Branch transfer of term deposits permitted within the same bank; inter-bank transfers are prohibited and application rules apply. A term deposit may be transferred from the issuing branch to any other branch of the same scheduled bank upon the assessee making an application at either branch; transfers to another scheduled bank are prohibited. The application must be signed by the holder of the term deposit receipt; for joint-holder deposits the application may be signed by one joint holder if the other is dead.
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.
Branch transfer of term deposits permitted within the same bank; inter-bank transfers are prohibited and application rules apply.
A term deposit may be transferred from the issuing branch to any other branch of the same scheduled bank upon the assessee making an application at either branch; transfers to another scheduled bank are prohibited. The application must be signed by the holder of the term deposit receipt; for joint-holder deposits the application may be signed by one joint holder if the other is dead.
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