case history:
my grandfather mr S.SINGH had taken "rbi 5.75% bonds 1985" from nagpur issued to him in year 1976.
on his own name and on the names of his wife & sons (my father &uncle).
the bonds got matured in year 1985. but due to illness my grandfather couldnot visit to nagpur and enchash them.
due to sudden death of my grandfather in year 1989, we were not in possesion of bond certificates and were neither aware of the same.
in year 2008 I discovered the orignal copies of bond certificates from one of his old lockers.
and I am willing to encash them on to which after informing the branch manager about the same, he has agreed to enchash only if I can avail him the succesion certificate and death certificates.
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facts and figures:
date of purchase: 1976
date of maturity:1985
interest :5.75%
purchase value of each bond: 2500rs (no. of bonds = 5)
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problem &question:
my father says we have not recieved any notice regarding the maurity of bonds from the rbi untill today.
Also my father was a minor when bonds were issued on to his name. so was it not bank's duty to inform us by sending a notice??
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Now, when i have claimed to have the matured amount @ 5.75%p.a. intrest untill today, the bank disagrees.
they are ready to give intrest till the maturity date i.e. year 1985 only.
As we were not informed by the bank in anyway , How can ijustify myself for asking the intrest untill today.
and under which section of law can i appeal for justice.?
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thnx in advance
veer
