REGISTERED NO. D. 221
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 89] NEW DELHI, FRIDAY, JUNE 25, 1965/ASADHA 4, 1887
Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 25th June 1968
G.S.R. 896.—In exercise of the powers conferred by Section 15 of the Govern- ment Savings Bank Act, 1873 (5 of 1873) and of all other powers hereunto enabl- ing, the Central Government hereby, makes the following rules further to amend the Post Office Savings Bank Rules, 1965, namely:—
1. These rules may be called the Post Office Savings Bank (Second Amend- ment) Rules, 1965.
2. In the Post Office Savings Bank Rules, 1965:—
(a) for rule 3, the following rule shall be substituted, namely:—
"3. Types of accounts and matters connected therewith.—The types of accounts which may be opened, the persons by whom such accounts may be opened and operated upon, the maximum amount that can
(303)
,04 THE GAZETTE OF INDIA EXTRAORDINARY [PART II--be credited to the account and other matters connected therewith shall be specified in the Table below, namely:—
The Table
\ \ 1. 1 Type of Account Who may open Maximum deposit
tlie account.
No.of accounts that can be
opened
One
(i) Single Account (a) A person
RB. 25,000
The adult. An illi- terate adult may operate on his account through a literate agent, nominated by him for the purpose.
who has at- tained the age of majority and who is of sound mind (herein- after referred to as an ad- ult)
25,000
25,000
One One on behalf of
each minor
(b) A minor . (c) A guardian on behalf of a minor
The minor. The guardian during the minority of the minor and thereafter by the ex- minor, provided that if the minor has an account opened by himself, he "hflll close one of the two accounts on attaining the age of majority.
The guardian.
(d) A guardian is,000
of a person of unsound mind
One on behalf of each person of unsound mind
NOTE.—In the case of a person of unsound mind confined in a mental hospital, the Super- ij itendent of the mental hospital may open an account on behalf of the person BO confined and operate on it. (a) Joint Account . Two adults
50,000
One (a) Both the de- positors, jointly or the survivor
(b) Either depositor
or survivor.
being persons who do not hold single accounts in their own na- mes payable to (a) both jointly or sur- vivor, or (&) either or sur- vivor.
NOTE.—If one of the depositors dies, depositor, be deemed to be a single acco
the account
unt in the nfl
shall, as from the date of the death of such .me of the surviving depositor.
(3) Public Account A local auth- Without limit
One in respect of each authority or body
One or two persons authorised for the purpose either jointly or severally at the option of the authority or body.
1-
ority or a law-fully constituted association, institution, or other body for the en- couragement of thrift or for the mutual benefit of its men bers.
Sic 3(i)] THE GAZETTE OF INDIA EXTRAORDINARY ^ 0^ T ypc of account Who may open Mflxirriitn depic ,' Who may operate on the acinurt No. of accounts ll-nt i:an be opener(4) Security Depo- (a) Employees,
sit Accounts
Without limit.
>
contractors and agents of Gove- rnment or quasi Government bodies or of Corporations or'of Govern- ment Companies or of local au- thorities or of Universities, who are re- quired to de- posit security in their capa- city as such employees, constractors or agents.
(i) Any person Without limit.
Who is required to deposit security in connection with the purchase of a motor vehicle.
(5) Provident
The Authority
Fund Account
Without limit.
controlling the provident fund in the name of the fund or on behalf of its indivi- dual members.
(6) Other Accounts A gazetted Without limit.
Government officer or an officer of a Government company or a local authori- ty in his official CHpa- city or the Reserve Bank of India on behalf of persons or bodies whose moneys are held as de- posit or otherwise with tuch officer or
The pledgee and the pledger to the extent of the am- ount authorised by the pledge.
One In respect of each contract or security in addi- tion to an account in his 'personal' names.
One in respect of
each vehicle.
The pledger on production of written authority from the pledgee.
One on behalf of the fund or one on behalf of each member
The authority con- trolling the Provi- dent Fund or the member on pro- duction of letter of authority from the Authority controlling the Provident Fund in the case of an account opened on behalf of the member.
One on behalf of each person or body.
The officer who open- ed the account or his successor in ofrue".
3o6 THE GAZETTE OF INDIA EXTRAORDINARY [PART I I - S I C, S(i)] Type of account Who may open Maximum No of account Who may operate deposit that can be opened on the accountRs.
Bank or a Re- ceiver appoin- ted by a Court of Law in res- pect of moneys received by him as luch Receiver.
(b) In the proviso to rule 9, alter clause (iii), the following clause shall be inserted, namely:—
"(ili-A) no interest shall be allowed in respect of—
(a) a single account if the balance at credit exceeds Ra. 26,000; (b) a Joint account if the balance at credit exceeds Ra. 50,000."
3. This notification shall come into force on the 1st July, 198B.
[No. F.2(9)-NS/65.1
A. R. SHIRALI, Jt. Secy.