Banking

anirudha (Querist) 16 March 2012 This query is : Resolved
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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Guest (Expert) 16 March 2012
The clause is very clear. It would apply any time before maturity if the 1st account holder dies any time before maturity of the FDR.

V R SHROFF (Expert) 16 March 2012
The purpose of 'anyone or survivor' may be paid before maturity of the instrument if" is only that.
So survivor takes over the deceased.

Nadeem Qureshi (Expert) 16 March 2012
Dear Querist
I agree with experts

malipeddi jaggarao (Expert) 17 March 2012
"any one or survivors" - If one of the joint account holder dies, the survivors can not request the bank to repay the deposit amount before maturity. This can be excluded if a specific clause is included in the account opening form, normally do not do it on their own. Survivors can claim the deposit only on maturity. Legal heirs can not contest payment if it is at the time of maturity. If they wish to contest, they have to obtain a court order. The survivors who withdraws the amount on maturity might not be realowners, their duty is to pass on the money to the legal heirs, of course, bank is relieved of looking into this aspect if the deposit is paid on maturity to all the survivors jointly. Hope the matter is clear.

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