[Resolved]  Home Loan — Refusal to Accept Pending EMI

few days back I have been told that, my EMI cheque for the month of November, 08 has bounced back, reason insufficient funds. While going through the account statement, I found that, there was sufficient balance in my account to clear the EMI (Copy of the bank statement has been enclosed).

I rushed to your esteemed branch to deposit the EMI but I was sent back by your official saying that, he is helpless to accept EMI without the Bouncing charges.

Today, again I, visited your esteemed branch with EMI and bouncing charges but I was shocked on refusal by saying that, my EMI for April, 08 is also pending and the bank cannot accept the EMI and bouncing charges without clearing the EMI and other charges for April’08.

I had no choice other than coming back and checking the account statement. I found that, the Person at Cash Counter (Mr. Surender) was right & the EMI for month of April’08 was pending but it was never presented before my bank.(copy of the statement is being enclosed).

Kindly enlighten on the under mentioned points.

1. Is there any rule from the Bank or as per RBI guideline that a Borrower can not deposit his/her EMI without bouncing charges even if it is a running account? If no, then who will be the responsible for interest charges for the delayed period by the Bank.
2. Is there any rule from Bank or RBI guideline that it is mandatory that borrower can not deposit his pending EMI on one by one basis?
3. Is there any right with Bank to refuse to deposit the EMI without clearing the account?
4. That in case of not presenting the cheque before the borrower’s banker who will be the responsible?

Awaiting for your reply.
With best regards
Cordially yours

Ambika P. Sharma