VIBHAV VYAS (software engg) 03 March 2015

Banker's right of general lien and set-off

Hi All Experts,

My question is about Banker's Right of General Lien and Set-off.In My case i had a demat account with one bank and a savings account attached to it.
now i am not using any of it and after so many request bank has not closed both instead bank was continuously applying charges.

As attached savings account had no funds they have now sent a mail to cut amount from the other savings account which i have with the same bank and was not attached with demat account.

Can they do so stating Banker's Right of General Lien and Set-off .

Please answer soon.

Thanks all
Vibhav

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2 Replies

(Guest)

Bank has no authority to close a demat account. Unless demat account, connected with the bank account, is closed by an application to the Depository participants (DP), the bank account cannot be closed. Send separate request on prescribed application form for close of demat account to the DP and on confirmation of closure of demat account only then apply for closure of bank account to the bank.

VIBHAV VYAS (software engg) 09 March 2015

Hi Sir,

Thanks for the reply but my question was can bank cut amount from my other account with the same bank stating Banker's Right of General Lien and Set-off.and that account is not even linked with demat account.
Please reply
Thanks