STATE BANK OF INDIA Vs. THAKURDAS PAUL

JUDGEMENT

(1.) This is an appeal against the order of the Forum directing the State Bank of India viz. the appellant to pay interest to the depositors @ 12% per annum with effect from 18.8.1987 to 19.10.1997 on the said accumulated amount of Rs.32,942,25/- each in respect of the STDR accounts within a month.

(2.) Sri. Thakurdas Paul and Smt. Anima Rani Paul have brought a case before the Forum praying for order directing the State Bank of India. Kalyani Branch. Dist, Nadia, for short Bank to pay interest @ 12% per annum from 18.8.1987 to 19.10.1997 on the accumulated amount of Rs.32.942.25. Their case in brief is that they had deposited Rs.16,500.00 in special Term Deposit Receipt on 5.11.1980 with the Bank and obtained a certificate therefor. The date of maturity of the said certificate was 18.8.1987.

(3.) Likewise Smt. Ava Rani Paul deposited an identical amount with the Bank and the date of maturity is the same. The case of the petitioners is that they could not renew on the day of maturity as they were suffering from various ailments due to old age. They have however approached the Bank, on 20.10.1997 for renewal of the said STDR account from the date of maturity that is 18.8.1987 but the Bank renewed the said amount from 20.10.1997 instead of 18.8.1987 as requested without assigning any reason. So they brought this case.