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REGISTERED NO. D. 221

The Gazette of India

EXTRAORDINARY

PART I—Section 1

PUBLISHED BY AUTHORITY

No. 41] NEW DELHI, THURSDAY, FEBRUARY 29,1968/PHALGUNA 10, 1889

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 29th February 1968

No. F 3(6)NS/68. - T he President hereby makes the following are namely : —

POST OFFICE (FIXED DEPOSITS; RULES 1968

1. Title, commencement and application (1) These rules may be filed the Office (Fixed Deposits) Rules, 1968

(2) They shall come into force on the 15th March 1968 .and shall applied the Fixed Deposit accounts opened on or after the said date

2. General.—The Scheme of Fixed Deposits will be operated through the Post Offices and will be governed by the Office Savings Bank Rules 1965, on matters of provided for under these rules

3. Definition.—In these rules, unit , the context otherwise requires (a) "account" means the account of a depositor in a Fixed Deposit in the Post Office;

(b) "Fixed Deposit" means a deposit made under these rules in the Post Office for a specified period;

(c.) ''Form' means a form appended to these rules,

( 177 )

^dj ''guardian" means a person entitled, under the law for the time being In force, to have the care of the' property of a minor or. os the case may be. ol! a person of unsound mind;

(e) "post office" means any post office in India doing Savings Bank work; and

(f) "year" means twelve calendar mouths commencing from the date from

which it IK computed.

4. Types ol accounts and matters connected therewith.—(1) The types of accounts which may be opened, the rjersons by whom, such accounts may b" opened and operated upon, the maximum amount that can be deposited by any person in an account and'other matters connected therewith shall be as specified under the respective columns in the Table below, namely :—

TABLE

-Who may operate the- Type of account

Who may open Maximum 1 Number of

account

accounts that can be < tpene<

i

per- missible amount of fixed deposit

I

2

5

4

Rs.

(i) Single Account

25,000 One

. (a) A person who haa

attained the age of majority and who is of sound mind (htre- inafter referred to as an adult).

The adult : An illi- terate adult may- operate on lii" ac- count through a literate a eent nominated by mm for rhe purpose.

25,000

The minor.

One

25,000

(6) A minor 00 A guardian on be- half of a minor.

TOneon behalf ofeach minor

The guardian during the minority of the minor and there after by the ex- minor. The guardian.

2J.OOO

(4) A guardian of a per- son of unBound mind.

One on behalf of each person of unsound mind.

Note :— In the case of a person of unsound rnind confined in a mental

hospital, rhc Superintendent of the mental hospital may open an account on behalf of the person so confined and operate on it.

50,000 One (a,

(a) Joint Account

Two adults payable to

) Both the deposi- tors jointly or the the survivor.

V) Either depositor (a) both jointly or sur- vivor, or (b) either or survivor.

(1

or survivor.

NOTE :—i If one depositor dies, the weeount shall, as from the date of death of such depositor, be deemed to be a single account in the name of the surviving depositor

limit ai

gpect of an individual depositor in relation to Survivorship or and

ortsaid in w the surviving >assed by S fote 1.

2 The maximum penon shall no the amount th account eft spei

t "pply to 1 at has t rifled in K

(2) Where an account opened In accordance with sub-rule (1) Is for an .amount which is less than the maximum permissible amount of fixed deposit in reaped; thereof, the person who has opened that account may deposit further amourrts lij the same account so however that the maximum amount aforesaid Is not exceeded and every such deposit shall be treated as a separate fixed deposit for the purpose <>i (-oinpuiing '.'••:. period in respect thereof.

5. Limitations as to opening accounts,—No adult shall have more than one account opened whether in his own name or joint with another.

6. Deposit.—Each fixed deposit shall bf for a period of five years commencing from the date of that deposit.

I. Manner of deposit.—(1) Any person authorised to open an account under rule 4 and desiring to make a llxed deposit for the first time shall aplly to the Post Office in Form A, together with; the amount of deposit which shall be In integral multiples of rupees fifty,

(2) On receipt of an application under sub-rule (1), the post office shall open 111 account in the name of the depositor and Issue a passbook to the depositor wherein the amount deposited as also any amounts subsequently deposited by him shall be entered over the signature of the postmaster with the date stamp.

(3) Every fixed deposit shall be made in cash or by crossed cheque drawn in favour of the depositor or the postmaster:

Provided that in the case of an outstation cheque the collection charges, at a rate that may be fbted by the Director General Posts and Telegraphs, shall be payable in respect of such cheque.

8. Bepaymeiit.—(1) Each rixed deposit made in a depositor's account will be- come payable only after the expiry of five years from the date each such deposit.

(2) For every fixed deposit of Rs- 50, the amount payable under sub-rule (1) shall be Rs. 62.50 palse. For fixed deposits of other denominations, the amounts payable shall be calculated proportionately.

(3J The repayment of fixed deposit shall be made only on the production of the passbook accompanied by an application In Form B,

(4) The amount of every repayment shall be entered in the pass-book over the signature of the postmaster, with the date stamp.

U. Repayments of fixed deposits from accounts opened on behalf of a minor or a person of unsound mind.—A repayment shall be made, during Ihe minority of the minor or during the lunacy of the lunatic, to the guardian.

10. Nomination.—(1) A depositor who is tin individual may nominate in Form C, one or more persons, who shall be entitled to receive payment of the fixed deposit in his account, In the event of his death before the fixed deposit has be- come payable or having become payable, has not been paid.

(2) Where the fixed deposit is payable to two or more nominees and either or any one of them is dead ,the amount shall be paid to the surviving nominee or nominees-

(3) No nomination shall be made in respect of an account opened or to be opened on behalf of a minor or a person of unsound mind.

(4) A nomination made by a depositor under sub-rule (1) may be cancelled or varied by the depositor by submitting an application in Form D together with the passbook to the Post Office at which his account stands.

(5) Every nomination and every cancellation or variation thereof shall be effective from the date It is registered in the Post Office which date shall be noted in the passbook.

(6) If the nominee is a minor, the depositor may appoint any person to receive the fixed deposit in the event of his death during the minority of the nominee.

II. Transfer of an account from one Office to another.—A depositor may have his fixed deposit account transferred free of charge to any other post office on making an amillcation.

12. Power to done fixed deposit accounts—If a fixed deposit account Is found to have been opened In contravention of any proviaion contatned In these rulee, tbe Head Postmaster may at any time cause the account to be closed and the amounts deposited refunded without Interest.

FORM A

[See sub-rule (1) of rula]

INDIAN POSTS AND TELEGRAPHS DEPARTMENT

APPLICATION FOR OPENING A FIXED DEPOSIT ACCOUNT

To

The Postmaster

I/We tender herewith Rs . . . (in words)

. only foi opening a Fixed Deposit in the name^} of

s/o, d/o, \v/o

address

*If the account is to be opened f Date of birth of minor

on behalf of a minor- -i Date of majority

^Strike out If not applicable- [_ Relationship with guardian

I/We hereby agree to abide by the Post Office (Fixed Deposit) Rules 1D68, und the amendments that may be mnde thereto from time to time-

Signature(s)/Thumb-lmpivs^ion

of depOBitor(s) Doted - ~ —

FORM B

[See sub-rule (3) of rule 81

APPLICATION FOR WITHDRAWAL

To

The Post Master

Account N o . - — - ™ - — — — — —-

I hereby apply for repayment of the deposit of Rs mao> on in the above account.

PARTICULARS OF MESSENGER

Name of the Messenger

Signature of the Messenger

Signature oil Identifier (if necessary)

Signature/Thttmb-impression

of depoflitor(s)

Dated . —

Dated —— ————

j ^B The attention of the depositor is drawn to the instructions printed on the cover of the Passbook.

[PARI 1-SKC. I] THE GAZETTE Of INDIA EXTRAORDINARY I gl

CAUTION

The receipt for payment is to be signed only at the time of actual payment. The Post Office will not accept any liability for any loss sustained by the depo- sitor as a result of disregard of this direction,

REVERSE

Date of Repayment

WAHBANT OF PAYMENT

Account No.

Passed for payment of Rupees (In words)

Rupees (in figures)

Signature of Postmaster

Post Office Date—Stamp

;

Receipt for payment

Received payment of Rupees (in words) only,

Rupees (in figures) —

Signature/Thumb-impression of the depositor (s) or Messenger

Dated

Signature of Identifier (if necessary)

Dated

FORM C

(See rule 10)

I

hereby nominate the person(s) mentioned below to whom, to the exclusion of all other persons, In the event of my death, the amount standing at credit in my Fixed Deposit account No shall be payable.

Serial Name of the nominee Full Address Date of birth of

nominee in case of minor

As the nominee (s) at SI. No

is/are minor(s), I appoint Shri/Smt/Kumari (full address) to recover the sum due in the event of my death during the minority of the nominee(s). Signature and Full Address

Signature of Depositor of Witness

ORDERS OF THE HEAD POSTMASTER

The fixed deposit account has been opened on for Rs

Date Stamp.

under Account No . . . . a nd nomination has been registered.

Signature of Head Postmaster.

FORM D

(See sub-rule (4) of rule 10)

INDIAN POSTS AND TELEGRAPHS DEPARTMENT

Serial No

APPLICATION FOR CANCELLATION OR VARIATION OF NOMINATION PREVIOUSLY MADE IN RESPECT OF FIXED DEPOSIT ACCOUNT NO TJNDEB' POST OFFICE (FIXED DEPOSITS) RULES, 19R8-

(In the case of an account which stands in the books of a Sub or Branch Savings Bank, the implication may be made through the Sub or a Branch Savings Bank).

To

The Head Postmaster (through )

I,

, the depositor in respect of Fixed Deposit account Xo hereby cancel the nomination made by me in respect of Fixed Deposit Account No-

•In place of the cancelled nomination, I hereby nominate the persons/mentlon- * 'i below who shall, on my death, become entitled to the payment of the sum due rn the above account to the exclusion of all other persons. The Pass Book is c-iiclosed.

Serial No

Name of the nominee Ful! Address Date of birth of nominee in case of minor

"To he filled in case of variation only.

As the nomirice/s at serial No is/are mint, v/s, I appoint Shri/Shrimati/ yaim^rl . . (name aid full address) as the person to recover the sum (ILIC f"i the Fixe-1 Deposit account in the event of my death during the minority of th r.OTunee/s.

(.0 Address fin cjFe'of an illiterate depositor, father's name should be given). Witness: Name Address Name (2) Address

Yours faithfully,

Signature (thumb impression if illiterate) of depositor,

N.B.—In the case of illiterate depositors, the witnesses shall be persons whose -,i;*na'tures are known to the Post Office-

Date Stamp of the Post Office Signature of the Head Postmaster,

A R. SHIRALI. Jt- Secy

PFTN'TED IN INDIA BY THE GENERAL MANAGER, GOVERNMFNT OE INDIA PRESS NEW DELHI AND PTJBLIS-IEB BY THE MANACFR OF PUBl ICATTONS, bELHt, 1 9 63