STATE BANK OF INDIA Vs. LOKIREDDY SIVA

JUDGEMENT

(1.) Aggrieved by the order in C.C.No.145/2006 on the file of District Forum, Krishna at Vijayawada, the opposite party preferred this appeal.

(2.) The brief facts as set out in the complaint are that the complainant had opened a recurring deposit account under Super Savings Scheme no.SSD 12 on 15.6.1984 in the opposite party bank and according to the said scheme the complainant has to deposit an amount of Rs.100/- per month for a period of 22 years and after the completion of the scheme he would be entitled to the maturity amount of Rs.1,09,839/-. The complainant had paid 80% of the scheme amount in instalments and due to ill health he could not pay some of the instalments. Opposite party paid only Rs.47,766/- out of the total maturity amount stating that the transaction is an old one and that the registers and passwords of the computer of that particular period are not available and hence they calculated the amount basing on the pass book entries furnished by the complainant. The complainant further submits that that the concerned clerk answered in a reckless manner. Hence the complaint.

(3.) The opposite party filed version stating that under Super Savings Scheme in which the complainant joined the opposite party had to open three R.D.accounts according to which the first two account are for a period of 10 years each commencing from 15.6.1984 to 15.6.1994 and from 16.5.94 to 15.6.2004 and the third account being from 15.6.2004 to 15.6.2006 i.e. till the end of the scheme. The maturity value of the first R.D.Account was to be reinvested for the next ten years as STDR and the proceeds there of were to be reinvested in STDR for two years i.e. till the end of the scheme. Opposite party submits that the complainant would be entitled to the maturity amount of Rs.1,09,839/- by the end of the scheme i.e. 15.6.2006 if he deposits an amount of Rs.100/- per month without any default. The opposite party submits that the complainant should communicate his option for reinvesting the maturity proceeds of R.D.Account in STDR and the complainant had paid only 11,600/- in 28 instalments as against 120 months and he never adhered to the terms of the scheme and hence the assured interest under the scheme had not been accrued for further period. Opposite party further submits that the complainant had deposited Rs.8,200/- in 8 instalments in a span of 9 years after 1990. and as against the total deposit of Rs.19,800/- the bank paid Rs.47,766/- to the complainant on 13.9.2006 and the complainant is not entitled to the amount as claimed by him. Opposite party submits that there is no deficiency in service on their behalf and seek dismissal of the complaint