E S NEERAJA Vs. INDIAN BANK MYLAPORE

JUDGEMENT

(1.) THE petitioner has invoked the writ jurisdiction of this Court, with a prayer for issuance of writ, in the nature of Certiorari for quashing the notification dated 13.08.2004, with a further prayer for issuance of writ in the nature of mandamus, directing the respondents 1 and 2 to pay the amount of Rs.1,35,063.41 towards interest and corpus due, under the DSRGE A/c No.8 Deposit with future interest, till the date of payment.

(2.) THE petitioner deposited a sum of Rs.5 lakhs, being the retiral benefits under the DSRGE A/c No.8, with the Indian Bank, Mylapore Branch, Chennai on 22.01.2001. THE amount was received by the Indian Bank under the scheme formulated vide notification dated 30.6.1989, 07.07.1989 and 26.7.1989. THE rate of interest payable under the said scheme was 9% p.a. It was payable every six months i.e. ending 30th June and 30th December every year. In the said scheme, it was also provided, that on expiry of three years, if the deposit is continued, the balance amount in the account will earn interest at the same rate till the account is closed.

(3.) THE following table shows the payment of interest and arrears due from the first respondent Bank. THE Table showing entries in the pass book for payment of interest & arrears; Due date period ending Date of payment of interest Amount paid Arrear amount due 21.01.2001 to 31.06.2001 3.7.2001 Rs.18,852 Rs.900/- 31.12.2001 8.1.2002 Rs.21.250/- Rs.1250/- 30.06.2002 5.7.2002 Rs.20,240/- Rs.2360/- 31.12.2006 14.1.2003 Rs. 20,000/- Rs.2,500/- 30.6.2003 08.07.2003 Rs.20,000/- ---- For the same 5.10.2003 Rs.2,500/- ------ period 31.12.2003 08.01.2004 Rs.17,644/- ----- For the same 22.5.2004 Rs. 4,856/- ------ period 30.6.2004 10.7.2004 Rs.18,024/- Rs.4473/- ----------- Rs.11,383/- ----------- Arrears upto 30.06.2004 31.12.2004 13.3.2005 Rs.22,500/- 30.06.2005 27.7.2005 Rs.22,500/- 31.12.2005 11.2.2006 Rs.22,500/- 30.06.2006 ----- ----- Rs.22,500/- 30.12.2006 ----- ------ Rs.22,500/- ------------------------ Rs.45,000/- Amount deducted from Corpus on 30.12.2006 .... Rs.67,500/- Total arrears due Rs.11,833 plus Rs.45,000 + Rs.67,500 .... Rs.1,23,883 Interest on them comes to .... Rs.11,180.41