Recently, a notification, RBI said that some banks require the signatures of depositors for repayment of the money in term/fixed deposits, even if the deposit account is opened with the user (sometimes referred to as the redemption instructions " ), "one or survivor 'or' former or survivor".

"Such an emphasis on the signatures of both applicants have the effect that the mandate given to depositors redundant. This, again, causing undue delays and accusations of poor customer service," said the message.

He said that the signatures of the depositors may have to get, if the deposit is payable prior to maturity.

If the manual is "one or survivor and one of the applicants before the deadline, no pre-payment of fixed deposits / time can be allowed without the consent of the legal heirs of the deceased owner spouse. This However, would not object to how to make payment of the survivors of maturity, the RBI said.

If the mandate is a "former or survivor", "the former" can not act alone / delete the amount of term/fixed deposits, when both depositors in life. "However, the signature of both the depositors may have been, if the deposit must be paid before the due date. If the first is terminated before the expiry of the fixed deposit / term, a" family "may cancel the deposit date maturity ", RBI said.

The premature withdrawal, however, require the consent of both parties, when both are alive, and that the depositor is alive, and the legitimate heirs of the deceased death of depositors, the central bank statement said.

If the common depositors would be premature to allow the temporary lifting of deposits / fixed term in accordance with the mandate of 'one or survivor' or 'former or survivor would be open to the banks to do so if they have taken on special assignment from the depositor to do so he added.

Source: TOI