Neutral impactEconomy
SCSS account holder’s demise: Nominee, spouse or legal heir—who gets the money and how is the claim settled?
Mint 4 hrs ago·19 Sept 2026, 9:13 am
When a Senior Citizen Savings Scheme (SCSS) account holder passes away, the account does not automatically terminate. The rules for transferring the funds depend on who is designated to receive them. If a nominee is named, the money is transferred to their name. If no nominee exists, the legal heirs or the spouse of the deceased can claim the amount, provided they submit the necessary documents to the post office or bank managing the scheme.
The interest earned up to the date of death is paid to the nominee or legal heir, while the principal amount is returned. It is important to note that the account cannot be extended beyond the original maturity period after the holder's death. To settle the claim, the nominee or heir must submit a death certificate, KYC documents, and a claim form to the bank or post office to complete the process smoothly.
Excerpt from Mint
What happens when a Senior Citizen Savings Scheme (SCSS) account holder dies before maturity? Know the rules for nominees, legal heirs and spouses, interest payable after death, account continuation and the documents required to settle an SCSS death claim. For many retirees and senior citizens, the Senior Citizens…Read the original at Mint
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