Check terms of SCSS before making a claim1 min read . Updated: 23 Apr 2019, 09:03 PM IST
- In such a case of death of the depositor, the SCSS account will be closed and the deposit will be refunded along with interest to the person named as nominee
- If the scheme provides for a fixed rate of interest, then you should get the same fixed interest rate
My father had a Senior Citizen Savings Scheme (SCSS) in the post office for which I was the nominee. After my father passed away, I initiated the claim settlement process. But I (son) was given the interest rate as per the savings bank rates and not the SCSS interest rate, for the period between the date of his death and the closing of the account. Is that legal?
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