Term deposit maturity: five-year lock-in with limited early encashment on death of the first joint holder. Term deposits under the Bank Term Deposit Scheme, 2006 have a five-year maturity and cannot be encashed before five years from receipt. A limited exception allows the surviving joint holder to encash before maturity upon the death of the first holder, subject to an application to the branch manager and production of proof of death; this proviso was added by Notification No. 289/2007.
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.
Term deposit maturity: five-year lock-in with limited early encashment on death of the first joint holder.
Term deposits under the Bank Term Deposit Scheme, 2006 have a five-year maturity and cannot be encashed before five years from receipt. A limited exception allows the surviving joint holder to encash before maturity upon the death of the first holder, subject to an application to the branch manager and production of proof of death; this proviso was added by Notification No. 289/2007.
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