Legal Question in Banking Law in India
Namaskar Adarniya,
My name is Aakash Sharma, Sir a few time ago I issued a cheque of Axis bank to transfer a very large amount from my loan account to my another acount in same branch of the axis bank, but bank has cancelled the cheque by saying that cheque is a debit voucher and loan account has already debit balance so bank can not debit the loan account for transferring the fund. My question is that whether a loan account can not debited ever to transfer the fund.
I have never asked the same question, so it is not a repeat query.
Pls advise,Thanks in advance..........
1 Answer from Attorneys
15.01.2015
Dear Aakash,
Good day ! Although I know for sure that I have already replied to your query, I will repeat my suggestion again. You can have only three A/cs in a bank ,,, Current, Savings and Loan A/c, You have not mentioned the amount that you have transferred from your Loan A/c. Since there is already an outstanding in your Loan A/c, the bank is right in insisting that you are required to first settle the outstanding loan amount and close that A/c.
Regards,
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