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Banking

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(Querist)
06 November 2012 For a fixed deposit of a customer which is already due, bank has received a letter from anti corruption bureau for attachment of FD, but customer has requested the bank for interest payment. Can we do it?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
22 November 2012 Yes, If the fixed deposit is not on compounding basis and yearly interest payment is to be made then yes but the principal amount cannot be paid to you
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CA UMESHKUMAR R. ACHARYA

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CA UMESHKUMAR R. ACHARYA (Expert)
25 December 2012
I differ with Shri C.A. S.S. Agarwal,

when any government department makes attachment, every right on movable property

also vests to issuing authority.

In this circumstances bank should not pay interst.
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