Para 5 - Nomination - Bank Term Deposit Scheme, 2006 - U/s 80C(2)(xxi)

Nomination. 5. (1) Subject to the provisions of paragraph 4, the single holder or the joint-holders of a term deposit may, by filling in necessary particulars in the prescribed form at the time of making the term deposit, nominate any person who, in the event of death of the single holder or both the joint holders, as the case may be, shall become entitled to the deposit and to the payment due thereon. If such nomination is not made at the time of making the term deposit, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the term deposit receipt is issued, but before its maturity, by means of an application in the prescribed form to the officer in charge of the branch of the bank from which the term deposit receipt was issued. (2) No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.