Either or survivor ...

tdeli (Querist) 16 March 2012 This query is : Resolved
If someone has a Joint Account Term Deposit in a bank as "Either or Survivor" and one of the joint holder has expired ...

Can the survivor holder go to the bank with the death certificate of the deceased holder and claim the amount in the account OR

will he have to wait till the end of the term of the account OR

will he need signatures of other legal heirs to take the proceeds of the account...

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V R SHROFF (Expert) 16 March 2012
'Either or survivor' means anyone or survivor. Nobody have to wait. No need for DC also.
do not mix up" either or survivor with "Joint A/c "
I fact it means either. & survivor comes in picture when both expires.

Nadeem Qureshi (Expert) 16 March 2012
I agree with expert

SAINATH DEVALLA (Expert) 17 March 2012
Term Deposit means money deposited for a certain period of time.Actually the matiturity value will be paid only after the expiry of the term.If both the names are incorporated in the deposit any of the living holder will be paid.Or else the deposit can be cancelled by the living holder.

tdeli (Querist) 17 March 2012
If one of the living owner is senior citizen and gets extra interest will he continue to do so ...
Can the legal heirs of the dead owner block the living owner to cancel the account and take the proceeds ...

Raj Kumar Makkad (Expert) 19 March 2012
The given situation in your subsequent query cannot substantiate in the given arrangement of either or suvivoship.

Guest (Expert) 19 March 2012
On production of death certificate of one of the operator in joint account, the account is officially treated as a single account, but the maturity period would remain the same for the purpose of withdrawal.

No legal heir can get the account cancelled, or block the operation of account. The legal heirs of course can claim the share of the deceased from the living account holder (not from bank) by separate decree from court of law.

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