GSPR - Government Savings Promotion General Rules 2018
Nomination:
- Nomination is mandatory for all types of accounts.
- Maximum four individuals can be nominated.
- If nominee is a minor, the depositor to authorize an appointee.
- Nomination can be varied by the depositor any time before the maturity of the account.
- Nomination stands cancelled on:
i. death of all the nominee,
ii. transfer of the account as security (pledging)
- If depositor is illiterate, attestation by two witnesses is required while making/altering nomination. No witness is necessary for literate depositors.
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