How is partial freezing imposed?
Published On: December 24, 2016
Partial freezing is imposed in the following ways:
- Banks have to give due notice of three months initially to the customers before exercising the option of ‘partial freezing’.
- After that a reminder for a further period of three months will be issued.
- Thereafter, banks shall impose ‘partial freezing’ by allowing all credits and disallowing all debits with the freedom to close the accounts.
- If the accounts are still KYC non-compliant after six months of imposing initial ‘partial freezing’, banks shall disallow all debits and credits from/to the accounts, classifying them inoperative.
Meanwhile, the account holders can revive accounts by submitting the KYC documents.
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