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Union of India - Section

Section 12 in National Savings Recurring Deposit Scheme, 2019

12. Repayment on the death of the account holder.

(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.
(2)Notwithstanding anything contained in sub-paragraph (1), if there are upto three surviving nominees or legal heirs, they may continue the account and receive repayment of the amount inclusive of interest, in the manner provided for in this Scheme, as if the account had been opened themselves, by submitting an application in the prescribed form and the Accounts Office shall make remarks in the relevant records that the account is transferred in the name of the nominee or the legal heir, as the case may be.
(3)On the death of one or two account holder in a joint account, the surviving account holder or holders shall be treated as the sole owner or owners of the account and such holder or holders may deal with the account in any manner provided for in this Scheme, as if had opened the account in his or their name. If less than sixty monthly deposits have been made into the account, the surviving account holder or holders shall also have the option to close the account immediately and receive the amount as specified in sub-paragraph (1).
(4)On the death of the guardian of minor or a person of unsound mind, the new guardian may close the account and claim the amount as specified in sub-paragraph (1) of paragraph 9 or sub-paragraph (2) of paragraph 10 or sub-paragraph (2) of paragraph 11, as the case may be, if the same is required in the interest of such account holder.
(5)If the account is discontinued by the nominee or the legal heir and the maturity value is claimed at the end of the term of the account, the amount payable shall be calculated in the manner specified in subparagraph (3) of paragraph 9.