Payment to legal heirs: branch manager must pay term deposit proceeds when depositor dies without nomination under the scheme. Where a term deposit holder dies and no nomination is in force, the branch manager who issued the term deposit must pay the sum due to the deceased to his ... Summary
Payment to legal heirs: branch manager must pay term deposit proceeds when depositor dies without nomination under the scheme.
Where a term deposit holder dies and no nomination is in force, the branch manager who issued the term deposit must pay the sum due to the deceased to his legal heirs under the Bank Term Deposit Scheme, 2006, as referenced in the scheme's Direct Taxes provision.
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