[Resolved]  HDFC Bank — account frozen

TRANSFER OF FUNDS AND CLOSING OF ACCOUNT DUE NON-COMPLIANCE OF KYC- AC [protected]

This is an institutional account of housing society in the name of OWNERS ASSOCIATION, AMBADY PALMGROVE APARTMENTS. This account was opened by the developer in Centurion Bank and subsequently transferred to HDFC Bank. Subsequently, it was passed on to unregistered makeshift association, where office bearers continued to operate till 2016 without any problem from the bank. During change of signatories the bank objected to do the needful on the plea that KYC is pending. Therefore, a registered association was formed and it was realised that all documents and building plan was in the name of PALMGROVE APARTMENTS, whereas the builder had intentionally or unintentionally added AMBADI before PALMGROVE aPARTMENTS. Hence the KYC was complied as per legal requirement in name of OWNERS ASSOCIATION, PALMGROVE APARTMENTS. Due to demonetisation the association had no option but to open another account as per KYC. Subsequently, the association had approached the bank to transfer the funds into new account and close the old account as there is no scope to comply with KYC. The bank manager and relationship manager Mr. V Pai have been non-committal and have near furnished any guidelines to overcome the hurdle despite several letters addressed to them. The issue is pending since 2016 and meanwhile of the three signatories one is dead and another is transferred to Chennai. The last letter signed by two authorised was sent on 24 Apr 2018 and the bank is yet to respond. The new committee members feel that these two staff have some malafide intentions to derail the withdrawal of funds which is around Rs 735000/-