Legal heir certificate validation allows payment of eligible deposits to rightful heirs when no nomination exists under savings schemes. Amendments to the Government Savings Promotion Act, 1873 substitute sub-section (4) of section 4A to permit payment of an eligible balance to the legal heir where a depositor dies without nomination by recognising a legal heir certificate as valid proof, simplify claims for accounts exceeding the rule-prescribed balance, and consequentially amend clause (i) of sub-section (2) of section 15; the Part commences on notification by the Central Government and the Schedule is amended to include savings schemes notified on or after 12th December, 2019.
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Legal heir certificate validation allows payment of eligible deposits to rightful heirs when no nomination exists under savings schemes.
Amendments to the Government Savings Promotion Act, 1873 substitute sub-section (4) of section 4A to permit payment of an eligible balance to the legal heir where a depositor dies without nomination by recognising a legal heir certificate as valid proof, simplify claims for accounts exceeding the rule-prescribed balance, and consequentially amend clause (i) of sub-section (2) of section 15; the Part commences on notification by the Central Government and the Schedule is amended to include savings schemes notified on or after 12th December, 2019.
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