Gratuity for minor beneficiaries must be invested in term deposits with specified banks for their benefit. 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 to gratuity amounts deposited by the employer and places the investment responsibility on the competent authority. For this purpose, nationalised bank means a corresponding new bank specified in the relevant Banking Companies Acts.