Gratuity investment for minors requires term deposit placement with State Bank of India or a nationalised bank for benefit protection. Gratuity payable to a nominee or heir who is a minor must be invested by the competent authority in a term deposit with the State Bank of India or any nationalised bank for the minor's benefit. The rule applies where the employer deposits the gratuity amount with the competent authority, and the investment is required to secure the amount until it can be dealt with for the minor's benefit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gratuity investment for minors requires term deposit placement with State Bank of India or a nationalised bank for benefit protection.
Gratuity payable to a nominee or heir who is a minor must be invested by the competent authority in a term deposit with the State Bank of India or any nationalised bank for the minor's benefit. The rule applies where the employer deposits the gratuity amount with the competent authority, and the investment is required to secure the amount until it can be dealt with for the minor's benefit.
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