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Small Saving Schemes

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If the holder of a Savings Certificate dies, who gets the amount due to be paid to the deceased?

Similar to bank accounts, a nomination facility is available for savings certificate schemes and the nominee is liable to receive the proceeds due to the deceased person.

If a person dies, and is at the time of death the holder of a savings certificate, and there is no nomination in force at the time of his death and probate of his will or letters of admiration of his estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925) is not within three months of the death of the holder produced to the prescribed authority, then if the sum due on the savings certificate does not exceed such limit as may be prescribed, the prescribed authority may pay the same to any person appearing to it, to be entitled to receive the sum or to administer the estate of the deceased. In case of minors where no nominee has been appointed, the payment can be made to any guardian of the property of the minor appointed by a competent court, or to either parent of the minor.

 
 
 
 
 
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