Order No.  10  dt.  14/03/2019

        The case of the complainant in brief is that the complainant no.1 is a senior citizen and she along with her son, the complainant no.2 jointly deposited a sum of Rs.2,75,000/- with o.p. no.1 for 5 year term deposit on 26.4.13. As per the standing instruction o.p. no.1 transferred the interest @ Rs.23,838/- per annum to the savings bank account of the complainants. The maturity date for the said 5 year term deposit was on 25.4.18 and the complainants deposited the passbook of 5 year term deposit with o.p. no.1 for reinvesting the amount for further 5 years. The o.p. no.1 instead of crediting the amount of Rs.23,838/- as interest for 1 year they credited the principal amount of Rs.2,75,000/- and Rs.6038/- as interest to the savings bank account of the complainants. The complainants while contacted o.p. no.1 and wanted to know as to why the amount was credited to the tune of Rs.6038/- instead of Rs.23,838/- as 1 year interest. Since o.p. no.1 directed the complainants to deposit the passbook after maturity and they received the said passbook on 25.4.18 after the expiry of 5 year term ended on 25.4.18 and for crediting the less amount in the savings bank account,  the complainants have faced financial loss. The complainants also informed the o.ps. to pay the balance amount, but o.ps. did not pay any heed, for which the complainants filed this case praying for direction upon the o.ps. to pay a sum of Rs.17,800/- as well as compensation and litigation cost.

            The o.ps. contested this case by filing w/v and denied all the material allegations of the complaint. It was stated that the post office 5 year term deposit account no.2699696861 standing in the post office in the name of Swapna Sen Gupta and Supria Sen Gupta. The o.p. no.1 paid the interest @ Rs.23,838/- per annum till 25.4.17. The term deposit accounts are governed by the Post Office Term Deposit Rules, 1981 and as per Rule 133(1) Post Office Savings Bank Manual Vol-1 the deposit made in a time deposit account is repayable at the end of the period of deposit i.e. if a deposit is made in a 5 year account on 1.4.13 the same is repayable on 1.4.18. Since here in this case the complainants deposited the amount on 26.4.13 and repayable at the end of deposit i.e. on 26.4.18. After the payment of the interest for the last 4 years and as per the rule the amount of interest for the 5^th year was provided to the complainants to the tune of Rs.6038/- upto 25.4.18 and the same has been credited to the holders’ respective post office savings bank account. There was no deficiency in service on the part of o.ps. and as such, the case is to be dismissed.

            On the basis of the pleadings of parties the following points are to be decided:

1. Whether the complainants deposited the amount of Rs.2,75,000/-?
2. Whether the complainants were paid less amount of interest in the 5^th year?
3. Whether there was any deficiency in service on the part of o.ps.?
4. Whether the complainant will be entitled to get the relief as prayed for?

Decision with reasons:

            All the points are taken up together for the sake of brevity and avoidance of repetition of facts.

            Ld. lawyer for the complainant argued that the complainant no.1 is a senior citizen and she along with her son, the complainant no.2 jointly deposited a sum of Rs.2,75,000/- with o.p. no.1 for 5 year term deposit on 26.4.13. As per the standing instruction o.p. no.1 transferred the interest @ Rs.23,838/- per annum to the savings bank account of the complainants. The maturity date for the said 5 year term deposit was on 25.4.18 and the complainants deposited the passbook of 5 year term deposit with o.p. no.1 for reinvesting the amount for further 5 years. The o.p. no.1 instead of crediting the amount of Rs.23,838/- as interest for 1 year they credited the principal amount of Rs.2,75,000/- and Rs.6038/- as interest to the savings bank account of the complainants. The complainants while contacted o.p. no.1 and wanted to know as to why the amount was credited to the tune of Rs.6038/- instead of Rs.23,838/- as 1 year interest. Since o.p. no.1 directed the complainants to deposit the passbook after maturity and they received the said passbook on 25.4.18 after the expiry of 5 year term ended on 25.4.18 and for crediting the less amount in the savings bank account,  the complainants have faced financial loss. The complainants also informed the o.ps. to pay the balance amount, but o.ps. did not pay any heed, for which the complainants filed this case praying for direction upon the o.ps. to pay a sum of Rs.17,800/- as well as compensation and litigation cost.

            Ld. lawyer for the o.ps. argued that the post office 5 year term deposit account no.2699696861 standing in the post office in the name of Swapna Sen Gupta and Supria Sen Gupta. The o.p. no.1 paid the interest @ Rs.23,838/- per annum till 25.4.17. The term deposit accounts are governed by the Post Office Term Deposit Rules, 1981 and as per Rule 133(1) Post Office Savings Bank Manual Vol-1 the deposit made in a time deposit account is repayable at the end of the period of deposit i.e. if a deposit is made in a 5 year account on 1.4.13 the same is repayable on 1.4.18. Since here in this case the complainants deposited the amount on 26.4.13 and repayable at the end of deposit i.e. on 26.4.18. After the payment of the interest for the last 4 years and as per the rule the amount of interest for the 5^th year was provided to the complainants to the tune of Rs.6038/- up to 25.4.18 and the same has been credited to the holders’ respective post office savings bank account. There was no deficiency in service on the part of o.ps. and as such, the case is to be dismissed.

            Considering the submissions of the respective parties it is undisputed fact that the complainants opened a term deposit for 5 years and paid an amount of Rs.2,75,000/- and the said account was opened on 26.4.13. All through o.p. no.1 paid the interest in the savings account of the complainants on 25.4.18. The complainants on the basis of the said fact deposited the 5 year term deposit passbook and requested for reinvestment of the principal amount for further 5 year, but the complainants came to learn that the amount i.e. principal amount of Rs.2,75,000/- was credited in the account, but so far as the interest was paid not to the tune of Rs.23,838/-, but only paid the amount of Rs.6038/-. The complainants, thereafter, made enquiry and came to learn that the interest was paid as per the Rule 133(1) of Post Office Savings Bank Manual. It is found from the materials on record that the complainant no.1 as a senior citizen and the amount was deposited in the joint account with her son and the complainants also handed over the 5 year term deposit passbook on 25.4.18 and the same was accepted by the post office and after the expiry of the period the amount ought to have been paid to the tune of Rs.23,838/-, o.p. no.1 paid a sum of Rs.6038/-. The complainant made enquiry, but o.ps. did not pay any heed for payment of the balance amount for which the complainants had to file this case. On perusal of the record we find that o.ps. accepted the passbook of 5 year term deposit and it was not brought to the notice of the complainants that the maturity date would be on 26.4.18, on the contrary, the passbook was accepted and all through for the last year 4 years the amount credited in the account of the complainants on 25.4.18 and with that conception the complainants in order to have the interest as well as for further investment of the principal amount went to the post office and handed over the passbook which was accepted by o.p. no.1. In view of such background of the case we hold that the complainants have been illegally deprived of their legitimate claim of interest of Rs.23,838/- and for which we hold that there is deficiency in service on the part of o.ps. and the complainants will be entitled to get the relief. Thus all the points are disposed of accordingly.

            Hence, ordered,

            That the CC No.242/2018 is allowed on contest with cost against the o.ps. The o.ps. are jointly and/or severally directed to pay the balance interest amount of Rs.17,800/- (Rupees seventeen thousand eight hundred) only to the complainants along with compensation of Rs.2000/- (Rupees two thousand) only for harassment and mental agony and litigation cost of Rs.500/- (Rupees five hundred) only within 30 days from the date of communication of this order, i.d. an interest @ 8% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.