Amount cannot be placed or offered as Security for any loan or guarantee and cannot be charged or alienated.
Transfer of Account
Account can be transferred to another Branch of the same Bank
Interest Exemption under I. T. Act 1961
Interest is not exempted under Income Tax Act, 1961.TDS will be deducted at applicable rates on TDRs
Transfer from Account ‘B’ to ‘A’ or ‘A’ to ‘B’
This is permitted – Depositor will apply for this transfer in form ‘B’. If account ‘A’ is not opened a new ‘A’ will be opened on obtention of form ‘A’.
Nomination by a Individual
Form ‘E’ (Max. 3 Nominees)
1st nominee shall alone have the right to recover the amount, after death of 1st nominee, 2nd has the right and after death of 1st & 2nd, the 3rd will get right.
Variation/ Cancellation of Nomination by Individual
Form ‘F’ for variation/ cancellation.
Nomination will be entered in Pass-Book/ Deposit Receipt. No nomination will be made for other type of accounts (like HUF, minors)
Issue of Duplicate Pass Book or Receipt
In the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof
Closure of Account
Application in Form ‘G’ with the approval of Assessing Officer who has jurisdiction to the depositor.
If depositor dies, the nominee will make application in Form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor)
If there is no nomination then legal heirs will apply in form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor).
Overdue Deposit
Bank may renew an overdue Term Deposit under Capital Gains Account Scheme and allow interest on such renewed TDR or a portion thereof from the date of maturity of deposit.
