In a case of a joint deposit if one of the holder is deceased can the surviving holder operate / withdraw the deposit?

Yes. The surviving holder can withdraw the deposit.

If the operating instruction has given as either party; he/she should close and redeposit the said deposit under his/her name by submitting the death certificate of the deceased holder and the original FD certificate.

If the operating instructions given as both party; Affidavit should be submitted in addition to the above documents.