Section 4A. Payment on death of depositor

4A. Payment on death of depositor.— (1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee. (2) Where the nominee is a minor, the deposit shall be paid— (a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and (b) where there is no such person, to the guardian of the minor for the use of the minor. (3) Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominee or nominees. 2[(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018 (13 of 2018), the deposit shall be paid to the guardian.] (4) If a depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925), is not within three months of the death of the depositor produced to the[3] [Authorised Officer] of the Government Savings Bank in which the deposit is, then— (a) if the deposit does not exceed[4] [such limit as may be prescribed,] the[3] [Authorised Officer] may pay the same to any person appearing to him to be entitled to receive it or to administer the estate of the[5] [deceased in accordance with such procedure as may be prescribed.] 6* * * * * * 7* * * * * * 5. Payment to be a discharge.—[8] [Any payment made in accordance with the foregoing provisions of this Act] shall be a full discharge from all further liability in respect of the money so paid: Saving of right of executor.—[9] [ N othing] herein contained precludes any executor or administrator, or other representative of the deceased, from recovering from the person receiving the same the amount remaining in his hands after deducting the amount of all debts or other demands lawfully paid or discharged by him in due course of administration. 1. Ins. by Act 13 of 2018, s. 119 (w.e.f. 1-4-2018). 2. Ins. by s. 120, ibid . (w.e.f. 1-4-2018). 3. Subs. by s. 116, ibid., for "Secretary" (w.e.f. 1-4-2018). 4. Subs. by Act 56 of 1985, s. 2, for "five thousand rupees". 5. Subs. by Act 13 of 2018, s. 120, for "deceased; and" (w.e.f. 1-4-2018). 6. Clause (b) omitted by s. 120, ibid. (w.e.f. 1-4-2018). 7. Sub-section (5) omitted by s. 120, ibid . (w.e.f. 1-4-2018). 8. Subs, by Act 45 of 1959, s. 4 for "Such payment". 9. Subs. by Act 13 of 2018, s. 121, for "But nothing" (w.e.f. 1-4-2018). Saving of right of creditor.—[1] [ Every creditor] or claimant against the estate of the deceased may recover his debt or claim out of the money paid under this Act,[2] * to any person, and remaining in his hands unadministered, in the same manner and to the same extent as[3] [if that person had obtained] letters of administration of the estate of the deceased.