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Attachment order, types of deposit accounts
What is an attachment order in the context of banking?
An attachment order is a legal directive issued by a court or statutory authority requiring a bank to freeze or hold a depositor's funds, preventing withdrawal until the legal matter is resolved.
What is a garnishee order nisi in banking?
Preliminary court order asking bank to show cause before paying judgment creditor.
Which authority can issue an attachment order against a bank account in India?
Courts (civil and criminal), Income Tax authorities under the Income Tax Act, and other statutory bodies like SEBI or ED under PMLA can issue attachment orders against bank accounts.
What is the full form of FCNR in deposit accounts?
Foreign Currency Non-Resident account.
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