Legal Question in Banking Law in
Is it legal to outright sale of FDR to someone? if yes, what should be the procedure?
Asked on 2/02/11, 1:15 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
It is legal to assign the FDR to someone. It has to be by conveyance attracting stamp duty. The other method is to discharge the FDR on the back of it, with a letter addressed to the Bank to pay the proceeds on maturity to the person to whom you have assigned the FDR.
Answered on 2/02/11, 5:56 am
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