Postal department coughs up 9.9L to PPF depositor

Postal department coughs up 9.9L to PPF depositor  

• AHMEDABAD: It was a moment of vindication for 52-year-old Saurin Dalal, a resident of Paldi, when, recently, the postal department finally sent him a cheque, releasing the interest on his deposit and other charges, amounting to Rs9.9 lakh. Dalal, had to fight for four years to get his hard earned money back from the grip of the postal department, in whose Public Provident Fund (PPF) scheme he had invested his savings.
•  A city-based consumer action group helped him to assert his rights. "I had invested a certain amount in the PPF account and when the deposit matured in August 2010, I received the principal amount without the interest. The interest amounted to Rs5.68 lakh," said Dalal.
• After several follow-ups with the postal department, Dalal approached Consumer Education & Research Centre (CERC) for redress. "We followed up with the postal department as a mediator, however, we were compelled to file a case in the court in 2012.
•  Even as the court ordered in favour of the consumer in 2014, the postal department appealed against the order," said Pritee Shah, chief general manager, CERC.
• Following the appeal, the court directed the postal department to not only to shell out the Rs5.68 lakh interest amount to Dalal, but also to pay an interest of 9% for the delay in payment with effect from August 2010, when the PPF deposit had matured. That apart, the court also directed the postal department to pay Rs 10,000 as litigation costs, and Rs 15,000 in compensation for mental agony of the consumer.
•  Speaking about the increase in such cases, Shah emphasized on making the redressal system, fair, speedy and efficient across banks, non-banking finance companies, postal departments and other deposit agencies. "Consumers also must remain equally alert and must follow-up from time to time," she added.