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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Senior Citizens Savings Scheme 2010 Update: Refund Process on Depositor's Death Before Maturity Under Rule 8 Explained</h1> The Senior Citizens Savings Scheme (Amendment) Rules, 2010, amends rule 8 of the 2004 rules. It stipulates that if a depositor dies before the account matures, the account will be closed, and the deposit, along with applicable interest until the depositor's death, will be refunded to the nominee or legal heirs. If no nomination was made, the refund process follows the provisions of rule 6. Additionally, simple interest will be paid for the period between the depositor's death and the refund date, at the rate applicable to savings accounts under the Post Office Savings Accounts Rules, 1981.
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