Survivorship clause in contract act

assistant branch head

Please explain if a term deposit a/c with the survivorship clause mandated by 'anyone or survivor' may be paid before maturity of the instrument if 1st a/c holder is deceased among three holders.The question is whether the survivor clause is only applicable during the tenure of the deposit or after maturity.If the fdr in question may be paid to the surving depositors without asking for legal heirs of one of the deceased.

Aniruddha Dutta --manager of a commercial bank.

 
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FIN

As per the survivorship clause / nomination clause.

Kindly look into the attachment.

12. Deceased Depositor’s account – Claims ( Laxmi Vilas bank)

In case of deposit standing in the name of two or more persons the payment of deposit after the death of any one or more of the depositors shall be as per the survivorship clause / nomination clause.

SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT (PNB)

iii) However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.



Attached File : 357083980 model policy on bank deposits.zip downloaded 98 times
 
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CEO

Dear Client,

          If f the fixed deposit account  is opened by 3 account holders jointly- on the death of any one of them- the surviors have the option  of continuing the deposit till maturity or   can get the blance transferred in their names. If nominee is some other person after death  of remaining account holders he'd suceed to the FDR property.If you appreciate this answer please click the thank you button onmy profile.

 
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