Early withdrawal of Term Deposits from Banks

[Anantharaman Tg]

Dear All,

Please find hereinbelow the latest notification of RBI to Banks

in the matter of premature closure of term deposits of joint holders

by the survivor on the death of the pther holder.

The notification states " in case joint depositors of term/fixed depo

sits with 'either or survivor' or 'former or survivor' may intend to withdraw

their deposits prematurely by one of the joint depositors on the

death of other , it would be open for the banks to allow the same, 

provided they have taken a specific joint mandate from the depositors

for the said purpose".

Joint depositors may give the mandate for such premature closure

at the time of placing the term/fixed deposits or at any time during

the tenure of the deposit. The premature closure of such type 

would not attract any penal charge.

Many of us would have seen this in news, but still for the sake of

those who might have missed it, this information of importance

is given here.

[harinarayana sarma nandivada]

Sir, Thanks for the useful information. N.Harinarayana Sarma --- On Sat, 18/8/12, Anantharaman Tg <tganant...@gmail.com> wrote:

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