|
06. |
To avail the monthly
allowances the depositor is required to surrender the savings
instrument to the Bank duly discharged with a written
instruction to the Bank to pay the installments to his ward on
monthly installment basis as stipulated in the scheme. |
| 07. |
Separate Application
form specially designed for the purpose shall be obtained duly
filled in and signed by the depositor. |
| 08. |
Photograph of the
Nominee and Ultimate Beneficiary, if any, duly attested by the
depositor, shall be obtained at the time of opening the account. |
|
09. |
Normally no withdrawal will be allowed before
maturity. But if any depositor intends to withdraw his/her deposit before maturity, the
following rules will be applicable: |
|
|
a. |
No benefit
including interest shall be allowed for pre-mature
encashment within one year. |
|
b. |
If the
accounts/deposits are closed/encashed after one year of its
opening, benefit shall be allowed on the deposit at normal
Savings Deposit rate. |
|
| 10. |
The instrument will
be acceptable as collateral security against any investment
subject to registering lien with the
issuing Branch. |
| 11. |
In case of death of
the depositor, the amount of instrument will be paid to the
nominee or, in the absence of a nominee, to the legal heirs of
the depositor on production of succession certificate. |
| 12. |
But if the nominee
after the demise of the depositor intends to continue the
deposit to enjoy the monthly educational allowance for five
years, as admissible under the rules of the scheme, the receipt
should be surrendered to the Bank on maturity duly discharged by
the nominee and duly authenticated by the legal guardian. |
| 13. |
In case of instrument
is lost the
procedure for issuance of the duplicate will be the same as applicable in case of loss of
FDR. |
