Nomination in term deposits secures entitlement on depositor death; must be made in prescribed form before maturity. The Scheme allows a single holder or joint holders to nominate a person in the prescribed form, at deposit or later before maturity, to become entitled to the term deposit and payment on death of the depositor(s). It requires submission to the officer in charge of the issuing branch. The Scheme prohibits any nomination in respect of a term deposit applied for and held by or on behalf of a minor.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Nomination in term deposits secures entitlement on depositor death; must be made in prescribed form before maturity.
The Scheme allows a single holder or joint holders to nominate a person in the prescribed form, at deposit or later before maturity, to become entitled to the term deposit and payment on death of the depositor(s). It requires submission to the officer in charge of the issuing branch. The Scheme prohibits any nomination in respect of a term deposit applied for and held by or on behalf of a minor.
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