Loan against fdr under mact

vipul shah (Querist) 17 May 2016 This query is : Resolved
SIR,

I WOULD LIKE TO KNOW THAT WHETHER I CAN AVAIL LOAN FACILITIES AGAINST FDR UNDER MACT COMPENSATION UNDER THE NAME OF MINOR CHILD IN THE NAME OF MYSELF UNDER LEAGAL GUARDINSHIP.

AS I WANT TO USE THE SAME FUND FOR HER EDUCATION PURPOSE.PLS ADVISE ME.

THANKS

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Devajyoti Barman (Expert) 17 May 2016
Yes, you can do that. Consult the bank officials for this.

Rajendra K Goyal (Expert) 17 May 2016
Get the orders / permission from the court.

Without this, Bank would not be able to get the FDR en-cashed before time and hence adjust the loan in case of default. Minor may refuse to pay from FDR after he become major.

Kumar Doab (Expert) 17 May 2016
The bank officials shall guide you further.

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