माझ्या एका मित्राला आपल्या मृत नातेवाईकचे पैसे बँकेतून घेताना काय अनुभव आला तो वाचावा !!
Banks are looting our hard earned money. Senior citizens invest in SCSS for better interest (always 0.7% higher than PPF) and safety as it is guaranteed by the Government of India.
However, fraud starts when the deposit holder dies and nominee/legal heir is forced to close the deposit by the law.
Banks treat such closure as premature closure of deposits and refund the money after deducting penalty. This deduction is the fraud and most accept this deduction as genuine deduction as they lack the knowledge or they don’t have time to follow up with authorities.
Income Tax website clearly mentions rules governing SCSS deposit. Sub section 5 of rule 8 clearly states that no penalty deduction shall apply in case the deposit holder dies.The original gazette notification for this SCSS scheme is 490 (E).
Some one has just experienced this fraudulent deduction from BANK OF INDIA KANDIVALI (W) station branch, Mumbai. He fought for about 45 days with the bank with emails to higher authorities, personal visits and twitter tagging. Eventually he received about 9500 back from the bank that was deducted as penalty treating the SCSS deposit closure as premature despite the fact that the closure was due to death of the deposit holder.
Just imagine how many SCSS deposit holders must be dieing every year and amount that banks may be deducting as penalty for closure!