Term deposits

The death of a deposit holder does not in any manner whatsoever imply the early maturity of the deposit and its subsequent redemption, unless the deposit agreement expressly envisaged early redemption of the deposit in the event of the death of the deposit holder.

In the case of a term deposit with various deposit holders on an “any-to-sign” basis, if one of the joint holders dies the term deposit may be early redeemed by any of the other joint holders, provided there are no restrictions on redemption of the deposit in the deposit agreement and no express conditions for the case of death of the deposit holder.