Pune: Elderly Couple Recovers Fixed Deposit After 21-Year Struggle with Bank

Pune, 30th November 2024: In a remarkable case of perseverance, an elderly couple from Ambegaon Budruk, Katraj, successfully recovered their fixed deposit after a delay of 21 years, thanks to the intervention of the Consumer Protection Foundation. Vinayak Pawar and his wife, Meera Pawar, had been struggling to get their ₹40,000 fixed deposit amount, along with interest, returned from a cooperative bank since its maturity in 2003.

The couple initially deposited the amount at the bank’s Bibvewadi branch in 1998. Despite repeated requests after the deposit’s term expired in 2003, the bank neither informed the couple about their dues nor returned the amount. Frustrated, the Pawars sought legal assistance from the Consumer Protection Foundation.

After receiving a formal complaint from the couple, the foundation corresponded with the bank, emphasizing its obligation under Reserve Bank of India (RBI) rules to return the fixed deposit with interest after maturity. The foundation also warned the bank of legal action under the Consumer Protection Act if the amount was not returned.

Following this, the bank issued a letter to the Pawar couple and refunded the fixed deposit along with accumulated interest.

“The bank failed to inform the depositors after the term expired, which is a violation of RBI regulations. After persistent follow-ups, the foundation ensured the couple received their rightful amount,” said Advocate Mahendra Dalalkar, Chairman of the Consumer Protection Foundation.

The Pawar couple expressed gratitude to the foundation for their timely intervention, which ended their decades-long wait to retrieve their hard-earned savings.

This case highlights the importance of consumer rights advocacy and legal awareness in protecting the interests of common citizens.