CC Filed on 26.03.2008<br /> Disposed on 17.09.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated: 17th day of September 2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.27/2008<br /> <br /> K.Mallaiah,<br /> No.303, 7th Cross,<br /> 10th Main,<br /> NGEF Layout,<br /> Nagarabavi,<br /> Bangalore – 560 072. Complainant <br /> <br /> (By Person)<br /> <br /> V/S<br /> 1. The Managing Director,<br /> Kolar District Co-operative <br /> Central Bank Ltd., <br /> Kolar. <br /> <br /> 2. The Branch Manager,<br /> Kolar District Co-operative <br /> Central Bank Ltd.,<br /> Bangarpet Branch,<br /> Bangarpet – 563 114. Opposite Parties<br /> <br /> (OP-1 by Manager)<br /> (OP-2 by Ex-parte) <br /> ORDERS<br /> <br /> This is a complaint under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay a sum of Rs.1,01,201/- to the complainant with current and future interest till the date of realization with costs etc.,<br /> <br /> CC No.27/2008<br /> 2. The OP-1 is a banking institution having its head office at Kolar and branches all over Kolar District. OP-2 is one of the branches situated at Bangarpet Town. <br /> <br /> 3. The case complainant may be stated as follows: The complainant had deposited with OP-2 in all Rs.5,50,000/- in fixed deposit under different fixed deposit receipts bearing Nos.10331, 10332, 10333, 10334 and 10335. All these deposits matured for payment on 10.10.2006. The interest payable was 13% per annum on these deposits and the interest was to be credited to the SB Account of complainant at certain intervals. The deposits were for a period of 5½ of years. Rs.1,00,000/- each under three different receipts and Rs.1,25,000/- under two other receipts were deposited. As already noted these deposits were matured for payment on 10.10.2006. However OP-2 did not repay the deposits as agreed. <br /> <br /> The complainant borrowed Rs.1,00,000/- loan on the security of one of the deposits of Rs.1,25,000/-. This loan account was adjusted against the amount deposited and the balance was credited to SB account of the complainant on a subsequent day. <br /> <br /> The remaining unpaid deposit amounts were also subsequently credited to the SB account of the complainant. The complainant has withdrawn different amounts on different dates from his SB account. <br /> <br /> The grievance of the complainant is that subsequent to the date of maturity of the deposits, OP-2 had credited interest at the rate chargeable on Savings Bank account which is at much lower than the rate of interest payable on fixed deposits. <br /> <br /> <br /> <br /> <br /> CC No.27/2008<br /> The complaint is filed by the complainant in person. All the required particulars and the documents are not produced by him. <br /> <br /> 4. The OPs though remained absent at the initial stage, OP-2 appeared at a subsequent stage and submitted that part payment of Rs.20,000/- on 18.06.08 and of Rs25,000/- on 19.08.2008 were made to complainant through his SB account. He submitted that due to financial constraints the amount could not be repaid as agreed. He admitted that interest was credited at the rate payable on SB account on the amount due subsequent to transferring the deposits to SB account. OP-2 was asked to file the details of the account relating to complainant. But he did not turn up. <br /> <br /> 5. After considering the facts of the case we think the interest may be awarded at 8% per annum subsequent to 10.10.2006 on the amount payable by OP-2. The exact amount due cannot be ascertained without having the particulars of all the receipts and payments. In such circumstance we may give proper direction to OP-2 to ascertain the exact amount due charging interest at 8% per annum.<br /> <br /> 6. For the above reasons we pass the following:<br /> O R D E R<br /> <br /> The complaint is allowed with costs of Rs.1,000/-. The opposite parties shall calculate interest at 8% per annum from 10.10.2006 on the fixed deposits matured for payments as on that day. The loan account shall also be taken as closed as on that day for the purpose of calculating the liability. The payments made to complainant through his SB account shall carry counter interest at the same rate of 8% per annum from the date of respective payments for calculating the liability.<br /> CC No.27/2008<br /> OP-2 shall calculate the amount payable to complainant afresh as directed above within 30 days from the date of this order and shall pay the amount found due to the complainant with a copy of the calculation sheet within that period. In default the opposite parties shall pay interest at 10% per annum on the total amount found due as on that date, from the date of default till the date of payment. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 17th day of September 2008.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> <br /> <br />