Professional Documents
Culture Documents
Accounts With Survivor Nominne Clause
Accounts With Survivor Nominne Clause
Clause
Prepared by - Nisha
@ copyright TeamLease Services Ltd 2019 1
There are two possibilities in a bank account maintained by a customer viz. (i) a
deposit account is opened in a bank with a valid nomination or with the survivorship
clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter
or survivor’ etc. (ii) A deposit account is opened in a bank without a valid nomination
or without the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or
‘former or survivor’ or ‘latter or survivor’ etc.
When a deposit account is opened in a bank with a valid nomination or with the
survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or
survivor’ or ‘latter or survivor’ etc. the banks may make payment of the balance in
such deposit account to the specified nominee or survivor(s).
2. Bank has verified properly the identity of the claimant(s) and made
payments only after the establishment of the identity of the
survivor(s) / nominee to the bank’s satisfaction.