BEFORE THE A.P STATE CONSUMER DISPUTES REDRESSAL COMMISSION ATHYDERABAD.

F.A.No.981/2010 against     

Between

1.The Assistant 

  India,

2. The Branch Manager,

   India,

                VaranasiW/o.V.Sivaprasad,

D.No.17/411,Neeruganti Street,

OldTown,Anantapur.                                                                       Counsel for the appellants         

Counsel for the respondent                                               QUORUM:THE HON’BLE JUSTICE SRI D.APPA RAO, PRESIDENT

                                          from the date of 

Opposite party no.2 filed counter           The term deposit can be paid to the depositor without production of receipt subject   As seen from the STDR receipt, the maturity    for future interest.                    record clearly shows that there was inspection on 15.4.1993 and 26.5.1995 which clearly establishes the fact       the due date for term deposit receipt is 20.3.1990                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

            Aggrieved by the said order, the opposite parties preferred this appeal.

The facts not in dispute are that the complainant’s father by name Varnasi Venkata Ratnam has deposited a sum of Rs.13,500/- in the complainant’s name on 20-3-1985 for a period of 60 months     

          Ex.A1 (original receipt) clearly evidences that an amount of Rs.13,500/- was deposited with opposite party no.2 with the maturity date being 20-3-1990 and the terms and conditions printed below read as follows:

1.   This deposit earns simple interest at 14.41% p.a. as per RBI directives.

2.   The rate of interest payable on this deposit is subject to the directives that may be issued by 

3.   The amount of interest will be reinvested at quarterly rests.

N.B. Interest will cease on the due date when this receipt should be sent in, endorsed by the depositor for payment or renewal.

The aforementioned conditions show that the amount of interest will be reinvested till this receipt is endorsed by the depositor for payment or renewal, which in the instant case did not happen i.e. the depositor (father) died in the year 1997 and the overleaf of the original receipt, Ex.A1,  

                                                                            PM/JM