Legal Question in Banking Law in India

Father, Mother & Son opened a Term Deposit account with a Bank with the operating instructions as either or survivor.

Now Son has to take loan against this term deposit. Is it possible to avail loan against deposit from the same Bank by the Son in his individual capacity by signing all the documents himself.

However, Term Deposit is duly discharged by all the three.


Asked on 5/02/11, 11:54 pm

3 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

yes, son may also take the loan.

Read more
Answered on 5/02/11, 11:55 pm
Professor SOMNATH MUKHERJEE MUKHERJEE ASSOCIATES(Cell +91 9874753359/ 9477781578)

IT IS DEPEND UPON THE BANK

Read more
Answered on 5/03/11, 9:37 am
J. Radhakrishnan independent Practice

If all the depositors have discharged the deposit receipt, any one of the depositors may be permitted by the Bank to avail an over draft loan against the same. However, the Banks have their own procedure in such cases and may require a guarantee to be signed by those of the depositors who have not availed the loan against the same.

Read more
Answered on 5/03/11, 6:24 pm


Related Questions & Answers

More Banking Law questions and answers in India