Section 13(1) in National Savings Recurring Deposit Scheme, 2019
(1)Where the account holder in a single account or all the account holders in a joint account dies during the maturity period of an account or its extension under sub-paragraph (1) of paragraph 6, the legal heir or the nominee, as the case may be, of such account holder or holders, shall be entitled to receive the amount specified in sub-paragraph (1) of paragraph 9 as if the account holder had paid all the sixty monthly deposits subject to the following conditions, namely:-(i)the payment of full maturity value under this paragraph shall be restricted to the maturity value of an account of the denomination of one hundred rupees;(ii)the account has not become a discontinued account;(iii)the period from the date of opening the account to the date of death of the account holder or the surviving account holder, as the case may be, is not less than two years;(iv)the age of the account holder or the account holders, as the case may be, at the time of opening the account was not less than eighteen years and not more than fifty-five years:Provided that where at the time of opening the account or thereafter, account holder or holders have not given a declaration in writing to the accounts office indicating the age of such account holder or holders, the claimant shall furnish a certified copy of the birth certificate or School Leaving Certificate or PAN card or voter I card or Passport or Driving License of the deceased account holder or holders;(v)the first twenty-four monthly deposits have been made without default:Provided that a defaulted instalment paid with revival fee specified under sub-paragraph (1) of paragraph 6 before the death of the account holder or the surviving account holder, as the case may be, shall not be treated as default;(vi)the amount of defaults, if any, after twenty-four months from the date of opening the account, together with revival fee on such amount at the rate specified in sub-paragraph (3) of paragraph 6 shall be deducted from the amount payable under this paragraph;(vii)no loan has been made from the account during the first twenty-four months;(viii)if a loan under paragraph 14 has been availed from the account after the expiry of twenty-four months from the date of opening of the account, any outstanding amount of such loan and the interest due thereon under paragraph 14 shall be recovered from the amount payable under this paragraph.
