Compulsion of fd with bank locker

293 views 1 replies
We have a locker (safety vault) in one PSU Bank in Mumbai. We hold this locker for last 25 years. During the last 25 years, we didn’t have any Fixed Deposit or Savings account in this bank. However due to insistence of the Bank, we opened a savings account and an FD last year, even though the savings account remains inoperative. There is a financial emergency in our family and we wrote to the bank to terminate the FD and release the funds. The Bank Manager refuses to accept the letter saying that if FD is terminated then the locker also needs to be surrendered. 1) Is this valid argument. 2) Can an individual own a locker without having an FD or Savings Account. 3) Is the maintenance of Savings Account and FD, if you own a locker, mandated as per RBI policies.
Replies (1)

Its game of demand and supply;  RBI not involved in this matter.

Firstly, you should not have made FD as per their suggestion. Now request bank to give you overdraft facility over FD for the urgent need.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details