Legal Question in Banking Law in India

27.06.2015

Dear Sir / Madam,

Depositors can make a valid assignment of Bank's debt on the Fixed Deposit to a third person and sufficient proof is afforded to the bank, the assignment will be noted by the Bank. The Notice of assignment should be clear as to the intention of the Depositor to assign �debt due by the bank� to a specified third party.

Before effecting such payment bank will deduct any debt due to it by the depositor and/or any overdue amount in an account, which has been guaranteed by the depositor at the time of receipt of notice of assignment.

The assignee *in your case the Company) is entitled to the Fixed Deposit proceeds on maturity.

Regards,