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[Cites 0, Cited by 0] [Section 12] [Entire Act]

Union of India - Subsection

Section 12(1) in National Savings Recurring Deposit Scheme, 2019

(1)Subject to sub-paragraph (2), on the death of the account holder in a single account, or of all the account holders in a joint account, no further deposits shall be made in the account and the repayment shall be made to the nominee or legal heirs as the case may be. For the purposes of such procedure, the amount due for repayment on the account shall be specified in the Table - 1 below:-Table - 1
Sl. No. Number of deposits Admissible amount
(1) (2) (3)
1. (a) If sixty monthly deposits have been made andthe account has not been continued under sub- paragraph (1) ofparagraph 10 or paragraph 11. The amount specified in Table undersub-paragraph (1) of paragraph 9.
2. (b) If less thansixty monthly deposits have been made in the account: and(i) if the nominee or the legal heir desires to receive theamount due on the expiry of maturity period or extended maturityperiod under sub-paragraph (1) of paragraph 6: or(ii) if the nominee or legal heir desires to receive the amountdue at any time earlier than under (i) above. The amount specifiedin Table under sub-paragraph (1) of paragraph 9, subject to theprovisions of paragraph 13.The amount specified in Table-2 subject to theprovisions of paragraph 13.
3. (c) If the account has been continued undersub-paragraph (1) of paragraph 10 or paragraph 11. The amount specified in subparagraph (2) ofparagraph 10 or paragraph 11, as the case may be.
Table - 2(Amount payable to legal heir or nominees on the death of the depositor in five year under this scheme on the accounts opened between the day of notification of this scheme and upto closure of the account)
Number of deposits made Amount (Rupee) for denomination of 100 rupees No. of deposits made Amount (Rupees) for denomination of 100 rupees
1 to 11 Deposits made 36 4026.32
12 1247.55 37 4150.94
13 1355.59 38 4276.29
14 1464.27 39 4402.39
15 1573.60 40 4529.25
16 1683.59 41 4656.86
17 1794.22 42 4785.23
18 1905.52 43 4914.36
19 2017.48 44 5044.27
20 2130.11 45 5174.95
21 2243.41 46 5306.42
22 2357.39 47 5438.66
23 2472.05 48 5571.70
24 2587.39 49 5705.52
25 2703.42 50 5840.15
26 2820.14 51 5975.58
27 2937.55 52 6111.82
28 3055.67 53 6248.87
29 3174.49 54 6386.73
30 3294.02 55 6525.42
31 3414.27 56 6664.94
32 3535.23 57 6805.29
33 3656.91 58 6946.47
34 3779.32 59 7088.50
35 3902.45 60 7231.38
Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table.