Bank sent the account settlement cheque on name which is closed ?

POSTED BY AtanuGupta ON May 10, 2014 2:39 pm COMMENTS (3)

Hi,

I have closed an account of my son (minor) with Axis Bank just few days ago. Now the bank has send a cheque for the final settlement (interest, etc) but the cheque is in the name of the closed account (ie. minor account name).

I have no other account by the same name with any other bank and so it’s not possible for me to  deposit the cheque.

What is the RBI rules regarding this problem? Will I have open the same name account with other bank and there is no other alternative (though I have other account with Axis on my name)

Please advise.

3 replies on this article “Bank sent the account settlement cheque on name which is closed ?”

  1. ashalanshu says:

    Dear Atanu, yes. When the said account is not available, the issuer bank ‘ll issue a new cheque. Yes you ‘ll not get any extra interest for the amount in question.

    Thanks

    Ashal

  2. AtanuGupta says:

    Will the bank keep such request.

    Is there any RBI rule for the same?

  3. ashalanshu says:

    Dear Atanu, please surrender the cheque to issuer bank and demand a new cheque with the new details you wanted for.

    Thanks

    Ashal

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