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6 yrs on January 30th
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LSDefine
Simple English definitions for legal terms
frozen deposit
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A quick definition of frozen deposit:
A frozen deposit is when you put your money in a bank, but you can't take it out because the bank is having problems. It's like putting your money in a piggy bank that you can't open until someone else says it's okay.A more thorough explanation:
A frozen deposit is a type of bank deposit that cannot be withdrawn, usually because the financial institution is insolvent. It is also known as a blocked deposit.
For example, if a bank goes bankrupt, the deposits made by its customers may be frozen until the bank's financial situation is resolved. During this time, customers cannot withdraw their money from the bank.
Another example of a frozen deposit is when a court orders a bank to freeze a customer's account due to legal proceedings, such as a lawsuit or investigation.
In both cases, the frozen deposit is inaccessible to the customer until the situation is resolved.