CERS SECURES PAYMENT OF INTEREST ON 5-YEAR DEPOSIT OF RS.1 LAKH MADE BY A SENIOR CITIZEN IN A POST OFFICE.
- Posted by CERC India
- Posted in Press Releases
Earlier the authorities have refused payment saying that the retired person was not eligible for the deposit scheme.
Ahmedabad, January 7th, 2013: When a retired person deposits a large amount of money in a government institutes for a certain period and on maturity, instead of returning the principal amount with interest, he is asked to even return the interest already paid, he may face the worst situation of his life. A resident of Ahmedabad faced such situation in real life, but it was the support of Consumer Education & Research Society (CERS), which helped him in fighting against the grave injustice and getting back the amount with interest through an order from a consumer forum.
As per the case details, Dinesh C. Parikh retired from a government insurance company in March, 2004 and deposited a sum of Rs. 1 lakh he had received on retirement in the Navarangpura Head Post Office under a scheme for senior citizen. As per the scheme, he was eligible to receive interest quarterly at the rate of 9% per year and the tenure for the deposit was five years. He received the interest, but on maturity, when he asked the post office to return the principal amount with last quarter interest, the authorities not only denied to pay back the amount but also asked him to return whatever interest he has been paid saying that as per the rules of the scheme, he was not eligible to open the deposit account meant for senior citizen and therefore, he is liable to return the interest already paid.
On such denial and unjustified demand, Dinesh approached CERS and after verifying the facts, CERS filed a case in this regard in Consumer Disputes Redressal Forum, Ahmedabad, and sought payment of principal amount along with interest by the post office in question.
During the hearing, the advocate of the opponent argued that at the time of opening the account, Dinesh was not eligible for the scheme, but his account was opened due to oversight and as this kind of error was found during the audit, he is liable to pay back the amount of interest as per the rule. However, considering the merits of the case, the forum ruled in the favor of the complainants and ordered the post office authorities to pay Rs. 1,01,565 with 9 % interest from 4 September 2009 until realization of the payment. The forum also ordered the department to pay Rs. 3000 towards the mental agony faced by the complainant and Rs. 1500 towards the litigation cost.
For further information please contact Ms Pritee Shah (O) 079-27489945/46