Cliff (Nautical Consultant) 14 October 2014

Change account type

I have a query whether a bank can change an Account Type, that is from a normal savings account with a minimum balance of Rs 500/- to a Multi Gains savings account with a minimum balance of Rs25,000/-, without any intimation to the account holder and without any instructions by the account holder to do so.

Thanks

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2 Replies

T. Kalaiselvan, Advocate (Advocate) 18 October 2014

The banks cannot do so on their own. What are the details of your query?, How will a bank do anything on its own without the consent of the account holder?, if you feel something fishy, write to the Bank manager seeking clarification and if the same is not satisfactory, you may take up the matter with the Banking ombudsman seeking relief and remedy.