Spouse with joint account or sole nominee can continue with account of deceased under Senior Citizen Saving Scheme
In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—
1. (1) These rules may be celled the Senior Citizen Savings Scheme (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Senior Citizen Savings Scheme Rules, 2004, after sub-rule (3) of rule 8, following shall be inserted, namely:—
“Provided that in the case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under these rules:
Provided further that in case the spouse does not continue the joint account, the account shall be closed on an application in Form-F and the deposit refunded alongwith interest as above”.