Para 10 - Closure of the account - Investment Deposit Account Scheme, 1986

Closure of the Account. 10. (1) If a deposit desires to close the account, an application shall be made, with the approval of the Income-tax Officer or any other officer who has jurisdiction over the depositor, in Form 'E', or as near thereto as may be, and the deposit office shall, as soon as may be, subject to the provisions of paragraph 9 above, pay the amount of balance (including interest accrued as on the last day of the month preceding the month in which the said application under this paragraph has been made) lying to the credit of the depositor by means of a credit to the designated account. (2) Where any person other than the depositor, acquires a right under clause (i) or clause (ii) of the proviso to sub-section (7) of section 32AB of the Income-tax Act to receive the amount, lying to the credit of the account, the Development Bank shall pay such amount to the person if the Income-tax Officer or any other officer who has jurisdiction in the matter over the deposi tor certifies to this effect.