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The Government Savings Promotion Act, 1873

4A. Payment on death of depositor.-

(1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee.

(2) Where the nominee is a minor, the deposit shall be paid-

(a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and

(b) where there is no such person, to the guardian of the minor for the use of the minor.

(3) Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominee or nominees.

2[(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian.]

(4) If a depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925), is not within three months of the death of the depositor produced to the 3[Authorised Officer] of the Government Savings Bank in which the deposit is, then-

(a) if the deposit does not exceed 4[such limit as may be prescribed] the 3[Authorised Officer] may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the 5[deceased in accordance with such procedure as may be prescribed.]

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2. Ins. by s. 120, ibid. (w.e.f. 1-4-2018).

3. Subs. by s. 116, ibid., for "Secretary" (w.e.f. 1-4-2018).

4. Subs. by Act 56 of 1985, s. 2, for "five thousand rupees".

5. Subs. by Act 13 of 2018, s. 120, for "deceased; and" (w.e.f. 1-4-2018).

6. Clause (b) omitted by s. 120, ibid. (w.e.f. 1-4-2018).

7. Sub-section (5) omitted by s. 120, ibid. (w.e.f. 1-4-2018).



Government Savings Promotion Act, 1873 Back




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