Section 13 in National Savings Recurring Deposit Scheme, 2019
13. Repayment of full maturity value on the death of account holder in certain cases (Protected Savings Scheme).
(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.(2)(a)If an account holder or the surviving account holder has more than one account of the denominations not exceeding one hundred rupees, the benefit of payment under this paragraph shall be available in respect of all such accounts which may be specified by the account holder or the surviving account holder, as the case may be, subject to a maximum of the maturity value of an account of one hundred rupees.(b)If an account holder or a surviving account holder has more than one account of the denominations exceeding one hundred rupees, the benefit of payment under this paragraph shall be available in respect of only that account which may be specified by the account holder or the surviving account holder, as the case may be, subject to a maximum of the maturity value of an account of denomination of one hundred rupees:Provided that an account holder or a surviving account holder may, by making an application to the accounts office where the account is held, change the account referred to in clause (a) or clause (b).(c)If no account has been specified by an account holder or a surviving account holder under clause (a) or, as the case may be, under clause (b), the benefit of payment under this paragraph shall be admissible in respect of earlier accounts which qualify for payment under this paragraph.(d)Notwithstanding anything contained in clauses (a) to (c), if an account holder or the surviving account holder, has more than one account, and different nominations are made in respect of the accounts, the benefit of payment under this paragraph shall be admissible to the nominees in respect of earlier accounts which qualify for payment.(3)The legal heir or nominee, as the case may be, shall on the death of the account holder or the surviving account holder, as the case may be, apply to the Accounts Office not later than one year from the date of death of such account holder along with death certificate in respect of the deceased account holder, or a certified copy thereof, and the Accounts Office shall obtain a declaration from the nominee/legal heir that he has not previously availed the benefit of the Protected Savings Scheme in respect of any account of the deceased account holder.(4)The amount of advance deposits remaining after the death of the account holder, if any, shall also be refunded back to the claimant alongwith the full maturity value of the account under the Protected Savings Scheme.(5)(a)In case of an account of denomination of more than one hundred rupees, the proportionate maturity amount which shall bear the same proportion to the full maturity value as the number of instalments deposited in the account bear to sixty shall be calculated and if the amount so calculated exceeds the full maturity value of an account of the denomination of one hundred rupees, no benefit under this paragraph shall be admissible.(b)If the said proportionate maturity value is less than the full maturity value of an account of one hundred rupees denomination, then an amount equal to the maturity value of a one hundred rupees denomination shall be payable under the Protected Savings Scheme.(6)If a deceased account holder has more than one account having denominations of less than one hundred rupees eligible for benefit under this Scheme, but the total of their denominations exceeds rupees one hundred, the benefit of this Scheme shall be admissible only if the combined proportionate maturity amount, as specified in sub-paragraph (5), of all such accounts is less than the maturity value of the account of one hundred rupees denomination.
