OM PRAKASH Vs. ALLAHABAD BANK, BRANCH DALIGANJ, LUCKNOW

JUDGEMENT

(1.) SRI Om Prakash, complainant went to the District Forum I, Lucknow with Complaint Case No. 533 of 2003 with the prayer that the FDRs with Allahabad Bank, Daliganj Branch standing in the name of the complainant and his family members, detailed below, should be re -invested in FDR at the rate of 12% with compound interest and he should be paid Rs. 37,177, Rs. 15,886 and Rs. 33,680 respectively for the three FDRs noted below with Rs. 5,000 compensation and costs of the litigation:

(2.) THE complaint alleges that when the aforesaid three FDRs had matured, the complainant/depositor was not intimated by any notice that if the renewal is not done on the date of maturity, the interest rate on those FDRs as applicable at the time of making those deposits shall not be paid. The complainant, therefore, alleges that in the absence of the notice, the Allahabad Bank should deem those FDRs as renewed from the respective date of maturity at the rate mentioned in those FDRs, i.e., 12% and it shosuld be paid with compound interest claiming the three specific amounts indicated above.

(3.) THE Bank was served notice in the complaint, but from the order it appears that the bank did not present itself nor any written statement or evidence was filed and, therefore, the complaint proceeded ex parte against the bank. The District Forum ultimately directed vide its order dated 30.6.2004 that the Bank should pay interest applicable on SB account on the dates of maturity of the three FDRs along with Rs. 500 as costs.