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What legal action can be taken against bank for freezing account
22-Jul-2023 (In Banking / Finance Law)
I am a farmer & deposit cheque rs. 51000/- in saveing a/c of selling wheat crop to government sector in ravi season.when i went to bank for withdrawal amount branch manager stopped my payment and pressor me for clear amount of kcc a/c & my saving a/c convert in freeze mode.What should I do?
According to Reserve Bank of India (RBI) rules, it is mandatory for bank account holders to provide their PAN or Form 60. In a circular issued in December 2016, RBI instructed all banks to disallow debit transactions in accounts where PAN or Form 60 (in terms of Rule 114B of the Income Tax Rules) had not been provided.
Debit freeze for non-updation of PAN/Form 60 may be done only in the following cases:
Account balance is Rs 5 lakh or more.
Total deposits made after 9 November 2016 exceed Rs 2 lakh.
In order to unfreeze the debit, freeze on one’s account, the account holder must forthwith furnish PAN/Form 60 (as applicable) to the bank.
The account holder can visit the nearest bank branch and fill up a designated form for updation of customer details. Self-attested copy of PAN or Form 60 shall be attached to the form and submitted. Original PAN should also be carried along at the time of submission.
Banks also provide an online method to carry out this procedure. The account holder can log in to the Netbanking portal of the bank and click on the “Update PAN” section. The account holder will have to key in his PAN details and upload the PAN or Form 60 as applicable. Once the documents are uploaded successfully the account will be unfrozen by the bank.
Alternatively, the account holder can write an email to the designated customer services email id quoting the PAN or Form 60 details and upload the PAN or Form 60 (as applicable). Once the email is sent, the documents are verified by the bank and account is unfrozen.
regards
Debit freeze for non-updation of PAN/Form 60 may be done only in the following cases:
Account balance is Rs 5 lakh or more.
Total deposits made after 9 November 2016 exceed Rs 2 lakh.
In order to unfreeze the debit, freeze on one’s account, the account holder must forthwith furnish PAN/Form 60 (as applicable) to the bank.
The account holder can visit the nearest bank branch and fill up a designated form for updation of customer details. Self-attested copy of PAN or Form 60 shall be attached to the form and submitted. Original PAN should also be carried along at the time of submission.
Banks also provide an online method to carry out this procedure. The account holder can log in to the Netbanking portal of the bank and click on the “Update PAN” section. The account holder will have to key in his PAN details and upload the PAN or Form 60 as applicable. Once the documents are uploaded successfully the account will be unfrozen by the bank.
Alternatively, the account holder can write an email to the designated customer services email id quoting the PAN or Form 60 details and upload the PAN or Form 60 (as applicable). Once the email is sent, the documents are verified by the bank and account is unfrozen.
regards
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Adv. Rahul Mishra
Lucknow | 100+ Answers
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Who can freeze the bank account?
The banks have the right to freeze a bank account if a transaction is deemed questionable. Prior to freezing an account, the bank must notify the owner. A savings account transaction may involve an unauthorised business transaction, which is prohibited by RBI regulations.
What to do if police freeze your bank account?
The police cannot freeze a bank account, so you need a court order. You will need to go to court if it is a court order and get the freeze revoked or cancelled. The case details are in the Order.
How do I get a court order to unfreeze my bank account?
APPLICATION FOR DE-FREEZING/UNFREEZING OF BANK ACCOUNT FREEZE BY INVESTIGATING AGENCY. ...
REVISION APPLICATION PRIOR TO THE SESSIONS COURT U/S. ...
WRITTEN PETITION (CRIMINAL), BEFORE HIGH TERMS COURT, AGAINST THE SESSION COURT ORDER THAT REFUSED TO UNFREEZE/DE-FREEZE A BANK ACCOUNT.
How long is a bank account frozen for suspicious activity?
Usually, for simple situations or misunderstandings, your account will be frozen for 7 to 10 days. You may need to provide detailed information in complex situations before the bank can decide whether or not the account should be unfrozen. This decision may take up to 30 days. 31-Aug-2023
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