Fixed Deposit Receipt - Law Dictionary Search Results
Home Dictionary Name: fixed deposit receiptFixed deposit receipt
Fixed deposit receipt, the fixed deposit receipt is merely a written acknowledgement by the bank that it holds a certain sum to the use of its customers, Anumati v. Punjab National Bank, (2004) 8 SCC 498 (502)....
Deposit account
Deposit account, an account of sums lodged with a bank and acknowledged to be so lodged by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent. less than the Bank of England rate, and therefore at a rate varying from time to time. The depositor is only a creditor of the bank for the amount of deposit and interest (if any). See BANK.As to the power of an incorporated building society to receive money on deposit, see (English) Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 15; Building Societies Act, 1894 (57 & 58 Vict. c. 47), ss. 14 and 15....
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