Anumati vs Punjab National Bank

The Supreme Court ruled that a fixed deposit held jointly with an 'either or survivor' clause cannot be pledged unilaterally by one account holder without the consent of the other. The Court emphasized that the bank's action of adjusting the fixed deposit amount against a loan, without the knowledge or authority of the other account holder, was impermissible. The judgment clarified the rights of joint account holders under the relevant banking regulations and upheld the appellant's claim against the bank's unilateral actions.