At the time of Bank A/C closing unused cheque required it is compulsory?
Whether it is declared either in LAW , RULES, OR Regulation or Circular of RBI
Plz inform me !
Umesh (Lawer) 19 May 2013
At the time of Bank A/C closing unused cheque required it is compulsory?
Whether it is declared either in LAW , RULES, OR Regulation or Circular of RBI
Plz inform me !
Prasun Chandra Das (Banker) 20 May 2013
Yes, atm/debit cards and unused chq leaves are generally required to be surrendered alongwith a/c closure form in almost all banks. There is no law or RBI regulation regarding this, it is a prevalent banking practice. However, recognising that it is sometimes unfair to insist on surrendering cards and chq leaves, many banks have now incorporated in the a/c closure form lines like "we declare that we have destroyed our atm/debit cards and all unused chq leaves linked to the a/c...bank shall not be liable for any misuse of cards/chqbooks in future".
It is advisable that cards & unused chq leaves are mutilated/cancelled while surrendering them to the bank, to prevent misuse by bank officials.