However, if individuals open more than one joint accounts in which their names are not in the same order for example, A, B and C C, B and A C, A and B A, C and B or group of persons are different say A, B and C and A, B and D etc. Accordingly, balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of 5 lakhs.

If more than one deposit accounts (Savings, Current, Recurring or Fixed deposit) are jointly held by individuals in one or more branch of a bank say three individuals A, B & C hold more than one joint deposit accounts in which their names appear in the same order then all these accounts are considered as held in the same capacity and in the same right. Panditĭeposits held in joint accounts (revised w.e.f. It is further clarified that the deposit held in the name of the proprietary concern where a depositor is the sole proprietor and the amount of Deposit held in his individual capacity are aggregated and insurance cover is available upto rupees five lakhs in maximum.

Accordingly, such deposits accounts will also enjoy the insurance cover upto rupees five lakhs separately.

Pandit, in one or more branches of the bank then such accounts are considered as held in different capacity and different right. Pandit also opens other deposit accounts in his capacity as a partner of a firm or guardian of a minor or director of a company or trustee of a trust or a joint account, say with his wife Smt. Therefore, the balances in all these accounts are aggregated and insurance cover is available upto rupees five lakhs in maximum. Pandit opens one or more savings/current account and one or more fixed/recurring deposit accounts etc., all these are considered as accounts held in the same capacity and in the same right.

If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S.K. The same capacity and same right and deposits held in different capacity

Hdfc child fixed deposit