IMPORTANT POINT
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.

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 of his grievance but despite thereof, necessary steps were not taken by the concerned officials of the opposite party. A legal notice was served upon all of its concerned local branches, and thereby they were called upon to pay/credit the necessary amount in his account within a period of 15 days but despite of the receipt thereof, they did not pay any heed thereto. The aforementioned act on the part of the opposite party and its officials not only amounted to deficiency in providing satisfactory service but also amounted to unfair trade practice.

3. The complaint was resisted and contested by the opposite party by filing reply. It is not disputed that complainant was its customer. It is not disputed that FDRs in question had been renewed or the maturity amount with respect thereto had been paid by the concerned branches as per the bank’s guidelines and norms after deducting TDS on the interest amount. Infact, the online system installed automatically calculates the maturity amount of the FDRs after deducting TDS as per instructions issued by the Finance and Taxation Cell, Finance Division HO. So loss of interest as complained of by the complainant had occurred on account of deduction of TDS amount. Elaborating its plea, it had stated that complainant infact was earlier Regional Manager of Punjab National Bank and as such was ex-employee of the Punjab National Bank. The benefit of additional rate of interest @ 0.50% is to be provided to its senior citizen ex-employee where he is the principle account holder and his name is shown first in the AQF or FDRs. The aforementioned benefit had been given to the complainant only in those FDRs where he was the principal account holder. But he had not been given the benefit of the aforementioned policy where he had not been shown as the principal account holder. There is no deficiency in service or unfair trade practice, as alleged.

4. A rejoinder was filed. Thereafter parties had led their evidence in support of their respective pleadings.

5. After hearing the parties, the Ld. District Commission/Forum dismissed the complaint against opposite party.

6. Feeling aggrieved by the order of the Ld. District Commission, the appellant/complainant has preferred the instant appeal before this Commission.

7. We have heard learned vice counsel appearing on behalf of the respondent and have also gone through the written arguments submitted on behalf of the respondent.

8. The appellant in the written submissions sent through post to this Commission has submitted that the decision of the District Commission is not based on the facts and figures of the case. The appellant leaves to the moral wisdom and knowledge of the respected respondent, keeping aside the calculations etc. of the claim, compensate the appellant with any a