENT<br /> We concur the above findings. <br /> <br /> MEMBER MEMBER <br /> <br /> <br /> <br /> <br />