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INDER SINGH MEHTA, SUNITA SHARMA, R. K. VERMA
Amarjit Kaushal – Appellant
Versus
Circle Head, Punjab National Bank – Respondent
ORDER
Inder Singh Mehta, President—Instant appeal is arising out of the order dated 01.11.2019 passed by the Learned District Consumer Redressal Forum Kangra at Dharmshala, in Consumer Complaint No126/2019 titled Shri Amarjit Kaushal versus Circle Head, Punjab National Bank.
Brief facts of Case:
2. Briefly, the case of the complainant is that he is a senior citizen and had invested different sums in his name as well as that of his other family members in the fixed deposit receipts for a certain period at different branches of opposite party located at Dharmshala, Nagrota Bagwan and in Ambala as specifically detailed in Annexure A which shall form part and parcel of this order. The grievance of the complainant is that after the expiry of the stipulated period, the opposite party under whose administrative control/jurisdiction different branches of the bank at Ambala also fell, did not repay the full maturity amount into his credit. Total short fall on account thereof was to the tune of ‘1,10,723/-. However, complete detail with respect to each FDR was specifically mentioned in Annexure A. That thereafter he paid frequent visits to the branches of the opposite party for the redressal
Principle Holder - The appellant was not principal holder, therefore, the respondent-bank was justified in not awarding applicable interest over and above the normal rate of interest.
1. TDS cannot be charged arbitrarily; it can only be calculated on basis of interest accrued.2. Income Tax to be charged as 10% if interest exceeds Rs. 10,000.
In the absence of concrete evidence or written instructions, a bank is not liable for deficiency in service for failing to auto-renew a fixed deposit or for applying simple interest rates as per regu....
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