Premature withdrawal of all fixed deposits needed consent of all holders in case of Joint account

By admin July 11, 2012 No Comments

RBI circular DBOD No. Leg BC 46 /09.07.005/2011-12 dated 4 Nov 2011, on fixed/term deposit repayments

As per the above circular, premature withdrawal of deposits that are linked to bank accounts with the signature rule Either/ Survivor or Former/ Survivor will be allowed with the consent of all the joint account holders.

With effect from October 1, 2012, customers with accounts having more than one holder, who wish to avail the premature withdrawal of fixed deposits and/or booking of Multi Deposits may do so at our branches with the consent of all the account holders.

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