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adjustment of fixed deposit into bank overdraft

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(Querist)
25 June 2010 its possible to adjusted amount of fixed deposit from bank overdraft by bank without giving any notice if yes then what are disclosure requirment in books of accounts
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Bindu Madhav

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Bindu Madhav (Expert)
25 June 2010 In general whenever any loan/ bank OD is availed, they use to get signatures on number of documents. It is the practice of banks that in some documents they will include the clause for such adjustment without ANY notice. You need to check the documentation at the time of availing the bank OD - what are the terms and conditions specified in that.

If you did not find anything, you can take up with bank and if not still resolved with Banking Ombudsman
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