A Case to Note

Consumer Voice - - Legal Matters -

A for­mal case on the sub­ject came up in Jan­uary 2013 in Ra­jasthan State Com­mis­sion and got a fi­nal ver­dict in Na­tional Com­mis­sion in Au­gust 2015. The is­sue was pri­mar­ily in­vest­ment in Na­tional Sav­ings Scheme (NSS). The de­pos­i­tor had opened two ac­counts at two dif­fer­ent post of­fices de­spite know­ing that one per­son could have only one ac­count and was al­lowed to ben­e­fit only from ‘one’ scheme. The same facts are elab­o­rated in Post Of­fice Man­ual Vol. 1, Rule 156, which clearly states that an in­di­vid­ual de­pos­i­tor can open only one NSS ac­count.

De­spite know­ing the rules, Hanu­man Prasad opened an ac­count with De­part­ment of Post at Al­war head of­fice by de­posit­ing Rs 5,000 in 1991. The com­plainant again de­posited Rs 6,000 in the same year and an­other Rs 13,100 in 1992. At the time of ma­tu­rity af­ter 16 years, in­stead of pay­ing 11 per cent in­ter­est, the post of­fice paid a sim­ple in­ter­est at 3.5 per cent (as payable in sav­ings ac­counts). The de­part­ment did this as it had dis­cov­ered that the de­pos­i­tor had opened his first ac­count un­der NSS in an­other post of­fice at Arya Na­gar in 1990 and hence open­ing of an­other ac­count in a dif­fer­ent post of­fice was con­trary to the rule.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.