Sunday, 11 December 2011

Senior Citizens Savings Scheme (Amendment) Rules, 2010 – Amendment in rule 8

Notification No. G.S.R. 639(E), Dated 28-7-2010
In exercise of the powers conferred by Section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules to further amend the Senior Citizens SavingsScheme Rules, 2004, namely : –
(1) These rules may be called the Senior CitizensSavings Scheme (Amendment) Rules, 2010.
(2) They shall come into force on the date of their publication in the Official Gazette.
In the Senior Citizens Savings Scheme Rules, 2004 in rule 8, for sub-rule 3 the following sub-rule shall be substituted, namely : –
“(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on anapplication in Form ‘F’ alongwith interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal heirs in case the nominee has also expired or nomination as provided in rule 6 was not made, as the case may be. For the period between the day following the date of death of the depositor and the date on which refund is made, simple interest shall be paid at the rate applicable from time to time to saving accounts as provided in Rule 6 of Post Office Savings Accounts Rules, 1981”.

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