(1) Where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together, may nominate, in the prescribed manner, one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the banking company.
(2) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such deposit, where a nomination made in the prescribed manner purports to confer on any person the right to receive the amount of deposit from the banking company, the nominee shall, on the death of the sole depositor or, as the case may be, on the death of all the depositors, become entitled to all the rights of the sole depositor or, as the case may be, of the depositors, in relation to such deposit to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner.
(3) Where the nominee is a minor, it shall be lawful for the depositor making the nomination to appoint in the prescribed manner any person to receive the amount of deposit in the event of his death during the minority of the nominee.
(4) Payment by a banking company in accordance with the provisions of this section shall constitute a full discharge to the banking company of its liability in respect of the deposit:
Provided that nothing contained in this sub-section shall effect the right or claim which any person may have against the person to whom any payment is made under this section.
Section 45O Special period of limitation
Section 45P Reserve Bank to tender advice in winding up proceedings
Section 45R Power to call for returns and information
Section 45T Enforcement of orders and decisions of High Court
Section 45U Power of High Court to make rules
Section 45x Validation of certain proceedings
Section 45y Power of Central Government to make rules for the preservation of records
Section 45z Return of paid instruments to customers
Section 45za Nomination for payment of depositors money
Section 45zb Notice of claims of other persons regarding deposits not receivable
Section 45zc Nomination for return of articles kept in safe custody with banking company
Section 45zd Notice of claims of other persons regarding articles not receivable
Section 45ze Release contents of safety Release of lockers
Section 45zf Notice of claims of other persons regarding safety lockers not receivable