4APayment on death of depositor

¹[4A. Payment on death of depositor.--(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.

(2) Where the nominee is a minor, the deposit shall be paid--

(a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and

(b) where there is no such person, to the guardian of the minor for the use of the minor.

(3) Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominee or nominees.

²[(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian.]

(4) If a depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925), is not within three months of the death of the depositor produced to the ³[Authorised Officer of the Government Savings Bank in which the deposit is, then--

(a) if the deposit does not exceed ⁴[such limit as may be prescribed] the ³[Authorised Officer]

may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the ⁵[deceased in accordance with such procedure as may be prescribed.]

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