Legal Question in Banking Law in India
savings bank joint account operaton if 1st depositer is died
in savings bank joint account, first depositer died, and 2nd depositer want money transfer in another account. account is eighter or suviver. plz help me, after died of 1st depositer, i can transfer the money in other account after request 2nd depositer (E or S)
2 Answers from Attorneys
Re: savings bank joint account operaton if 1st depositer is died
It depends upon whether the account was operated by either or survivor or jointly by both account holders.
Re: savings bank joint account operaton if 1st depositer is died
The position has been cleared by the RBI circular of June 9, 2005, that the balance remaining in the deceased depositor account can be transfered to the survivor provided the bank take proper precaution as stated in the circular.
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