Contents of the SS Rules (Lakshadweep)

The Code on Social Security (Lakshadweep) Rules, 2025

Rule 18. 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, 2020F. No. 08/03/2024-LE&T/72, 25 Mar 2026

Official text

In the case of Page 8 of 67 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 a Nationalised Bank.

Explanation. - "Nationalised 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 (Lakshadweep) Rules, 2025, F. No. 08/03/2024-LE&T/72 — Lakshadweep Gazette Extraordinary Vol. LXI, No. 61, p. 8 of the PDF. Open our copy at p. 8 · official download · all sources