RATE OF INTEREST IN DEATH CASES

Ministry of Finance has clarified that in cases where the depositor has expired before the maturity of the deposits and the nominee / legal heir approach the banker for closure of the deposit account, the nominee / legal heir in such cases is entitled to the benefit of Saving Bank rate of interest for the period commencing the date of death of the depositor to the date of closure of the account under Senior Citizen Saving Scheme, 2004.