Notification No. GSR 392(E),
Dated-09-06-2014
In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:—
1. (1) These rules may be celled the Senior Citizen Savings Scheme (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Senior Citizen Savings Scheme Rules, 2004, after sub-rule (3) of rule 8, following shall be inserted, namely:—
“Provided that in the case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under these rules:
Provided further that in case the spouse does not continue the joint account, the account shall be closed on an application in Form-F and the deposit refunded alongwith interest as above”.
F.NO.4/2/2012/NS-II]
What if the nominee is not a spouse? What if the son / daughter (nominee) continue?
As one sees it,the amended rule has in terms application only to SCSS. But the point one is tempted to validly raise for favorable consideration is this: Why , by following the same logic and intent behind, with a view to make life of the PEOPLE much simple, extend the rule to every other asset or property of every kind- particularly,to the credit balances in other types of bank accounts, short term or long term,or the like.
The notification applied to the Senior Citizen Savings Scheme. However in case of other saving accounts, if a joint account holder dies, the joint holder can continue the account, after getting the deceased holder’s name from the account.
Does it apply to all Savings Bank Accounts standing in the joint names of Senior Citizens or only under Senior Citizen Savings Scheme?