Joint bank Fd

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Permalink Reply by Sachidanand (Sacha) Singh on March 28, 2009 at 10:27pm

No, a single depositor will not be able to do it. Suppose FD is for 3 years. EorS will become operative after 3 years. Before three years are over, both depositors need to sign any communication / commitment jointly to the bank.

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Permalink Reply by Ujjal Gupta on March 28, 2009 at 10:37pm

In my understanding, Sacha is correct. However in case of banks like Standard Chartered or HSBC, the certificates are just computer printouts and one of the EorS signatories will be able to pick up another copy from the bank or take a printout from the net.

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Permalink Reply by Sachidanand (Sacha) Singh on March 28, 2009 at 10:59pm

I left commercial banking in 1993. At that time FD's were called Fixed Deposit Receipts. This receipt was an acknowledgment of debt by bank and normally the proceeds of the FD were paid only on production of the receipt discharged by EorS. Any copy taken from net I suppose would amount to a photocopy of the receipt and not a duplicate of the original receipt.

But I suppose 16 years is too long a period and with changes in technology the practice too might have changed.

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Permalink Reply by MOHAMMED A.ALAM on February 1, 2010 at 4:39am

I AM NOT SURE IF YOU ARE TALKING ABOUT A PUBLIC SECTOR BANK OR A PRIVATE BANK. IN CASE OF MOST PRIVATE BANKS AND A FEW PUBLIC SECTOR ONE'S WHICH ARE FULLY AUTOMATED, THEY CAN GIVE A DUPLICATE PRINT OUT OF THE DEPOSIT CONFIRMATION ADVICE HOWEVER, IN SOME BANKS WHICH ARE MOSTLY MANUAL THEY WOULD ASK FOR JOINT SIGNATURES.

PLEASE NOTE THAT IF THE FD IS NOT ISSUED ON 'EITHER OR SURVIVOR' BASIS , THEN WHILE ENCASHING ON MATURITY OR ON PREMATURE BASIS, THEY WOULD REQUIRE BOTH THE SIGNATURES.
MOHAMMED A.ALAM

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