BY -    SRI ASISH DEB, PRESIDENT

Brief facts of the complainant case is that the complainant had been maintaining a Savings Account being No. 14102022446-7 with the OP No. 1 since 01.11.2014. On 09.04.2015 the complainant opened a term deposit of Rs. 500000/- being Account No. 113001405366 under the scheme FD-MIS-PUB-IND-3 YR at a rate of interest of Rs. 8.50%. She got the amount from her husband’s post retirement benefit. Scheme was for three years and the date of maturity was fixed on 09.04.2018. The bank used to pay Rs. 3517/- per month as monthly interest and this amount was being deposited in the A/C of the complainant per month and this was regularly communicated to the complainant through SMS. The Bank used to debit a sum of Rs. 17/- every quarter of a year towards SMS charge for giving information of the credit of Rs. 3517/- every month in the S.B A/c of the complainant, message after withdrawal of money and some other matters like deduction of Annual ATM charge of different amount at an average of Rs. 114/-, debit towards PMJJBY at the rate of Rs. 330/- per year, Rs. 12/- towards PMBSBY etc. when necessary. After three years the fixed deposit got matured on 09.04.2018. However to this effect the bank did not give any SMS for the reasons best known to the bank authority. The complainant made contact with the bank for withdrawal of the matured amount within one week of the date of maturity. Most astonishingly the Dealing Assistant of the OP bank flatly told the complainant that as the amount had not been withdrawn in due time the same has been renewed for another year and if the complainant wants to withdraw the money she will have to surrender a sum of Rs. 4953/- towards deduction for immature withdrawal. The complainant was made bound to deposit the amount of Rs. 500000/- for another year with a minimized rate of interest of Rs. 2591/- per month, stated to be the existing Government Guidelines regarding curtail of interest on fixed deposits, Thus the complainant got less Rs. 926/- per month towards interest Rs. (3517-2591). The complainant was in much need of money but finding no other alternative she kept the fixed deposit for another year although at the minimized rate of interest of Rs. 926/- per month as the bank threatened to deduct an amount of Rs. 4955/- for immature withdrawal The said DA did not write down anything about such another term on the prescribed overleaf of the certificate. Next year, just on 09.04.2019 the complainant made contact with the bank for withdrawal of the fixed deposit of Rs. 500000/- as she was in serious need of the money, but most surprisingly the bank informed that the amount had been kept as fixed deposit for another term of three years since 09.04.2018, the date of first maturity, and if the complainant wants to withdraw the money she will have to surrender a sum of Rs. 4953/- for immature withdrawal, as per bank procedure. In the certificate nowhere it was mentioned that the amount has been kept for another three years. In the reverse side of the certificate there is a column for renewal of Fixed deposits/Cash certificates, where from it would be found that the Fixed deposit may be renewed for four times from particular date to another date and other details of the certificate. But in the certificate of the complainant there was nothing noted on the reverse page and it was completely blank. Had there been any mention of the term of three years, the complainant could withdraw the amount after due deduction at the first instance and could do something else as the rate of interest was much less than the first term i.e. Rs. 926/- less per month than the first term. The complainant was in serious need of money and so she withdrew the amount after surrendering a sum of Rs. 4953/- as punishment for pre-matured withdrawal. She got Rs. 495047/- against her deposit of Rs. 500000/-. (the Annexed Bank pass book will exhibit the above transactions). Thus the complainant suffered loss of Rs. 4953/- The complainant sustained loss from both end due to the whimsical and arbitrary decision of the bank authority, as without any consent of the depositor the bank renewed the deposit for another term keeping the depositor in quite dark about the terms and conditions, whatsoever, and that too without any fault on the part of the complainant/depositor. Under the aforesaid circumstance the complainant most humbly pray that the OP may be directed to. Refund Rs. 4953/- as part of the principle amount of Rs. 500000/- which had been deducted as punishment for pre-matured withdrawal. Pay Rs.10000/- as compensation for mental agony and harassment and Pay a sum of Rs. 2000/- as litigation cost and other reliefs which your Honour deems fit and proper.

Having received the notice the op has resisted the claim of the complainant by filing written version threrof. The sum and summarization of the written versions are that the allegations made are baseless and incorrect save and except which are specifically admitted. According to op the fact is that complainant Kalpana Bera has a saving Account being A/C No. 141020224467. (she also opened a Fixed Deposit amounting Rs. 5,00,000/- (Rupees five lakh) for 3 years under monthly income scheme (MIS) on 09.04.2015 at the rate of 8.5% p.a. with option to transfer the monthly generated interest to her saving bank account No. 141020224467. She also made declaration to O.P. Bank to renew the Fixed Deposit A/C after maturity at prevailing interest rate for similar period. It is also fact that O.P. Bank revised rate of interest on deposit w.e.f. 17.05.2017 at the rate 6.25% per annum. As per instruction of O.P. bank credited Rs. 3517/- (Rupees three thousand five hundred seventeen only) as interest to the complainant saving bank account each month till maturity i.e.(09.04.2018). After maturity as per previous instruction the said fixed deposit account was renewed at prevailing rate 6.25% p.a. for 3 years, and monthly interest Rs. 2591/- had been credited each month. It is mentioned that O.P. Bank revised rate of interest on deposits with effect from 17.05.2017. On 09.04.2019 the complainant prayed for prematurity of fixed deposit account. As per banks rule, total period from date of renewal calculated and penal interest rate of 1% was charged. Calculation was done actual interest payment for the period and already interest paid to the complainant savings bank account. Calculations are shown as follows:

Fixed Deposit Account renewal date: 09.04.2018

Fixed Deposit Account premature date: 09.04.2018

Duration: 12 Months

Prevailing rate of interest for 1 year/12 month: 6.25%

Penal interest charge: 1 %

Applicable interest rate: 5.25%

Renewal Fixed Deposit interest amount: Rs. 2178/-(as per interest 5.25% p.a.)

Renewal Term Deposit interest to be paid to the: Rs. 26136/-

Complainant S/B A/C.

But Actually interest paid to the complainant: Rs. 31092/- S/B A/C.

So, excess interest paid to the complainant Rs. 4953/-

T.D.S. paid: Rs. 1127/-

Total amount paid to the complainant Rs. 495047/- (5,00,000- 4953/-)

Points for determination are:

1. Is the case maintainable in its present form and in law?                                              2.   Is the Complainant entitled to the relief(s) as sought for?

Decision with reasons

Both the points, being inter related to each other, are taken up together for discussion  for sake of brevity and  convenience.

We have carefully perused the affidavit of the complainant and evidence produced by Complainant and op, written notes of arguments of both parties and documents as annexure. On total appraisal of the materials on records along with bundle of facts it appears that the complainant is a Consumer in respect of the transaction made by him with the O.P. The case is maintainable in its present form and in law.

Now on scanning the evidence of complainant/pw-1 it is evident she stated that On 09.04.2015 complainant opened a term deposit of Rs. 50,0000/- being Account No. 113001405366 under the scheme FD-MIS-PUB-IND-3 YR at a rate of interest of Rs. 8.50%. After three years the fixed deposit got matured on 09.04.2018. However, to this effect the bank did not give me any SMS for some unknown reasons. Due to inadvertence to withdraw the maturity amount on due date, she made contact with the bank for withdrawal of the matured amount within one week of the date of maturity and produced the certificate and other identification documents.  Most astonishingly the D/A of the OP bank flatly told me that as the amount had not been withdrawn in due time the same has been renewed for another year and if she wanted to withdraw the money she would have to surrender a sum of Rs. 4953/- as punishment towards deduction for immature withdrawal. Thus, she was made bound to deposit the amount of Rs. 50,0000/- for another year with a minimized rate of interest of Rs. 2591/- per month, stated to be the existing Government guidelines regarding curtail of interest on fixed deposit. Thus she used to get less Rs. 926/- (3517-2591/ every month. Next year, just on 09.04.2019 she made contact with the bank for withdrawal of the fixed deposit of Rs. 50,0000/- as she was in serious need of the money, but this, time to the bank informed that the amount had been kept as fixed deposit for another term of three years since 09.04.2018 the date of first maturity, and if she wanted to withdraw the money she  would have to surrender a sum of Rs. 4953/- for immature withdrawal, as per bank procedure. Thus she got Rs.495047/-, less Rs. 4953/- from her deposited amount of Rs. 5,00,000/-. she suffered los from both end due to the whimsical and arbitrary decision of the bank authority, as without any consent of her the bank renewed the deposit for another term keeping her in quite dark about the terms and conditions, whatsoever, and that too without any fault on the part of the complainant/depositor.

On the other hand challenging the said statement of complainant OP-1 stated that the Complainant opened a fixed deposit amounting 5,00,00/-(Five Lakhs) for 3 years under monthly income scheme on 09.04.2015 @ 8.5% P.A. with option to transfer the monthly generated interest to her saving bank account 141020224467. Complainant also made declaration to the O.P. Bank for renew the fixed deposit A/C after maturity of prevailing interest rate for similar period. Thereafter O.P. Bank revised their rate of interest on deposit w.e.f. 17.05.2017 @ 6.25 % per annum. As per instruction of complainant, O.P. bank credited Rs. 3517/- (Rupees Three thousands Five Hundred Seventeen only) as interest to the complainant saving bank account each month till maturity i.e. 09.04.2018. After maturity as per previous instruction the said fixed deposit account was again renewed at prevailing rate 6.25% p.a. for 3 years and monthly interest Rs. 2591/- had been credited each month. It is mentioned that, O.P. Bank revised their rate of interest on deposits which was effect from 17.05.2017. On 09.04.2019 the complainant prayed for prematurity of fixed deposit account. As per banks rule, total period from date of renewal calculated and penal interest rate of 1 % was charged. Calculation was done actual interest payment for the period and already interest paid to the complainant saving bank account.

Now, coming to the reply given by the complainant, it appears that complainant has failed to demolish the above versions of the op. The complainant has failed to bring home the elements of deficiency of service against the op at all. Taking into note of the bank rule and norms of the bank fixed deposit and the calculation rendered by the op in this case we do not find any irregularity in it as claimed by the complainant. There is substance in the contentions of op that O.P. Bank revised their rate of interest on deposit w.e.f. 17.05.2017 @ 6.25 % per annum. As per instruction of complainant, O.P. bank credited Rs. 3517/- (Rupees Three thousands Five Hundred Seventeen only) as interest to the complainant saving bank account each month till maturity i.e. 09.04.2018. After maturity as per previous instruction the said fixed deposit account was again renewed at prevailing rate 6.25% p.a. for 3 years and monthly interest Rs. 2591/- had been credited each month. . As per banks rule, total period from date of renewal calculated and penal interest rate of 1 % was charged. Thus she got Rs.4,95,047/-, less Rs. 4953/- from her deposited amount of Rs. 5,00,000/-. The calculation is just and proper; there is no error in it. Resultantly, complainant is not entitled to get any relief in this case.

Both the points are disposed of accordingly.

         Thus the case fails.

Hence, it is

O R D E R E D

That CC/443 of 2019 be and the same is dismissed on contest.

          Let a copy of the judgment be supplied to each of the parties free of cost