BHAGWATI SARAN GUPTA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Leave granted.

(2.) We have heard learned counsel for the parties. The appellant had deposited some money with the respondent-Bank for which Fixed Deposit Receipts (FDRs) were issued. The FDRs indicated that the interest payable on the deposited amount will be 11.5% and the maturity amount was calculated accordingly as stated in the FDRs.

(3.) When the appellant went to renew the FDRs, the respondent-bank calculated the amount at the time of renewal with interest at 8.25% on the basis of some circular issued by the Reserve Bank of India. According to the appellant, the renewal should have been on the maturity value as mentioned in the FDRs which maturity amount was calculated with interest at 11.5%. Since the respondent-bank did not agree to the submission of the appellant, a complaint was filed by the appellant in the District Consumer Disputes Redressal Forum (District Forum). The complaint was allowed by the District Forum.