Karnataka

Chamrajnagar

CC/208/2010

Smt.Chikkathayamma - Complainant(s)

Versus

The Manager - Opp.Party(s)

MR.M.C.S.

12 Oct 2011

ORDER

ORDER

1. The  complainant has brought this complaint before this Forum alleging deficiency of service by the O.P.

 

1. The case of the complaint in brief are that on 08/03/2006 she has deposited Rs.10,000/- with the O.P.bank. The O.P. bank assured to repay the said amount along with interest of  13.35% p.a.

 

 

1. The fixed deposit matured on 09/09/2013 and in spite of asking the bank several times, it has not returned the deposit amount along with interest. The notice also been issued and in spite of it they have not returned the deposit.

 

1.  The notice sent has  been served and O.P. has remained absent.

 

1. The following points arises for consideration.
   1. Whether the complainant shows that there is deficiency in service by the O.P.?
   2. What  order the parties are entitled?

 

1. The findings for the following points are that

Point No.1: Affirmative.

Point No.2: As per order.

REASONS

1. POINT NO.1:- The admitted  facts are that the complainant has deposited Rs.10,000/- with the O.P. bank on 08/03/2006 under Bhagyalakshmi Deposit Scheme  and it was  to mature on 09/09/2013.

 

1. The O.P. was not returned the maturity amount of several customers and by learning the same she sent notice through the advocate on 16/09/2010 requesting the O.P. to return the deposit amount along with interest. The notice has been served  but O.P. has not replied the same.

 

1. The complainant was also need of money, therefore she requested the O.P. for premature encashment of the deposit made by her. Inspite of several requests and notice the O.P. has not returned the same.

 

1. The affidavit of the complainant  along with complaint also shows  she has sought for premature closure of the F.D. deposited by her an account of her urgent need of money and also felt that the O.P. is not honouring the matures bonds of several customers.

 

1. The version of the complaint is probabalised by the fact that  she had deposited the amount as seen from the document and also the O.P. has not returned money along with interest due on date of pre-maturity closing. The bonds produced by the complainant does not show that she is not prevented from closing of F.D. before the maturity and there is no penal clause also if any one closes on pre-maturity.

 

1. Considering this it can be said that the complainant is entitled to close F.D. pre-maturely and O.P. is liable to pay interest.

 

1. In the bond  it has been mentioned that interest from 7 % to 13.35% p.a. and it has not stated for which year it will  pay 7%p.a. and till which period it will pay 7 % to 13.35% p.a. interest.

 

1. Considering the above, the rate of interest is  fixed at 10% p.a. to be compounded.  In the complaint the complainant is entitled  at 10% p.a. interest  to be compounded from 08/03/2006 till the notice was issued  on 16/09/2010 on which date requested the O.P. to close the bond pre-maturely. The complainant is also entitled to the cost of the proceeding Rs.2,000/- .

 

1. In view of the following

 

ORDER

The Petition is allowed in part.

1. The O.P. shall return fixed deposit amount of Rs.10,000/- along with 10%p.a. interest from the date of deposit  till return of the fixed deposit amount.
2. The complainant is entitled for cost of the proceeding of Rs.2,000/-.