DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
Term Deposit Account
Application for fixed/short deposits and deposits at notice is taken on Form No.401 for individuals and Form No.401A for non individuals.
All time deposit accounts shall be properly introduced. For all subsequent deposit, a simple Application-cum-Deposit slip is to be filled.
Term deposit accounts can be opened with instructions payable to ‘Either or Survivor’, payable jointly, payable to any one of the depositors etc. It can also be opened with instructions payable to “Former or Survivor” or “Former, Survivors Jointly or Last Survivor” or “Latter or Survivor” in which case operational/ payment instructions at the time of opening the account or subsequent variations, if any, in these instructions, should be signed by all the joint depositors.