Contents of the SS Rules (Arunachal Pradesh)

The Code on Social Security (Arunachal Pradesh) Rules, 2021

Rule 58. Bank or other financial institution in which the gratuity shall be invested for the benefit of minor under the third proviso to sub-section (1) of Section 53

Chapter IV — GratuityMade under The Code on Social Security, 2020No. LAB(W)17/2021, 17 Dec 2021

Official text

In the case of nominee, or an heir, who is minor, the competent authority shall invest the gratuity amount deposited with him for the benefit of such minor in term-deposit with the State Bank of India or a Nationalized Bank.

Explanation - "Nationalized Bank" means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).

Source: The Code on Social Security (Arunachal Pradesh) Rules, 2021, No. LAB(W)17/2021 — Arunachal Pradesh Gazette Extraordinary No. 285, Vol. XXVIII, 23 December 2021, p. 25 of the PDF. Open our copy at p. 25 · official download · all sources