Date of Filing:07/10/2021 Date of Order:29/03/2022 BEFORE THE BANGALORE I ADDITIONAL DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION SHANTHINAGAR BANGALORE - 27. Dated:29th DAY OF MARCH 2022 PRESENT SRI.H.R. SRINIVAS, B.Sc., LL.B. Rtd. Prl. District & Sessions Judge And PRESIDENT SRI. Y.S. THAMMANNA, B.Sc, LL.B., MEMBER SMT.SHARAVATHI S.M, B.A, LL.B., MEMBER COMPLAINT NO.412/2021 COMPLAINANT : | | SRI. SURESH. T.BHAVNANI Age: 69 years- Senior Citizen B-5/149, 2nd Floor, BDA Flats, Kalahalli, SC Garden P.O., Bengaluru 560 042. Mob: 9480435440 (Complainant – In person) | |
Vs OPPOSITE PARTIES: | 1 | BRANCH MANAGER STATE BANK OF INDIA Shivanchetty Garden, 1/1A, Assaye Road, Near Ulsoor Lake, Bengaluru 560 042. | | | 2 | THE CHAIRMAN STATE BANK OF INDIA State Bank Bhavan- 16th Floor, Madam Cama Road, Mumbai 400 021 (Sri Pradeep Adv. for OPs) |
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ORDER
SRI.H.R. SRINIVAS. PRESIDENT
1. This is the Complaint filed by the Complainant against the Opposite Parties (herein referred to as OPs) under section 35 of the Consumer Protection Act 2019 for the deficiency in service in not remitting the interest periodically and for compensation of Rs.25,000/- for causing deficiency in service, mental agony hardship willfully and deliberately, and for cost and to direct OPs to pay the interest amount quarterly as per instructions and for such other reliefs as the Hon’ble District Commission deems fit.
2. The brief facts of the complaint are that; the complainant opened an FD account bearing No.37351224701 on 08.12.2017 by depositing Rs.1,00,000/- for the term one year eleven months at the rate of interest at 6.75% per annum with auto renewal on 08.11.2019 for a sum of Rs.1,13,696/- and also requested the bank to credit the quarterly interest accrued thereon to his SB Account No.51021166043. OP has not at all deposited /credited the accrued interest in every quarter to his SB account. OP has failed in its duties and responsibilities. He is depending on the interest that accrued from his deposit for his livelihood. There is deficiency in service on the part of OP and that has been the habit of OP for which he filed complaint out of which compensation has been awarded. Hence prayed the commission to allow the complaint.
3. Upon the service of notice OP appeared before the commission and filed version contending that the complainant has invested in term deposit of Rs.1,00,000/- for the period of 23 months with a quarterly interest payment option on 08.12.2017. By oversight of the staff, the same has treated as term deposit and created a special term deposit receipt interest payable on maturity. The rate of interest for TDR and STDR was 6.75% per annum and the account is still running with auto roll over after date of maturity. The method of payment of the interest varies and there is no loss on the interest to the complainant. However the bank is ready to compensate the customer for the inconvenience and prayed the commission to dismiss the complaint.
4. In order to prove the case, both the parties filed their affidavit evidence and produced documents. Arguments Heard. The following points arise for our consideration:-
1) Whether the complainant has proved deficiency in service on the part of the Opposite Parties?
2) Whether the complainant is entitled to the relief prayed for in the complaint?
5. Our answers to the above points are:-
POINT NO.1 : IN THE AFFIRMATIVE.
POINT NO.2 : PARTLY IN THE AFFIRMATIVE.
For the following.
REASONS
POINT No.1:-
6. On perusing the complaint, version, documents, evidence filed by the both the parties, it becomes clear that, the complainant invested Rs.1,00,000/- on 08.12.2017 for period of 11 months with interest at 6.75% per annum with auto renewal mode. Ex P1 is the copy of the FD receipt wherein it is mentioned that maturity date is 08.11.2019 and the maturity value Rs.1,13,696/-. After maturity the same was renewed automatically from 08.11.2019 to 08.10.2021 for Rs.1,13,696/- and the maturity value Rs.1,29,634/-. Ex P2 is the application for FD special term/term deposit account. Ex P3 is the request letter given by the complaint to OP to pay quarterly interest to be credited to his account in the month of January 2020. He has also written letter to the chairman of the bank.
7. On the other hand, OP has produced transaction enquiry details regarding the FD’s of the complainant. This is in respect of FD A/c No.37351224071 the rate of interest mentioned therein is 6.75%, the start day of the deposit i.e. 08.12.2017 and maturity date 08.11.2019 and further renewed for the period from 08.11.2019 to 08.10.2021 and from there onwards till 08.09.2023 with an interest rate of 5.5% per annum on Rs.1,28,543/- with maturity value of Rs.1,42,759/-. When this is taken into consideration and clear admission made by OP regarding not following the instruction of payment of interest in every quarter to the account of the complainant, we hold there is deficiency and negligence on the part of OPs. Hence we answer POINT NO.1 IN THE AFFIRMATIVE.
POINT NO.2:
8. On the other hand, except not remitting the interest amount in every quarter to the SB account of the complainant, OP has taken as the term deposit for the period mentioned above and paid the interest at the agreed rate at 6.75% per annum on the said amount and from 08.10.2021 onwards the rate of interest mentioned is 5.5% per annum. In view of this, complainant has not been put to financial loss as the said interest has been accounted to in the FD receipt itself. Hence we are of the opinion that, no financial loss has been caused to him whereas due to the negligent act of not remitting the interest portion in every quarter to the account of the complainant, he is put to little inconvenience and hardship for which we direct OPs to pay a compensation of Rs.1,000/- and Rs.1,000/- towards litigation and Rs.1,000/- towards incidental charges and we answer PARTLY IN THE AFFIRMATIVE and pass the following:
ORDER
- The complaint is partly allowed with cost.
- OPs 1 and 2 are jointly and severally hereby directed to pay Rs.1,000/- towards compensation, Rs.1,000/- towards cost of the litigation expenses and Rs.1,000/- towards incidental charges to the complainant.
- OPs are hereby directed to comply the above order within 30 days from the date of receipt of this order and submit the compliance report to this Commission within 15 days thereafter.
4. Send a copy of this order to both parties free of cost.
Note: You are hereby directed to take back the extra copies of the Complaints/version, documents and records filed by you within one month from the date of receipt of this order.
(Dictated to the Stenographer over the computer, typed by him, corrected and then pronounced by us in the Open Commission on this day the 29th day of MARCH 2022)
MEMBER MEMBER PRESIDENT
ANNEXURES
- Witness examined on behalf of the Complainant/s by way of affidavit:
CW-1 | Sri Suresh.T.Bhavanani – Complainant |
Copies of Documents produced on behalf of Complainant/s:
Ex P1: Copy of the FD receipt.
Ex P2: Copy of the FD application/challan.
Ex. P3: Copy of the letter to bank dated 03.01.2020.
Ex P4: Copy of the letter to Chairman email copy dated 13.07.2021.
2. Witness examined on behalf of the Opposite party/s by way of affidavit:
RW-1: Sri Dhananjay Kumar Shriwastava- Branch Manager of OP-1.
Copies of Documents produced on behalf of Opposite Party/s
-Nil-
MEMBER MEMBER PRESIDENT
RAK*
