Rate of interest entitlement: nominees receive saving bank rate from depositor's death until SCSS account closure. Where a depositor under the Senior Citizens Savings Scheme dies before maturity and the nominee or legal heir approaches the bank to close the account, the nominee or legal heir is entitled to interest at the Saving Bank rate from the date of the depositor's death until the date of account closure.
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Provisions expressly mentioned in the judgment/order text.
Rate of interest entitlement: nominees receive saving bank rate from depositor's death until SCSS account closure.
Where a depositor under the Senior Citizens Savings Scheme dies before maturity and the nominee or legal heir approaches the bank to close the account, the nominee or legal heir is entitled to interest at the Saving Bank rate from the date of the depositor's death until the date of account closure.
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