(1) In the event of death of the depositor of a single account or of all the depositors in a joint account, the deposit shall be payable to the nominee if a nomination exists or to the legal heir(s).
(2) Where there are not more than three surviving nominees or legal heirs, they may, at their option continue the account and receive the amount of deposit alongwith interest on maturity in the manner provided for in this scheme, as if they had opened the account themselves.
(3) Where the account is not continued under sub-paragraph (2), it shall be closed and the amount of deposit alongwith interest as provided in paragraph 6 shall be repaid.
(4) On the death of one or two of the account holders in a joint account, the surviving account holder or holders, if any, shall be treated as the owner or owners of the account and such account holder or holders may continue the account under sub-paragraph (2) or close the account under sub-paragraph (3).