Government Savings Banks Act,1873
Act No : 5
Section : Nomination by depositor
3*[4.Nomination by depositor. (1) Notwithstanding anything contained in any law for the time being in force, or in any disposition, whether testamentary or otherwise, by a depositor in respect of his deposit, where any nomination made in the prescribed manner purports to confer on any person the right to receive the deposit on the death of the depositor, the nominee shall, on the death of the depositor become entitled, to the exclusion of all other persons, to be paid the deposit, unless the nomination is varied or cancelled in the prescribed manner. (2) Any nomination referred to in sub-section (1) shall become void if the nominee predeceases, or where there are two or more nominees, all the nominees predecease, the depositor. (3) Where the nominee is a minor it shall be lawful for the depositor to appoint in the prescribed manner any person to receive the deposit in the event of his death during the minority of the nominee. 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. --------------------------------------------------------------------- 1 Subs. by Act 13 of 1916, s. 2 and Sch., for the original definition. 2 Ins. by Act 45 of 1959, s. 2. 3 Subs. by s. 3, ibid., for the former s. 4. --------------------------------------------------------------------- 3 (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 Secretary of the Government Savings Bank in which the deposit is, then- (a) if the deposit does not exceed 5* * such limit as may be prescribed Secretary may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the deceased; and (b)within the 5* *** limit prescribed under clause(a) any officer employed in the management of a Government Savings Bank who is empowered in this behalf by a general or special order of the Central Government may, to the extent to which he is empowered by such order and subject to any general or special orders of the Secretary in this behalf, pay the deposit to any person appearing to him to be entitled to receive it or to administer the estate. (5) Nothing contained in this section shall be deemed to require any person to accept payment of a deposit, which is a time deposit, before it has become due.]
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