PROTECTED SAVINGS SCHEME
(1) Under
the RD scheme, benefit of protected savings scheme is admissible for an account
of denomination of Rs. 50/-.
(2) No declaration should be required from the
depositor to avail this facility.
(3) The
benefit will be admissible provided the following conditions are satisfied :-
(a) Twenty
four months should be completed from the date of opening the account and during
the said
Period all the monthly installments have been paid
into the account without any default and there has been no withdrawal from the
account during the said period.
Note:-
Defaulted installment(s) paid with interest during the period of 2 years before
the death of the
Depositor or surviving depositor, as the case may
be, shall not be treated as default.
(b) The age
of the depositor or depositors, at the time of opening the account should not be less than 18 years and not more than 53
years.
(c) The
legal heir/nominee of deceased depositor has not made any claim or has not
already been
given
the benefit in respect of any other account under the scheme.
(d) Claim is
applied for within one year of the death of depositor.
(4) Date of
birth of the depositor is to be mentioned in the application while opening the
account.
(5) If a
depositor , has more than one account of denominations not exceeding fifty
rupees, the benefit of payment under this scheme will be admissible in respect
of all such accounts which specified by the depositor subject to a maximum of
the maturity value of an account of denomination of Rs. 50/-.
(6) Where the depositor has only one account of the
denomination Rs. 50/- the benefit will be available for that account.
(7) If the depositor has more than one account,
and different nominations have been made in respect of the accounts, the
benefit of payment shall be admissible to the nominees .
SANCTION OF CLAIM in
Protected Savings Scheme.
(1) The
legal heir or nominee, as the case may be, when reports the death of the
depositor, shall be
asked to apply for the full maturity value of the
account in form (SB-101) to the post office where the
account stands not later than one year from the
death of such depositor.
On the basis of the information given by the claimant and other information
available in the post office records, the post office will fill in 3 copies of
the form (SB-101 A). The Head Postmaster should process the claim in the same
way as other SB claims. He should ensure
that the account/accounts is/are eligible to get the benefit of the scheme and after he is satisfied, he will send two copies
of form SB-101A duly completed to the Head of the Circle for verification of
the claim.
(2) In sub
offices the claim applications duly completed should be forwarded to the Head
Postmaster in the usual manner.
(3) In ED
sub offices and branch offices all claim applications received by the ED
SPM/Branch
Postmaster for the balance in the account of a
deceased depositor should be forwarded to the head/account office. An entry
regarding the claim should be made in the remarks column of the RD Journal
relating to the account against the last date of transaction and no withdrawal
will be allowed till intimation is received from the head/account office.
(4) The
post office should not hesitate to entertain such claims even in case where the
depositor has not given the declaration expressing
his wish to avail of the benefit of the Protected Savings Scheme. The post
office should, however, ensure that where the deceased depositor was having
more than one account, the maximum benefit admissible shall be restricted to as
admissible for an account of denomination of Rs. 50/-.
(5) The
amount of advance deposits remaining after the death of the depositor may also
be
refunded back to the claimant along with the full
maturity value of the account under the Protected Savings Scheme.
(6) The interest due on outstanding withdrawal and
defaulted instalments, if any, should be
recovered/adjusted up to the date of death of the
depositor and not upto the date of payment of maturity value.
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