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.