Para 11 - Encashment on maturity - Bank Term Deposit Scheme, 2006 - U/s 80C(2)(xxi)

Encashment on maturity. 11. (1) The maturity period of a term deposit receipt of any denomination shall be five years commencing from the date of the receipt. (2) No term deposit shall be encashed before the expiry of five years from the date of its receipt. 1 Provided that in the event of the death of the first holder of the deposit in a case of a joint holder type deposit, the other holder of the deposit shall be entitled to encash the term deposit before its maturity by making an application to the branch manager of the bank, supported by proof of death of the first holder of the deposit. ------------------------ Note : 1. Has been added vide Notification No. 289/2007 dated 13/12/2007