Legal Question in Banking Law in India

Re: Deposit

An application will have to be made. However, such procedure will vary from bank to bank. Therefore you should consult your bank

Re: Deposit

In the given case, if A died, the survivor B becomes solely entitled to operate the account. On an application by him co-signed by the C agreeing to abide by the terms of deposit, C can be included along with B on either or survivor basis or jointly as per the said application. Paper work cannot be avoided and A and C will have to follow the particular Bank's procedure in this regard.

Re: Deposit

In case of death of A then B can withdraw the money but B can not substitute A with C.

New account can be opened with any substitution.

Re: Deposit

approach the Bank

Re: Deposit

legally there is no bar but there is no mandate also. It may be in the discretion of the bank; The correct procedure the bank may want to follow could be : first transfer the money to the account of B and then make a joint deposit in the name of B & C on the application of both the parties.

Re: Deposit

Legally the bank has to satisfy that A is died then it trans the whole amount in the name of the B and then it jointly operated by B and c.