45Y. Power of Central Government to make rules for the preservation of records.—The
Central Government may, after consultation with the Reserve Bank and by notification in the Official
Gazette, make rules specifying the periods for which—
(a) a banking company shall preserve its books, accounts and other documents; and
(b) a banking company shall preserve and keep with itself different instruments paid by it.
45Z. Return of paid instruments to customers.—(1) Where a banking company is required by its
customer to return to him a paid instrument before the expiry of the period specified by rules made
under section 45Y, the banking company shall not return the instrument except after making and
keeping in its possession a true copy of all relevant parts of such instrument, such copy being made by a
mechanical or other process which in itself ensures the accuracy of the copy.
(2) The banking company shall be entitled to recover from the customer the cost of making such
copies of the instrument.
Explanation.—In this section, “customer” includes a Government department and a corporation
incorporated by or under any law.
45ZA. Nomination for payment of depositors' money.—(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.
1. Ins. by Act 1 of 1984, s. 37 (w.e.f. 29-3-1985).
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(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.
45ZB. Notice of claims of other persons regarding deposits not receivable.—No notice of the
claim of any person, other than the person or persons in whose name a deposit is held by a banking
company, shall be receivable by the banking company, nor shall the banking company be bound by any
such notice even though expressly given to it:
Provided that where any decree, order, certificate or other authority from a court of competent
jurisdiction relating to such deposit is produced before a banking company, the banking company shall
take due note of such decree, order, certificate or other authority.
45ZC. Nomination for return of articles kept in safe custody with banking company.—(1)
Where any person leaves any article in safe custody with a banking company, such person may
nominate, in the prescribed manner, one person to whom, in the event of the death of the person leaving
the article in safe custody, such article may be returned by the banking company.
(2) Where the nominee is a minor, it shall be lawful for the person making the nomination to
appoint in the prescribed manner any person to receive the article deposited in the event of his death
during the minority of the nominee.
(3) The banking company shall, before returning any articles under this section to the nominee or
the person appointed under Sub-section (2), prepare, in such manner as may be directed by the Reserve
Bank from time to time, an inventory of the said articles which shall be signed by such nominee or
person and shall deliver a copy of the inventory so prepared to such nominee or person.
(4) 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 article, where a nomination made in
the prescribed manner purports to confer on any person the right to receive the article from the banking
company, the nominee shall, on the death of the person leaving the article in safe custody, become
entitled to the return of the article to the exclusion of all other persons, unless the nomination is varied
or cancelled in the prescribed manner:
Provided that nothing contained in this section shall affect the right or claim which any person may
have against the person to whom the article is returned in pursuance of this sub-section.
45ZD. Notice of claims of other persons regarding articles not receivable.—No notice of the
claim of any person, other than the person or persons in whose name any article is held by a banking
company in safe custody, shall be receivable by the banking company, nor shall the banking company
be bound by any such notice even though expressly given to it:
Provided that where any decree, order, certificate or other authority from a court of competent
jurisdiction relating to such article is produced before a banking company, the banking company shall
take due note of such decree, order, certificate or other authority.
45ZE. Release contents of safety Release of lockers.—(1) Where an individual is the sole hirer of
a locker from a banking company, whether such locker is located in the safe deposit vault of such
banking company or elsewhere, such individual may nominate one person to whom, in the event of
the death of such individual, the banking company may give access to the locker and liberty to remove
the contents of the locker.
(2) Where any such locker is hired from a banking company by two or more individuals jointly,
and, under the contract of hire, the locker is to be operated under the joint signatures of two or more of
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such hirers, such hirers may nominate one or more persons to whom, in the event of the death of such
joint hirer or hirers, the banking company may give, jointly with the surviving joint hirer or joint hirers,
as the case may be, access to the locker and liberty to remove the contents of such locker.
(3) Every nomination under sub-section (1) or sub-section (2) shall be made in the prescribed
manner.
(4) The banking company shall, before permitting the removal of the contents of any locker by any
nominee or jointly by any nominee and survivors as aforesaid, prepare, in such manner as may be
directed by the Reserve Bank from time to time, an inventory of the contents of the locker which shall
be signed by such nominee or jointly by such nominee and survivors and shall deliver a copy of the
inventory so prepared to such nominee or nominee and survivors.
(5) On the removal of the contents of any locker by any nominee or jointly by any nominee and
survivors as aforesaid, the liability of the banking company in relation to the contents of the locker shall
stand discharged.
(6) No suit, prosecution or other legal proceeding shall lie against a banking company for any
damage caused or likely to be caused, for allowing access to any locker, and liberty to remove the
contents of such locker, in pursuance of the provisions of sub-section (1) or sub-section (2), as the case
may be.
45ZF. Notice of claims of other persons regarding safety lockers not receivable.—No notice of
the claim of any person, other than hirer or hirers of a locker, shall be receivable by a banking company
nor shall the banking company be bound by any such notice even though expressly given to it:
Provided that where any decree, order, certificate or other authority from a court of competent
jurisdiction relating to the locker or its contents is produced before the banking company, the banking
company shall take due note of such decree, order, certificate or other authority.]