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What happens if an account is opened in contravention of the SCSS Rules ?

April 26, 2017account contravention happens opened rules scss

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What happens if an account is opened in contravention of the SCSS Rules ?

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Reply : If an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor (Rule 12)