Attachment order, types of deposit accounts
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
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Free sample — 8 of 66 rapid-fire Q&A cards.
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.
What is the bank's obligation upon receiving an attachment order?
The bank must immediately freeze the specified account or amount, notify the account holder, and comply with the order without releasing funds until the court or authority lifts the attachment.
What is a garnishee order absolute in banking?
Final court order directing bank to pay garnished amount to decree holder.
Can a bank dishonour an attachment order received from a competent court?
No, a bank cannot dishonour a valid attachment order from a competent court; failure to comply can make the bank liable for contempt of court and any loss suffered by the decree holder.
What is a joint deposit account with 'Either or Survivor' mandate?
Either holder can operate; survivor gets funds on death of one holder.
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