Maintenance of Deposit accounts in Coperative Urban Banks

Deposit Locker Accounts

4.6.1            Legal Provisions

The legal provisions providing for nomination and release of contents of safety lockers to the nominee and protection against notice of claims of other persons are detailed in Sections 45ZE and 45ZF of the Act ibid.

4.6.2            The Nomination Rules in respect of Safety Locker

The Nomination Rules in respect of Safety Lockers provide as under:

(a)        Where the locker is hired from a co-operative bank by two or more individuals jointly, the nomination to be made by such hirers.

(b)                 In