Hey Pal,
We manage our finances in large part thanks to our bank accounts. We may run into issues if the bank decides to freeze them for any reason. All of your transactions are halted in the event of an account freeze. Not even your cheques will be accepted. Hence, it becomes imperative to know how to unfreeze a bank account.
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The bank may freeze your account if you have taken a loan and have not repaid it despite repeated reminders. You should borrow money and pay it back on time because of this.
- Tax is owed
Tax evasion is another factor that might lead to a bank account freeze. Kingfisher Airlines and the Sahara case serve as the best illustrations of this. Their bank accounts were suspended as a result of unpaid taxes.
- Other factors
Your account may be frozen even if you don't pay back the loan you received from a company or person. Any questionable behaviour in your account could potentially result in the freezing of your account.
How to unfreeze bank account in India?- Motion to leave:
If your account has been frozen, a Motion to Vacate should be filed. You will require a hire a debt-collection defence lawyer for this. If the judge rules in your favour, your account will unfreeze.
- Automatic defence:
The government provides automatic protection in many situations, such as social security and disability compensation. You can request the release of your account if it falls within this range. Your account will unfreeze even if the verdict is against you.
How to unfreeze bank account online?Banks also offer a way to complete this process online. The account holder can access the "Update PAN" section by logging into the bank's Netbanking portal. The account holder must enter his PAN information and submit either the Form 60 or PAN, as appropriate. The bank will unfreeze the account as soon as the documents have been successfully uploaded.
I would like to conclude here about how to unfreeze a bank account. I hope this helps:)
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How to Unfreeze a Bank Account?
Diya
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2 Year
2022-09-15T19:09:37+00:00 2022-09-15T19:09:38+00:00Comment
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