CC Filed on 25.02.2008<br /> Disposed on 26.05.2008<br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated: 26th Day of May 2008<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No.19/2008<br /> <br /> Sri. Ramachandrappa P.,<br /> S/o P.Narasimhachar,<br /> Hindu, Major, <br /> R/o Geetha Mandir Road,<br /> 8th Block,<br /> Bagepalli Town. Complainant <br /> <br /> (By Advocate Sri. H. Sathyanarayana Rao & Others)<br /> <br /> V/S<br /> 1. The Managing Director,<br /> Kolar District Co-operative <br /> Central Bank Ltd.,<br /> Head Office,<br /> Kolar District,<br /> Kolar.<br /> <br /> 2. The Branch Manager,<br /> Kolar District Co-operative <br /> Central Bank Ltd., <br /> Bagepalli Branch,<br /> Bagepalli. Opposite Parties<br /> <br /> (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.46,800/- to the complainant with interest at 24% per annum from the date of complaint till the date of realization with costs etc.,<br /> <br /> CC No.19/2008<br /> 2. The opposite party No.1 is a banking institution having its head office at Kolar and branches all over Kolar District. Opposite party No.2 is one of the branches situated at Bagepalli Town. Opposite party No.2 collected deposits from complainant, the particulars of which are as follows: <br /> Nature of Deposit Amount of Deposit in Rs. Date of Deposit Date of Maturity Rate of Interest per annum Maturity Amount in Rs.<br /> Fixed Deposit Sl. No.13859 40000 29.03.2001 29.09.2006 13% 40000<br /> <br /> It is submitted by the complainant that in respect of fixed deposit amount the OPs had agreed to pay the interest every month crediting the same to the SB account of complainant and that after maturity period only the original amount deposited was to be returned. It is alleged by complainant that even after maturity of deposits the opposite parties failed to repay the amount inspite of repeated demands. The complainant submitted at the time of argument that the interest payable on fixed deposit of Rs.40,000/- was being paid as agreed, crediting the same to the SB account of complainant. <br /> <br /> 3. The opposite parties remained absent, though served with notice by muddam on OP-1 and through RPAD on OP-2. They have not filed any version. <br /> <br /> 4. The complainant filed affidavit in support of allegations made in the complaint. We heard the learned counsel for complainant and perused the records. The non-payment of deposits after its maturity by a banking institution for any reason amounts to deficiency in service. <br /> <br /> <br /> CC No.19/2008<br /> The subsequent interest may be awarded at 8% per annum on the maturity amount subsequent to the date of maturity. Separate compensation need not be awarded as interest is payable. <br /> <br /> 5. 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 pay the maturity value of Fixed Deposit of Rs.40,000/- (Forty Thousand only) to complainant with interest at 8% per annum on the said amount from 30.09.2006 till the date of payment within 45 days from the date of this order less the amounts paid if any towards interest subsequent to 30.09.2006 with counter interest at the same rate. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 26th day of May 2008.<br /> <br /> <br /> MEMBER PRESIDENT<br /> <br />