Section 27 in State Bank of India Employees Provident Fund Regulations, 2015
27. Settlement after death of member.
- Subject to the provisions of clause (e) of sub-regulation (2)of this regulation, on the death of a member, the full amount standing to his credit in the Fund irrespective of the period for which the member may have served shall become payable as under --(1)When a member leaves family-(a)If a nomination made by the member in accordance with these regulations in favour of a person or persons belonging to his family subsists, the amount standing to his credit in the Fund or the part thereof to which the nomination relates, shall become payable to the nominee or nominees in the proportion specified in the nomination;(b)If no such nomination in favour of a person or persons belonging to the family of the member subsists or if such nomination relates only to a part of the amount standing to his credit in the Fund, the whole amount or the part thereof to which the nomination does not relate, as the case may be, shall notwithstanding any nomination purporting to be in favour of any person or persons other than a person or persons belonging to his family become payable to the persons belonging to his family in equal shares:Provided that no share shall be payable to (i)sons who have attained legal majority;(ii)sons of a deceased son who have attained legal majority;(iii)married daughters whose husbands are alive;(iv)married daughters of a deceased sons whose husbands are alive:if there is any person belonging to the family other than those specified in items (i), (ii), (iii) and (iv):Provided further that the widow or widows and the child or children of a deceased son shall receive between them in equal parts only the share which that son would have received if he had survived the member and if, in a case where had he survived the member, he would have been excluded from a share under item (i) of the first proviso, he had not been so excluded.(2)When the member leaves no family -(a)if a nomination made by the member in accordance with these regulation in favour of any person or persons who is or are a dependant or dependants of the member, subsist, the amount standing to his credit in the Fund or, as the case may be, the part thereof to which the nomination relates, shall become payable to his nominee or nominees in the proportion specified in the nomination;(b)If any such nomination subsists in favour of any person who is not a dependant, the amount standing to his credit in the Fund or, as the case may be, the part thereof to which the nomination relates, shall become payable to such nominee if the amount does not exceed five thousand rupees;(c)if no such nomination subsists, or if such nomination relates only to a part of the amount standing to the credit of the member in the Fund, the whole or, as the case may be, the part thereof to which the nomination does not relate, shall become payable to any person appearing to the trustees to be otherwise entitled to receive it, if the whole sum or, as the case may be, the part thereof, does not exceed five thousand rupees;(d)any sum or any part thereof which is not payable to any person under sub-clause (a) or sub-clause (b) or sub-clause (c), shall become payable to any person on production of probate, letters of administration or a succession certificate in accordance with the provisions of section 4 of the Provident Funds Act,1925.Note : When a nominee or other person is a dependant of the member, the amount payable to such nominee or other person under these regulation vests in the dependant under sub-section (2) of section 3 of the Provident Fund Act, 1925.Explanation. - For the purposes of this regulation, "Dependant" means a dependant of the member as defined in clause (c) of section 2 of the Provident Funds Act, 1925.(e)Notwithstanding anything contained in this regulation, on the death of a member, who is under a liability incurred by him to the Bank, the trustees may pay to the Bank out of the balance at his credit in the Fund any sum due by him to the Bank (not exceeding in any case the sums contributed by the Bank to his account in the Fund and any interest credited to his account on the sums so contributed) before making payment under this regulation.
