Small Savings Schemes Death Claim: The government runs many types of small saving schemes for the common people of the country. If you are also planning to invest in these schemes, then first of all know about its death claim rules. Otherwise, later you may have to face difficulty in withdrawing the money deposited in the account. Many times people forget to make nomination while opening a small savings scheme account. In such a situation, later the process of death claim becomes complicated in such an account. Let us know that if a small savings account holder has died and no person is named as a nominee in his account, then who will get the money deposited in the account. Along with this, what is the procedure for taking the death claim of such an account.
What is the rule of death claim-
The government has simplified death claims for schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana, Senior Citizens Savings Scheme, National Savings Certificate etc. If the amount in the small savings account is less than Rs.5 lakh and the name of the nominee is added, then the entire amount will be given to the nominee only after giving the ID proof. On the other hand, on taking a claim of more than Rs 5 lakh, the nominee will also have to submit all the legal documents like death certificate of the account holder, passbook of the account, receipt and affidavit.
How to take death claim without nomination
If a Small Savings Scheme account holder has not nominated any person in the account and has died, then the process of death claim will become a bit complicated. According to the Government Savings Promotion Act 1873, if there is no nominee in an account and the account holder has died, then the legal heir has the right to claim the money.
This money can be claimed within 6 months of the death of the account holder. First of all, the legal heir will need documents like his Succession Certificate, death certificate of the account holder, passbook of the account, receipt and affidavit. All these documents will be checked by the authorized officer and after that the claim money will be given to the heir.
On which schemes the rule will be applicable-
- post office savings account
- National Saving Monthly Income Account
- National Savings Recurring Deposit
- Sukanya Samriddhi Yojana
- Kisan Vikas Patra
- Senior Citizen Savings Scheme
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