RECURRING DEPOSIT - DEATH CLAIM
(1). On the death of the depositor in a single account or one of the depositors in a joint account, or of the survivor in a joint account, the legal heir/nominee of the depositor or the
survivor or the legal heir/nominee of the survivor, as the case may be, may: -
survivor or the legal heir/nominee of the survivor, as the case may be, may: -
(a) continue the account till maturity, or
(b) claim on maturity the proportionate amount as prescribed in the NSRD Scheme or
(c) claim the proportionate amount payable as prescribed in the NSRD Scheme.
(2). On the death of one of the joint depositors, the survivor shall be treated as the sole owner of the account.
(3). Payment of amount on maturity/discontinuance, etc. will be governed by the instructions and the procedure relating to settlement of similar claims on savings accounts in the name of depositor except in the case of accounts under Protected Savings Scheme for which the procedure as laid down in the relevant rule will be followed.
(4). If the legal heir/nominee desires to continue the account as provided in clause (a) of sub rule (1) above, he must furnish a fresh SB-AOF along with KYC documents and if the account stands at an branch post office, specimen signature slip. A new CIF will be created if not already exists and existing CIF will be merged with the new CIF in Finacle CBS after sanction of claim and approval by Supervisor. After sanction of the claim, if RD/TD/SCSS account/Certificate(s) is/are desired to be continued or retained by the claimant till maturity, he/she must furnish an application in new SB-AOF and if the account stands at Branch Post Office, complete specimen signature slips. If claimant is not having any CIF in any CBS Post Office, new CIF has to be created by following the procedure laid down in relevant rules. The account will then be transferred in the name of claimant by changing CIF in CBS application.
