Published Article Details

How to unfreeze your bank account from a debit freeze

Posted by: Girija Gadre on Nov 06, 2017, 06.30 AM IST

According to Reserve Bank of India (RBI) rules, it is mandatory for bank account holders to provide their PAN or Form 60. In a circular issued in December 2016, RBI instructed all banks to disallow debit transactions in accounts where PAN or Form 60 (in terms of Rule 114B of the Income Tax Rules) had not been provided.

Scope
Debit freeze for non updation of PAN/Form 60 may be done only in the following cases:
Account balance is Rs 5 lakh or more.
Total deposits made after 9 November 2016 exceed Rs 2 lakh.

Unfreezing debit freeze
In order to unfreeze the debit freeze on one's account, the account holder must forthwith furnish PAN/Form 60 (as applicable) to the bank.

Visit to the branch
The account holder can visit the nearest bank branch and fill up a designated form for updation of customer details. Self attested copy of PAN or Form 60 shall be attached to the form and submitted. Original PAN should also be carried along at the time of submission

Online method
Banks also provide an online method to carry out this procedure. The account holder can log in to the Netbanking portal of the bank and click on the "Update PAN" section. The account holder will have to key in his PAN details and upload the PAN or Form 60 as applicable. Once the documents are uploaded successfully the account will be unfrozen by the bank.

Email
Alternatively, the account holder can write an email to the designated customer services email id quoting the PAN or Form 60 details and upload the PAN or Form 60 (as applicable). Once the email is sent, the documents are verified by the bank and account is unfrozen.

Points to note
No withdrawals or debits in any form will be possible (not even electronically), once the account is frozen for debits.
Some banks also allow updation of PAN details on their mobile banking portals.

Content courtesy: Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.This article appeared in Economic Times dated Nov 06, 2017, 06.30 AM IST

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