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Whether all deposit holder need to sign while opening and closing deposits ?

Fixed/term deposits opened with Either or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

  • The signatures of all the depositors is required for opening of deposit.
  • The signatures of all the depositors is not required for repayment of the amount of the deposits on maturity.
  • The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
  • In case one of the depositors expires before the maturity, no pre payment of term deposit may be allowed without the concurrence of the legal heirs of the deceased holders. This however, would not stay in the way of making payment to the survivor on maturity.


Fixed/term deposits opened with Former or Survivor - Unless otherwise specified in the Account Opening Form at the time of account opening -

  • The signatures of all the depositors is required for opening of deposit.
  • Former alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive.
  • The signatures of all the depositors is required, in case the deposit is closed before maturity i.e. premature withdrawal.
  • If the Former expires before the maturity of the fixed/term deposit, the Survivor can withdraw the deposit on maturity.
  • Premature withdrawal would require the consent of all the parties, when both of them are alive, and that of the surviving depositors and the legal heirs of the deceased in case of death of one of the depositors.