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POSTED BY ON January 19, 2011 2:59 pm COMMENTS (4)
Hi Manish & All Members
This question is asked on behalf of my friend(ANKIT) who did’nt solve his problem from last three months.
Friend Name-Ankit, Father- Rakesh(Age-64), Mother- Seema. ( Name Changed)
Actually his father died on 9.10.2010 (age-64). His father has a 5 YEARS POSTAL RD ACCOUNT of Denomation of Rs 1000/pm opend on 17.4.2007(Age-61) and have a balance of rs 43,000 till OCT-2010 also with a nominee of his mother. His question is-
1) Can his Mother continue this account ? If yes then what is the procedure ?
2) Is there any provision thats define that a legal nominee can continue account after the death of account holder ?
3) If his mother continue this account till maturity (17.4.2012) Would she get full maturity value @7.5% pa or death claim @3.5% pa.
He is in mentel depression as the postal department didnt suggest any proper way to settel his properly. Depertment says to take a detah claim now @ 3.5% but he dont want to lose the intrest of the deposited amount of 43 months and wants the full maturity amount as only 17 months are left for the maturity of the account.
If any one knows about this please give your valuable suggestion. Please if possible please give the LINK where we can give the proof to the postal department, that the nominee can also continue the account.
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is Nominee is Lible to Continue the Postal 5 years RD Account after the Death of the account Holder ?”
No , nominee can infact claim it back on death of account holder
Quoting from the official website of Indian Post office.
Repayment of full maturity value on the death of the depositor in certain cases (Protected Savings Scheme) (1) Where the depositor in a single account or the surviving depositor in a joint account dies during the maturity period of an account or its extension under sub-rule (1) rule 7, the legal heir or nominee, as the case may be of such depositor shall be entitled to receive the amount specified in sub-rule (1) of rule 9 as if the depositor had paid all the sixty monthly deposits subject to the following conditions namely :
i) The payment of full maturity value under this rule shall be restricted to the maturity value of an account of denomination of fifty rupees.
ii) The account has not become a discontinued account.
iv) The period from the date of opening the account to the date of death of the depositor or surviving depositor, as the case may be, is not less than two years.
iv) The age of the depositor or depositors, as the case may be, at the time of opening the account is not less than 18 years and not more than 53 years. At the time of opening the account or thereafter, every depositor shall give a declaration in writing to the Post Office Savings bank indicating his age at the time of opening the account. Where such declaration has not been given by the depositor or depositors, the claimant shall furnish a certified copy of the School Leaving Certificate of the deceased depositor or a declaration on a plain paper as to the age of deceased depositor at the time of the opening the account duly attested by a Gazetted Officer or a Magistrate (including Honorary Magistrate) or a member of Parliament or of a Legislature (including the Metropolitan Council for Delhi) or a Panchayat President or Pramukh.
v) The first twenty-four monthly deposit have been made without default.
Out of all the rules, look at rule no.(iv) – the age of depositor should not be more than 53 years. So, in your friend’s case, his father opened the account at age 61. So, the nominee in this case can not claim the full maturity value. So, they are right in that sense.
Still, in case of problem, you can meet postmaster of that branch. You can also use RTI to get everything in detail in written from them.
Hope it will help you.
InvestmentKit.com
Mukesh –
Here is a PDF that explains the scenario for your friend.
Pls note that I have not gone through the complete details.
JagoInvestor experts – can someone go through and explain the terms.
http://www.indiapost.gov.in/POSBActs/PORDRules1981.pdf