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In case of a joint account, if the first holder / depositor expires before maturity, can the account be continued ?

April 26, 2017account Case continued Depositor Joint maturity

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In case of a joint account, if the first holder / depositor expires before maturity, can the account be continued ?

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Reply : In case of a joint account, if the first holder / depositor expires before the maturity of the account, the spouse may continue the account on the same terms and conditions as specified under the SCSS Rules. However, if the second holder i.e. spouse has his / her own individual account, the aggregate of his/her individual account and the deposit amount in the joint account of the deceased spouse should not be more than the prescribed maximum limit.