Kisan Vikas Patra death payment rules let nominees or up to three surviving heirs continue or close accounts. Payment on death assigns the deposit to the nominee or to legal heir(s). Up to three surviving nominees or heirs may elect to continue the account and receive the deposit with interest on maturity as if they had opened it. If not continued, the account is closed and the deposit plus interest is repaid in accordance with the scheme's maturity provision. On the death of one or two joint account holders, surviving holder(s) are treated as owner(s) and may continue or close the account under these rules.
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.
Kisan Vikas Patra death payment rules let nominees or up to three surviving heirs continue or close accounts.
Payment on death assigns the deposit to the nominee or to legal heir(s). Up to three surviving nominees or heirs may elect to continue the account and receive the deposit with interest on maturity as if they had opened it. If not continued, the account is closed and the deposit plus interest is repaid in accordance with the scheme's maturity provision. On the death of one or two joint account holders, surviving holder(s) are treated as owner(s) and may continue or close the account under these rules.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
