DEPOSIT RECEIPTS !
a) Temporary Receipt duly signed will be issued on receipt of cheque / DD whether tendered in person or by post on the date of its receipt at the Head Office. The deposit receipt duly stamped shall be sent to the depositor by Registered Post / Courier to the address as given in the application. ADDRESS PROOF NECESSARY.
b) In the case of deposits received at Deposit Mobilisation Centres, acknowledgement duly signed by the Business Manager will be issued immediately. The Fixed Deposit Receipt for the amount will be issued by the Head Office and sent to the party by Registered Post to the address as given in the application.
c) Fixed Deposit Receipts / Deposit Certificates are not transferable.
d) Joint depositors
i) Joint depositors may be not exceeding two persons
ii) “Former or Survivor in order”. In the case of deposit in joint names, all correspondence will be addressed to the person whose name appears first in the application form. All warrants for interest payment and cheques for repayment of deposit will be drawn in favour of the first named depositor only. Deposits with more than one joint depositors shall be under “Former or Survivor in order” clause (F or S in O).
iii) Amount payable on maturity shall be paid to the person first in the order of survivor.
iv) In the case of deposits with single joint holder, on production of death certificate the survivor will be recognized as the sole depositor for all purposes and all future correspondence, payment of interest and repayment of deposit will be made to him / her.
v) In the case of deposits having more than one Joint depositor, in the event of death of primary depositor, First named joint depositor will become primary depositor on production of death certificate.
vi) Any addition of the joint depositor during the tenure of deposit will not be entertained.
e) Deposits from non-residents will be accepted on non-repatriation basis.
f) Deposit from Minors: Deposits from minor(s) will be accepted through legal / natural guardian. The guardian must sign in the application on behalf of the minor and open a bank account in the name of minor.
g) In the event of loss of deposit receipts / maturity amount / interest warrants, the depositor shall indemnify the Company against any future claim. All expenses in this connection shall be borne by the depositor.