PUNJAB NATIONAL BANK Vs. BHAGWATI SARAN GUPTA

JUDGEMENT

(1.) The complainant-Bhagwati Sharan Gupta invested the following amounts of money in fixed deposits with Punjab National Bank. <FRM>JUDGEMENT_21_LAWS(NCD)4_2015_1.html</FRM>

(2.) The complainant was promised that interest would be paid @11.5% per annum. When the interest was not paid to him in accordance with the endorsement written on the FDR, he preferred a complaint before the District Forum.

(3.) The defense set up by the petitioner is this. It is contended that interest payable to the customer on the fixed deposit is given as per the guidelines/instructions of Head Office of the Bank from time to time and through circular issued by the Reserve Bank of India. At the time of renewal of the FDR on 16.11.2001, the rate of interest payable as per circular was 8.50% per annum and not 11.5% per annum. At the time of renewal on 11.02.2002, the rate of interest payable as per the circular of the Bank was 8.25% per annum and not 11.5% as alleged. It is admitted that the rate of interest mentioned in the said FDR was erroneously written. The complainant was not entitled to more interest than the one mentioned in the circular. Similar contentions have been made in respect of other FDRs which were renewed on 15.03.2002 and 10.12.2001.