4 K) At the request of the depositor, the Bank will register mandate / power of attorney given by him authorizing another person to operate the account on his behalf. L) The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will automatically renew the deposit as under. If deposit is placed for more than one year, it will be automatically renewed for one year at the prevailing rate on due date. If deposit is placed for less than one year it will be automatically renewed for same period at the prevailing rate on due date. M) Nomination facility The depositor will be informed of the advantages of the nomination facility while opening a deposit account. Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination can be made in favour of a minor also. Nomination facility is available for joint deposit accounts. In the case of joint accounts, the only after the death of all the depositors. nominee’s right arises Name of Nominee will be printed in the Passbook/ Term Deposit receipts/ statement of accounts, if a customer opts for the same. In case of depositors putting his/her thumb impressions on the prescribed Forms for making nomination, cancellation or change thereof, it is required to be attested by two witnesses. Nomination so made can be cancelled or changed by the account holder/(s) any time. Bank recommends that all depositors avail nomination facility. If they do not want to give nomination, they will give in writing that they do not want nomination in the account. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. …5
4 K) At the request of the depositor, the Bank will register mandate / power of attorney given by him authorizing another person to operate the account on his behalf. L) The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will automatically renew the deposit as under. If deposit is placed for more than one year, it will be automatically renewed for one year at the prevailing rate on due date. If deposit is placed for less than one year it will be automatically renewed for same period at the prevailing rate on due date. M) Nomination facility The depositor will be informed of the advantages of the nomination facility while opening a deposit account. Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination can be made in favour of a minor also. Nomination facility is available for joint deposit accounts. In the case of joint accounts, the nominee’s right arises only after the death of all the depositors. Name of Nominee will be printed in the Passbook/ Term Deposit receipts/ statement of accounts, if a customer opts for the same. In case of depositors putting his/her thumb impressions on the prescribed Forms for making nomination, cancellation or change thereof, it is required to be attested by two witnesses. Nomination so made can be cancelled or changed by the account holder/(s) any time. Bank recommends that all depositors avail nomination facility. If they do not want to give nomination, they will give in writing that they do not want nomination in the account. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. …5
Policy%20on%20Bank%20Deposit.docx