While working in the banking sector – in areas such as loan sanctioning, recovery, as well as various cases like deposit investments, transfer of inheritance, etc. – the experiences narrated by the author are enriching for both legal knowledge and practical understanding. These reflections will not only entertain the readers of Banco magazine but will also guide banking employees on where and how to exercise caution in their work.
Jointly payable : A recently retired gentleman came to the branch along with his wife. He wanted to invest the amount received after retirement in a fixed deposit. After understanding all the fixed deposit schemes, the process of filling out the required forms began. Just then, the lady said, “He has no control over himself! Make the deposit in such a way that the amount cannot be withdrawn without my signature!” The gentleman too nodded in agreement. The fixed deposit receipt was issued as “Payable jointly with the signatures of both. A few years passed. The deposit matured. The lady came with the receipt. She wanted the amount back. She had come alone. (To continue, open the magazine)