SB/SC Claim Settlement | Power of different authorities for Sanctioning of Claims

SB/SC Claim Settlement

Power of different authorities for Sanctioning of Claims 

1. For all Protected Savings Scheme in RD, sanctioning authority is Head Postmaster, 
2. For the Claim of Certificates of above Rs 5000 of Time Scale Sub Offices based on legal evidence,  the sanctioning authority is the Divisional Head. 

Protected Savings Scheme PSS :Conditions

1. Full maturity amount limited to maturity value of Denomination of Rs.100/-.

2. Age of Depositor not below 18 years and not above 55 years on the date of opening.

3. First 24 installments deposited before Death.

4. No loan made during first 24 months.

5. Two years should be completed from the date of opening of the account as on date of death

6. Account not discontinued as on date of death.

7. Claim should be preferred within one year from the date of death