Banking Law
amit
(Querist) 03 November 2010
This query is : Resolved
A is having Saving Acoount in I.O.Bank. A has not operated his A/C since 7-8 years due to misplacement of passbook / cheque book also he was out of station.
Now A wants to continue / restart transaction in his aforesaid saving A/C. Rs.20,000/- is also lying in his A/C. Since 7-8 years.
What can A do ? If, Bank Manager refuse to restart / continue his A/C. on pretext that its too late and ur amount has been lapsed.
Under which section or provision A can claim his amount or restart/continue his A/C. plz,also mention citation, if any.
Arul Kumar
(Expert) 03 November 2010
Make an application to the Bank Manager to reactivate the account operation by mentioning of the valid reason. It is normal banking procedure. In case you are aggrieved by the bank, you can approach Banking Ombudsman.
Arun Kumar Bhagat
(Expert) 03 November 2010
Take up the matter with Banking Ombudsman.
adv. rajeev ( rajoo )
(Expert) 03 November 2010
Contact the manager regarding this matter, if he didn't agree then withdraw the amount from your account, if bank is also denied for this then issue notice to pay the amount within 7/10 days, if they respondend positively it.s ok if not then file a consumer case for not providing better serive. You can also claim the damages.
Advocate. Arunagiri
(Expert) 03 November 2010
Normally the will reopen the account, if not send a complaint to the RBI/Banking ombudsman.
s.subramanian
(Expert) 03 November 2010
I agree with M/s Arul Kumar and Arunagiri.
s.subramanian
(Expert) 03 November 2010
I agree with M/s Arul Kumar and Arunagiri.
Parthasarathi Loganathan
(Expert) 03 November 2010
The matter is very simple. Since it related to a leading nationalized bank, I can assure that we have redeemed or made operative lakhs of inoperative accounts based on the simple request letter from the account holder even if the customer has forgotten his account number or lost his passbook. We have built in a robust high-end technology as we are the only nationalised bank having made 100% CBS branches purely out of our own in-house software development.
All you have to do is as under:
(a) Submit an application to the bank and request for making it operative.
(b) Submit a KYC application using the format submitted by the bank duly furnishing all the personal details.
(c) If your balance is transferred to our Central Office - Unclaimed balance account (which will be apprised to you by the branch manager) it will not take more than 15 days to get your money back and account made operative.
In fact, your account should have enjoyed the periodical half yearly credit of interest though some incidental charges should have been levied for the last eight years. Please go ahead. All the Best.
R.Ramachandran
(Expert) 04 November 2010
Yes, as adviced by Mr. Parthasarathy, by submitting an application to the bank branch concerned you can get the account reactivated.
