Learned Experts/members have given valuable advice. Kindly follow it.
The reference is also taken from following interesting thread ( Amount Held in MIS a/c of PO Rs. 5Lac):
(A) In case the joint a/c is PO a/c:
“For the purpose of maximum balance, the depositor’s share in the balance of a joint account shall be taken as one half”
“In case of death of a depositor before maturity, account may be closed and deposit refunded along with interest up to the month preceding the month in which refund is made”
“Joint accounts can be opened by two or three adults to be operated by them (a) jointly or by the survivors/survivor which is called Joint-A type account (b) either of them/any of them or either of the survivors or survivor which is called Joint-B type account.
“DEPOSITS MADE BY MARRIED WOMEN
13. Payment of married women’s deposits”
---Deceased Depositor POSB_Manual_Vol-I ( Attached):
N.B.—These rules apply to the Post Office Savings Bank Accounts and, mutates, to:
(6) Post Office Monthly Income Accounts Page:104
Note 1:- Claims relating to Savings Bank Accounts and Savings Certificatesare settled under the provisions of different Acts, namely the Government Savings Bank Act, 1873 and the Govt. Savings Certificates Act, 1959.
TYPES OF SAVINGS ACCOUNTS
20.Under Rule 4 of Post Office Savings Account Rules, 1981 the following types of accounts can be opened. ( Page 14)
I. Single and Joint Account: - ....... Joint accounts can be opened by two or three adults to be operated by them (a) jointly or by the survivors/survivor which is called Joint-A type account (b) either of them/any of them or either of the survivors or survivor which is called Joint-B type account.
87 Payment of the amount of Savings Bank Accounts in the name of deceased
(1) Basis of Settlement of claims:- The claim to the amount ofSavings Bank Accounts standing in the name of deceased depositor may be made on the basis of:-
(b) Legal evidence
(c) Without the production of legal evidence at the discretion of sanctioning authority up to Rs. 1,00,000.
If the claim exceeds Rs. 1,00,000/- the claimant should be advised to obtain a succession certificate from a competent court of law or produce the probate of a will or letters of Administration ofEstate of the deceased.
(2) Account in respect of which nomination exists.(i) In case the deceased depositor of the savings account has made a nomination and registered the samewith the post office, the nominee/nominees of the deceased depositor are entitled to receive the amount of credit of the deceased depositor immediately after the death, irrespective of the amount, without production of legal evidence.
VI Claim application form for settlement of Savings Bank Account of the
deceased depositor, where the claim is prepared on legal evidence of
----Deceased Depositor POSB_Manual_Vol-III ( Attached)
1. The Government Savings Banks Act, 1873 1
2. The Government Savings Certificates Act, 1959 5
4A. Payment on death of deposit or: - (1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee
8. The Post Office Monthly Income Account Rules, 1987 48
4. Opening of account:- A depositor may operate more than one account under these rule s subject to the conditions that deposits in all accounts taken together shall not exceed rupees three lakh in single account and rupees six lakh in joint account.
Note:- For the purpose of maximum balance, the depositor’s share in the balance of a joint account shall be taken as one half or one third of such balance according as the account is held by two adults or three adults.
Closure of Account:-
(2) In case of death of a depositor before maturity, account may be closed and deposit refunded alongwith interest upto the month preceding the month in which refund is made.
DEPOSITS MADE BY MARRIED WOMEN
13. Payment of married women’s deposits:- Any deposit made by or on behalf of a married women, or by on behalf of a woman who afterwards marries, may be paid to her, whether or not section 20 of the Indian Succession Act 1925 (39 of 1925) applies to her marriage and her receipt for any money paid to her under this section shall be sufficient discharge therefor.
(B) ----In case the joint a/c is Bank a/c:
RBI / 2009-10 / 57
DBOD.No.Leg. BC.9 /09.07.006/2009-10 July 1, 2009
20. Settlement of claims in respect of deceased depositors –
Simplification of procedure.
Provisions of the Banking Regulation Act, 1949
20.1 Accounts with survivor/nominee clause
20.1.1.In the case of deposit accounts where the depositor had utilized the nomination facility and made a valid nomination or where the account was opened with the survivorship clause ("either or survivor", or "anyone or survivor", or "former or survivor" or "latter or survivor"), the payment of the balance in the deposit account to the survivor(s)/nominee of a deceased deposit account holder represents a valid discharge of the bank's liability provided:
(c) it has been made clear to the survivor(s) / nominee that he would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor, i.e., such payment to him shall not affect the right or claim which any person may have against the survivor(s) / nominee to whom the payment is made.
20.1.2.It may be noted that since payment made to the survivor(s) / nominee, subject to the foregoing conditions, would constitute a full discharge of the bank's liability, insistence on production of legal representation is superfluous and unwarranted and only serves to cause entirely avoidable inconvenience to the survivor(s) / nominee and would, therefore, invite serious supervisory disapproval.
In such case, therefore, while making payment to the survivor(s)
- - 57 - -
(DBOD-MC on Customer Service 2009 )
/ nominee of the deceased depositor, the banks should desist from insisting
on production of succession certificate, letter of administration or probate,
etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee,
irrespective of the amount standing to the credit of the deceased account