Fixed Deposits - "e or s" mode of operation

[seshachalampandari]

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While opening FDs in any banks, investors opts "EITHER OR SURVIVOR" mode of operation in the hope that on maturity either of the survivor can get the amount. But the bank insists the signatures of both. If unable to produce Death Certificate of the missing person, starts litigation totally defeating the principle.
Will anybody having knowledge in bank matters enlighten this policy?

 

[Brahmanyan]

This is what I understand on operation of E or S Deposits.

E'or S’ stands for ‘Either or Survivor’. With this option checked in, any holder can operate the account but for closing the account or for making any change in the account, joint mandate of the depositors is required.
In case of death of one account holder, Bank has the authority to ask for valid document on the death of the holder and identity of the surviving claimant.
RBI has issued a detailed Master Circular Ref: LAC/19-96-29 dated 28 August 1980, on the Maintenance of Deposits to all Banks

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Master Circular
Maintenance of Deposit Accounts
Joint Accounts – ‘Either or Survivor’, ‘Latter or Survivor’
‘Former or Survivor’, etc.
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{Ref. Paragraph 5.1.1}​

LAC/19-96-29 28 August 1980
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This may clarify all doubts about Joint accounts including E or S Deposits.

Brahmanyan,
Bangalore.

 

[swamiinathan]

While opening FDs in any banks, investors opts "EITHER OR SURVIVOR" mode of operation in the hope that on maturity either of the survivor can get the amount. But the bank insists the signatures of both. If unable to produce Death Certificate of the missing person, starts litigation totally defeating the principle.
Will anybody having knowledge in bank matters enlighten this policy?

To best of my knowledge payment of FD on maturity date can be made with any one signature in case of EORS. Only for pre mature payment two sign are required