D.O.F: 29/04/2014
D.O.O: 13/12/2018
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.No.65/14
Dated this, the 13th day of December 2018
PRESENT:
SRI.ROY PAUL :PRESIDENT
SRI.RADHAKRISHNAN NAIR.M : MEMBER
1.Naseema,
W/o Late Ibrahim, R/at Idya House,
Badaje Village, Manjeshwar , Kasaragod : Complainant’s
2. Abdul Noufal,
S/o Ibrahim, R/at Badaji Village,Manjeshwar,
Kasaragod Taluk.
(Adv:K.A Lalan)
The Manager,
The Manjeshwar Service Co-operative Bank Ltd.
Manjeshwar Branch, Manjeshwar Post
Kasaragod Taluk
(Adv: I.V.Bhat &Rajesh.K) : Opposite Party
O R D E R
SRI.ROY PAUL :PRESIDENT
This complaint filed under section 12 of Consumer Protection Act is for an order directing the opposite party to pay Rs. 462933/- with interest compensation cost to the complainant.
The case of the complainant in brief:-
The complainant No: 1 had deposited a sum of Rs.50,000/- on 11/08/1997 for a period of 5 years, for the benefit of second complainant then minor, with the opposite party. As per the certificate issued by the opposite party it is agreed to pay a sum of Rs. 10,5000/- by the end of the 5th year. Thereafter as per the inducement of the opposite party the amount kept as deposit with the opposite party for a period of 16 years and 4 months till the second complainant attained majority . Thereafter when the complainant approached the opposite party for the deposit amount with accrued interest as promised by the opposite party, they were informed by the opposite party that the amount payable to them is Rs. 2,50,000/- only instead of Rs. 462933/- as stated in the complaint . So there is deficiency of service and unfair trade practice on the part of the opposite party and complaints have suffered much hardship, mental agony, loss of time and money. Hence the complaint.
The opposite party entered appearance before the Fora and submitted their written version contending that as per cash certificate issued , the maturity value after 5 year was Rs 1,05,000/-as on 11/08/2002. The deposit was renewed for a period of 7 ½ years with maturity value of Rs.2, 12,100/- up to 12/02/2010. The said deposit amount was further renewed as per the instruction of the complaint for a period of 912 days that is up to 12/08/2012. The maximum rate of interest for the said period was 8.25% per annum. The opposite party bank has no authority to offer any interest in excess of the interest fixed by the RBI and Registrar of Co-Operative Societies Kerala. All the renewal was as per the instruction of the complainant No: 1. she was well conversant about the terms and conditions and interest rate prevailing during that periods. Her brother Moideen kunji was accompanied her on all those occasions. There is no deficiency of service for unfair trade practice on the part of the opposite party and complaint may be dismissed with cost.
On the basis of the rival contention of the pleadings the following issues were framed for consideration.
- Whether there is any deficiency service on the part of the opposite party?
- Whether the complaint is entitled for any reliefs?
- Reliefs and cost?
The evidence consists of the oral testimony of Pw1, Pw2 and Exts A1 to A3 documents marked on the side of the complainant. The opposite party adduced evident through Dw 1 and Exts B1 to B6 documents also were marked.
ISSUE NO: 1
The complainant No: 1 adduced evidence by submitting her chief affidavit in lieu of her chief examination to the tune of the pleadings in the complaint and denying the contentions in the version. She relied on Ext A1 to A3 documents also to substantiate her case; the second complainant also was examined as Pw2. According to the complainant, complainant No: 1 has deposited Rs 50,000/- as Fixed Deposit for five years in favour of her minor son the second complainant here in. She was intended to keep the amount as FD till her son (PW2) attained majority. Thus the deposit kept with the opposite party bank for 16 years and 4 months. Thereafter the complainant approached the bank for deposit amount with interest. But they offered Rs.2, 50,000/- only instead of Rs. 462938/-. The opposite party bank is liable to pay interest at the rate mentioned in Ext A1 throughout the deposit period. The Pw2 also adduced oral evidence to the tune of the pleadings in the complaint.
Dw1 adduced evidence to the tune that the rate of interest FD will vary from year to year. The opposite party bank has no control over the rate of interest announced by the RBI and Registrar of Co- Operative Society Kerala from time to time. The opposite party bank is bound to comply the direction of the RBI and Co- Operative Register about the interest rate and pattern. Ext B1 to B6 are the circulars regarding the rate of interest issued by the Registrar Of Co - Operative Societies Kerala. The maximum interest payable for the deposit of complainant during the period of 2010 - 2012 was Rs. 8.15% only. So there is no deficiency of service on the part of opposite party. The opposite party offered the lawful interest rate to the complainant.
Both the parties filed their argument notes and heard both sides also.
On perusal of the pleadings, documents and evaluation of he evidence tendered before the Fora. It is clear that according Pw1 and Pw2 the first complainant had decided to keep the deposit for a period till her son, the second complainant here in, attained majority. So we hold that the deposit was kept with the opposite party till, 12/08/2012 with the consent and permission of the complainants’. On perusal of Ext A1 cash certificate there is fluctuation in interest rates from year to year. There was no uniform or fixed rate of interest in Ext A1. Admittedly there is no dispute regarding the maturity amount of Rs .1, 05,000/- the second term deposit started on 11/08/2002. The rate of interest applicable was 9.50 % as per B4 circular; the term of deposit was 7 ½ years. Thus the maturity amount as on 12/02/2010 is Rs. 2, 12,100/-. According to the opposite party the said sum of Rs. 2, 12,100/- deposited or renewed for a period of 912 days.ie up to 12/08/2012. During the period the interest applicable was as per Ext. B5 circular. As per the said circular B5 the rate of the interest applicable to the deposit of the complainant during that period was 8.25%. There is no evidence or documents from the side of the complainant to overcome the evidence and Ext B3 to B6 circulars produced by the opposite party. From the foregoing discussion and findings we are of the considered view that there is no deficiency of service or un trade practice on the part of the opposite party as alleged by the complainant. The complainants are not entitled for the interest as mentioned Ext A1 cash certificate throughout the period of 16 years and 4 month as claimed in the complaint. It is conspicuous that the terms of deposit on first stage was for five years only so the opposite party bank is not bound to pay the interest rate applicable for the five years for the remaining period also. Under the above circumstances we hold that the complainant is entitled deposit amount of Rs. 2, 50,000/- with interest @10% per annum from 12/8/2012 only from the opposite party. Thus the complaint is disposed off with the following direction to the opposite party to pay a sum of Rs. 2, 50,000/- with interest @10 % per annum from 12/08/2012 onwards to the complainant within 30 days of receipt of the order. This order is executable under the provisions of Consumer Protection Act 1986.
Sd/- Sd/-
MEMBER PRESIDENT
Exhibits
A1. 11-08-1997 the copy of the FD
A2. 27-12-2012 The office copy of the notice issued to the Opposite Party
A3. Reply Notice
B1. Deposit Slip
B2.Fixed deposit ledger
B3.Circular Registrar
B4.Circular of Registrar
B5.Circular of Registrar
B6.Circular of Registrar
Witness Examined
Pw1.Naseema
Pw2.Abdul Noufal
Dw1. Ramachandra
Sd/- Sd/-
MEMBER PRESIDENT
Forwarded by Order
Senior Superintendent
Ps/
