Is It Legal for Banks to Ask for PAN for Cash Deposit Above ₹50,000?
Yes, it is legal for banks to ask for PAN when a customer makes a cash deposit exceeding ₹50,000 in a single day. In fact, under the Income-tax Rules, quoting…
Is It Legal to Have 2 Savings Accounts in the Same Bank?
Yes, it is generally legal to have two savings accounts in the same bank in India. There is no general law that prohibits an individual from maintaining multiple savings accounts…
Is It Legal for a Bank to Freeze an Account Without Notice?
Yes, a bank can legally freeze or restrict a bank account without prior notice in certain circumstances in India. However, a bank cannot arbitrarily freeze a customer’s account without a…
Is It Legal to Use a Personal Loan for Business Purposes?
Yes, it is generally legal to use a personal loan for business purposes in India, unless the lender’s terms and conditions specifically prohibit such usage. A personal loan is usually…
Is It Legal for Banks to Charge Pre-Closure Penalty on Home Loan?
In most cases, banks cannot charge a pre-closure or foreclosure penalty on floating-rate home loans taken by individual borrowers in India. The Reserve Bank of India (RBI) has prohibited banks…