UNION BANK OF INDIA Vs. SURINDER KUMAR ARORA

JUDGEMENT

(1.) The complainants/ respondent made certain deposits with the petitioner Bank. The deposits were made on 12.12.2011 for a period of five years. The fixed deposit receipts issued to the complainants provided for payment of interest @ 10.9% per annum. However, on maturity of the fixed deposits, the complainants were informed that as per the circular applicable at the relevant time, the interest payable to them was 10.50% per annum in respect of FDs of less than Rs.1.00 crore and 10.25% per annum in respect of FDs of more than Rs.1.00 crore. Since the bank did not pay the interest to them as per the rates recorded in the FDs, the complainant approached the concerned District Forum by way of consumer complaint seeking difference in the amount of interest.

(2.) The complainant was resisted by the petitioner Bank primarily on the ground that even the offer giving the benefit of additional interest payable to ex-employees and senior citizens, the interest as per the circular issued by the Bank at the relevant time was only 10.25% in respect of FDs above Rs.1.00 crore and Rs.10.50% per annum in respect of FDs below Rs.1.00 crore.

(3.) The District Forum having allowed the consumer complaint, the petitioner bank approached the State Commission by way of an appeal. The said appeal having been dismissed, the petitioner Bank is before this Commission.