Davison mathew (Accountant) 03 April 2009

Freezeing of Saving Account

Dear All,

i would like to get a strong advice from all of my friends from here.........

I have a Credit card & Savisng account in ICICI bank. My credit card is overdue and pending for payment for 4 months. I had received many calls from bank's end and i requested for a settlement of my account. Once i received a call from someone said calling from Bank and said that bank settled your account for Rs-14250/- and you have to pay the same in 5 equal installments. Today i called to customer care i realized that was a fake call from collection agent. Now account is freezed by the bank. Can i go to court on the basis that bank didn't pass aany information to the customer and freeze the account.

Is there any RBI rules allowing Banks to Freeze the saving account on default of Credit Card Payment.

Please advice me urgently as i am in need of money......

Thanks & regards

Davison Mathew

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4 Replies

Rajneesh Malhotra (Advocate) 04 April 2009

First, how much money do u have in ur account?

How much is the total debt as of today?

Is the money in account more than your debt?

J. P. Shah (RTI & CONSUMER ACTIVIST) 08 April 2009

bank has right of set off under contract act and hence they can transfer amount from your saving account to credit card dues which are overdue.

A V Vishal (Advocate) 17 May 2009

Dear Shah,

Can you kindly quote under what relevant sections of the contract act, the set-off is possible, I require it in a similar case

AYYALASOMAYAJULA MURALI (POSTAL ASSISTANT ) 17 May 2009

you have not furnished full details of case

generally freezing of account must given notice in written by bank as banking act 1851.and 1906,1999 etc before you should given three notices failig which you will be defaulter only then the bank approach court odf law

better now you approach ambudsmen for concrened bank you wii get justice

murali visakhapatanm 09492339405