Legal Question in Banking Law in India

Is the bank manager have the authority to deduct certain amount from any of the account holder,without the account hloder perrmission ,As if the account holder is having any dues pending...


Asked on 2/02/17, 11:00 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

04.02.2017

Dear Sir / Madam,

The Bank remains entitled to deduct and debit all legitimate bank charges and accumulated interest on cash credit or loan / overdraft from the Account for which the Bank does not require the Account holder's permission, except that the Bank has to reflect those debits to the Account in the Accounts Statement and inform vide an Short Message Service (SMS0 to the Account holder immediately thereafter.

Regards,

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Answered on 2/04/17, 10:27 am


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