Banking · Banking Regulations and Term Deposits

Statement 1: A Term Deposit becomes 'Overdue' if it is not renewed or withdrawn on the date of maturity, and if the deposit remains unclaimed, the bank is required to pay interest on the overdue amount at the rate applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower. Statement 2: The 'DEAF' scheme or Depositor Education and Awareness Fund was established by the Reserve Bank of India in the year 2014, and it requires banks to transfer the balances of any account that has not been operated for 10 years or more to the fund on a monthly basis. Statement 3: In the case of a 'Fixed Deposit' held in joint names with the instruction 'Either or Survivor,' the bank can allow a premature withdrawal to one of the holders only if a specific mandate is signed by all the joint holders at the time of opening the account or subsequently. Analyze the statements above regarding the handling of matured and joint deposits.