Section 3: Attachment of properties on default of return of deposits

Q: What does Section 3 of The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (TNPID) deal with?

Section 3 TNPID pertains to "Attachment of properties on default of return of deposits". It is part of the The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, a legislation enacted by the Parliament of India. Section 3 of The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (TNPID) governs attachment of properties on default of return of deposits. As verified on 19 May 2026.

Q: Is Section 3 TNPID still in force?

Yes, Section 3 of the The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 is currently in force across the Republic of India.

Q: What is धारा 3 TNPID?

धारा 3 TNPID is the Devanagari Hindi reference for Section 3 of the The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997. Section 3 of The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (TNPID) governs attachment of properties on default of return of deposits. As verified on 19 May 2026.

Q: What is Dhara 3 TNPID?

Dhara 3 TNPID is the Roman Hindi reference for Section 3 of the The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997. "Dhara" means "Section" in Hindi. Section 3 of The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (TNPID) governs attachment of properties on default of return of deposits. As verified on 19 May 2026.

Q: How to cite Section 3 of The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997?

Cite as: "Section 3, The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (TNPID)" in legal briefs. For academic writing, use the BlueBook format: The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, § 3 (India).

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Thursday, 21 May 2026

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Section 3 TNPID (The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997): Attachment of properties on default of return of deposits | Law on Tips | Law on Tips

Table of Contents

The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997

Chapter I — Full Text

Section 3

Attachment of properties on default of return of deposits

- Notwithstanding anything contained in any other law for the time being in force,-

(i) where upon complaints received from a number of depositors, that any Financial Establishment defaults the return of deposits after maturity, or fails to pay interest on deposit or fails to provide the service for which deposit has been made, or

(ii) where the Government have reason to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors,