- (1.) THIS appeal, under Section 15 of the Consumer Protection Act, 1986 is, directed against the order dated 9.4.2003 in Complaint Case No. 10/2003 by District Consumer Disputes Redressal Forum, Rajnandgaon (hereinafter called the District Forum for short), dismissing the complaint of the complainant/appellant.
(2.) RELEVANT facts not in dispute stated in brief are that the complainants/appellants had deposited in Fixed Deposit a sum of Rs. 4.00 lacs on 14.8.1999 with the respondent Bank for a period of 3 years. The Fixed Deposit Receipt No. 090258 was issued in his favour. Interest on the amount so deposited was payable @ 11.25% p.a. As per the said receipt on maturity after the expiry of the term of the fixed deposit, amount of Rs. 4,18,478/ - was payable to the complainant/appellant. However, on maturity the respondent Bank paid to the complainants/appellants an amount of Rs. 4,09,411/ - instead of Rs. 4,18,476/ - as mentioned in the receipt.
(3.) ACCORDING to the complainant in view of agreement between the parties as evidenced by the Fixed Deposit Receipt, the maturity amount of Rs. 4,18,478/ - ought to have been paid to him on the expiry of the term of deposit. The complainant/appellant, therefore, prayed that the balance amount of Rs. 9,067/ - with interest be paid to him. The complaint was resisted by the respondent Bank. According to the affidavit filed by K.R. Venkateshwaran, Chief Manager of the State Bank of India, Rajnandgaon, interest @ 10.5% per annum was payable under the said deposit. It was stated that the said rate was prevailing as per the directives of the Reserve Bank of India. It was also submitted that the interest was not payable @ 11.25% and that the maturity amount of Rs. 4,09,411/ - was paid to the appellants as per the prevailing rate of interest @ 10.50% p.a.;