Nominee encashment rights permit withdrawal of a term deposit after depositor death subject to proof and joint discharge. A nominee on a bank term deposit is entitled to encash the deposit after the depositor's death. To do so the surviving nominee(s) must apply to the branch manager with proof of the depositor's death and of any deceased nominee, and where multiple nominees exist they must provide a joint discharge when receiving payment.
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Provisions expressly mentioned in the judgment/order text.
Nominee encashment rights permit withdrawal of a term deposit after depositor death subject to proof and joint discharge.
A nominee on a bank term deposit is entitled to encash the deposit after the depositor's death. To do so the surviving nominee(s) must apply to the branch manager with proof of the depositor's death and of any deceased nominee, and where multiple nominees exist they must provide a joint discharge when receiving payment.
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