Virendra Wig 29 August 2018

PBG Guarantee

Can bank hold on to my fixed deposit pledged towards PBG even after expiry term of the PBG and return of the original PBG to the Bank. Can banker insist for the, discharge letter,NOC letter from beneficiary even after receipt of the expired PBG.

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5 Replies

Samai (lawyer) 29 August 2018

Bank cannot hod pledge FD after expire the terms of PBG in absence of any other agreement.

1 Like

Adv Deepak Joshi +917017821512 (Advocate) 29 August 2018

Dear querist,

When time period for PBG is itself complete then bank itself has no right to retain FD or any assets as guarantee this is against the law.

Thanks and Regards

Deepak Joshi & Associates

Djaa.legal@gmail.com

Mb/whatsapp +919456777600

Virendra Wig 29 August 2018

Thanks. The banker say there is some latest circulation of RBI which requiers submission of NOC discharge letter from beneficiary.

Adv Deepak Joshi +917017821512 (Advocate) 29 August 2018

Originally posted by : Virendra Wig
	Thanks. The banker say there is some latest circulation of RBI which requiers submission of NOC discharge letter from beneficiary.