Our Bank`s Existing Guidelines For Payment In Case Of Joint Term Deposit Accounts

We reiterate that when a joint account is opened with the mandate Either or Survivor or Former or Survivor or Joint clause as per the discretion of the depositors we have a in built clause in Form No. 1084 D containing rules/ terms and conditions for resident individual (Single and Joint) Deposit accounts. In the said form which is provided to customer at the time of opening of account, in clause E, (for fixed deposits) under para 8, 9 and 10 which are as under:

In case of joint accounts, the Bank, on receipt of a written application from the Account Holder(s) i.e. former/the later/the first named/the second named Account Holder, in its discretion and subject to such terms and conditions as it may stipulate (i) transfer the deposit account to any other branch of the Bank (ii) grant loan/ advance against the security of the Term Deposit (iii) allow premature withdrawals/make premature payment of the deposit to the former/the later/the first/second named Account Holder(s). The Bank shall be entitled to adjust and appropriate the proceeds of deposit on or after maturity or before maturity by cancellation under advice to the customers, towards dues with interest in respect of loan/advance so given by the former/later/the first/second named Account Holder in this regard shall give the Bank a valid discharge. Bank will not act on any notice or instruction given by any other joint account holder(s) during the time of the former/the later/the first/second named Account Holder (Applicable only in case of former/the later/the first named/the second named/survivor options).

In event of death of any of the joint account holders before maturity date the bank shall be free at the request of survivors(s), though not obliged (i) to transfer the deposit account to any other branch of the Bank, or (ii) to refund payment on such terms as it may decide or (iii) advance loan to the survivor(s) in this regard shall give the Bank a valid discharge (Applicable to joint accounts)