I retired two years back and shifted to Mumbai. I opened a bank account for my daughter and informed the bank about my change in address (I was staying at some other place initially, for a short period, when we moved to Mumbai). Still the bank sent the credit card in my daughter’s name to my old address and the family staying there, started using the card. But, when the bills were not paid for few months, the bank representative came to my new house. The family refuses to accept they used the card. I wrote to the bank to take action against them, which never happened, it’s been three months. I still keep getting calls to pay the bill, which is escalating, and I will be sued if I don’t pay up. What can I do?
As per the Reserve Bank of India (RBI) guidelines, a bank cannot issue a credit card unless applied/consented by the customer. You can approach the bank through their customer care department/nodal officer with relevant facts and ask them to resolve the matter within a stipulated period. If matter still does not get resolved, as a last resort you can approach the banking ombudsman in your city for resolution of your complaint.
I want to transfer my house in my daughter’s name. But, the loan I took to purchase the house has not been fully paid yet. Is it possible to transfer the house and the loan in my daughter’s name?
You would need to check with your financier before transferring the loan to your daughter, as it could violate the terms of the loan agreement that had been entered into when you availed the loan. Most financiers would agree to the transfer without fully paying the loan, subject to your daughter being part of the loan and completion of necessary documentation.
I want to get my account transferred from Nagpur to Mumbai. When contacted the Mumbai office, they asked me to write to the Nagpur head office, which would close that account and transfer the amount to my Mumbai account. But it has not happened for the last two years. The manager at Nagpur told me to go there, show all my passbooks as proof, pay a fine of Rs 5,000 as the account is a dead account now. The Mumbai branch also refuses to help me. What is the process to transfer dead accounts? On what basis is the fine levied?
Normally, all banks facilitate a seamless account transfer. Different banks may have different norms and internal processes for account transfer. You may have to provide some identification documents before your dormant account is reactivated. Banks also maintain a schedule of charges where all banking related charges are specified. You should go through this schedule of charges. The schedule of charges is also available on the website of most banks. You may also write to the banking ombudsman for addressing any concerns that you may have.
I have a public provident fund (PPF) account with a nationalised bank. I am planning to open a savings account with the same. Will I need to go through the documentation process all over again?
Even if you have a PPF account, you will have to submit your identity and address proofs to open a savings account. This is in line with ‘know your customer’ guidelines issued by RBI.
The writer is the managing director & head, private & business clients (India) of Deutsche Bank. Send in your queries yourmoney@bsmail.in