TMI BlogBANK TERM DEPOSIT SCHEME, 2006X X X X Extracts X X X X X X X X Extracts X X X X ..... e" means- (i) an individual; or (ii) a Hindu undivided family; (c) "form" means a form as prescribed by the scheduled bank; (d) "investment" means an investment in the term deposit of a scheduled bank by an assessee in accordance with this scheme; (e) "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed form at the time of making the term deposit, nominate any person who, in the event of death of the single holder or both the joint holders, as the case may be, shall become entitled to the deposit and to the payment due thereon. If such nomination is not made at the time of making the term deposit, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the term deposit receipt is issued, but before its maturity, by means of an application in the prescribed form to the officer in-charge of the branch of the bank from which the term deposit receipt was issued. (2) No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led bank from where the receipt was issued. (2) Every such application shall be accompanied by a statement showing particulars, such as number, amount and date of the receipt, and the circumstance attending such loss, theft, destruction, mutilation or defacement. (3) If the officer in-charge of the bank is satisfied of the loss, theft, destruction, mutilation or defacement of the certificate, he shall issue a duplicate receipt on the applicant furnishing an indemnity bond in the prescribed form with one or more approved sureties or with a bank guarantee: Provided that where the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a dup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit receipt shall bear the yearly rate of interest on the term deposit. 13. Right of nominees (1) In the event of the death of the holder of a term deposit in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the maturity of the term deposit to encash the term deposit. (2) For the purpose of sub-paragraph (1), the surviving nominee or nominees shall make an application to the branch manager of the bank, supported by proof of death of the holder andof deceased nominee or nominees, if any. (3) If there are more nominees than one, all the nominees shall give a joint discharge of the receipt at the time of receiving the payment. 14. Payment to legal heirs If a h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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