INCOME TAX19 Sept 2026
SCSS account holder’s demise: Nominee, spouse or legal heir—who gets the money and how is the claim settled? | Mint
If a Senior Citizens Savings Scheme (SCSS) account holder dies before maturity, the deposit and interest up to the date of death go to the nominee or legal heirs. After death, the money earns Post Office Savings Account rates until settlement. A spouse who is a joint holder or sole nominee can continue the account on the same terms. Keep your nomination updated.
Key Statutory Highlights
- As of 19 September 2026, SCSS pays 8.2% annual interest quarterly, and the rate is unchanged for this quarter.
- If the holder dies before maturity, the deposit and interest up to the date of death are paid to the nominee or legal heirs.
- Where there is no valid nomination, legal heirs must follow the prescribed claim-settlement process and may need extra legal documents.
Actionable Advice for Taxpayers / Founders:Check that your SCSS nomination is current and that your family knows the account details, so a claim is easier to settle later.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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