PER MR.H.K.BHAISE, HON’BLE MEMBER

1)                The complainant has filed this complaint under section 12 of the Consumer Protection Act, 1986.  According to the complainant, he kept his fixed deposit amount of Rs.1 Lakh with the O.P./Bank on 3^rd September, 2013 for a period of fifteen months with interest at the rate of 9.50% per annum and the maturity date is 3^rd December, 2014.  The complainant was hospitalized on 13^th November, 2013 and he incurred medical expenses of Rs.60,000/-.  Therefore, he was in need of money.  He visited the O.P./Bank on 17^th January, 2014 and requested for premature encashment of F.D.R. and to credit the amount in his Savings Account No.8221.  In spite of written request, the opponent failed to credit the amount in his savings account.  It was told that premature amount can not be paid.  As the complainant is senior citizen and suffering from ill health, he needs amount therefore he has filed this complaint for repayment of amount with interest.  He has also prayed for compensation and cost. 

2)                The O.P./Bank remained absent though duly served therefore the matter is proceeded exparte against the opponents.  The complainant filed his affidavit of evidence and also produced copies of F.D.R., medical bills and correspondence.  On perusal of copy of F.D.R., it is clear that amount of Rs.1 Lakh was kept in fixed deposit on 13^th September, 2013 for fifteen months with interest at the rate of 9.50% per annum.  At the backside of F.D.R.Receipt, rules are mentioned.  As per these rules, if there is premature encashment, interest will be paid one percent less than the fixed deposit rate of interest.  The complainant is claiming premature encashment therefore he is entitled for his amount of Rs.1 Lakh with one percent less interest i.e. at the rate of 8.50% per annum.  It is the amount of complainant.  The opponent can not refuse to repay the amount by premature encashment.  Thus, apparently there is deficiency in service.  Therefore, we proceed to pass the following order.

ORDER

1. Complaint is allowed.
2. The O.P./Bank is directed to repay amount of Rs.1,00,000/- (Rs.One Lakh Only) to the complainant with interest at the rate of 8.50% per annum from 3^rd September, 2013 till realization.
3. The O.P./Bank is also directed to pay Rs.2,000/- (Rs.Two Thousand Only) to the complainant as cost of this proceeding. 
4. The above order shall be complied with within a period of one month from today.
5. Copies of this order be sent to the parties free of cost.

Pronounced on 31^st October, 2014