REGISTERED No. D-(D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 257] NEW DELHI, TUESDAY, JULY 27, 1976/SRAVANA 5, 1898
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 27th July 1976
G.S.R 485(E).—In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of -1873), the Central Government makes the following rules further to amend the Post Office Savings Banks Rules, 1963, namely:—
1. (1) These rules may be called the Post Office Savings Bants (Third Amendment) Rules, -1976.
(2) They shall come into force on the 1st day of August 1976.
(1899)
1900 THE GAZETTE OF INDIA EXTRAORDINARY PART II—SEC. 3(i)2. In the Post Office Savings Banks Rules, 1965, (hereinafter referred to as the said rules), in the Table below rule 3 after item (1) relating to "Single Account", the follow- ing item shall be inserted, namely:—
Type of Account
Who may open
Who may operate the account.
Maximum No. of Balance accounts thfit can be opened
"(IA) Pension Account
A pensioner, being a retired railway Servant.
25,000 in One an account or in all the account taken together if t deposi- tor hag more than one account.
(a) Credits : The Head Savings Bank or Sub-Saving" Bank, for crediting to the cccount the amount of pension due to the pensioner on the first working day of the month) followirg the month to which the pension amount relates- (b) Withdrawals : T he account holder,
for making withdrawals.
NOTE 1.—The term 'Pensioner' includes a person drawing family pension.
NOTL 2.—Pension Account may be opened in addition to a single or joint account in
the same Post Offico.
NOTE 3,—The rate of interest in respect of the balance in a Pension Account shall be the same as on a single or joint account, as may be announced by the Central Government from time to time."
3. Rule 19 of the said rules shall be renumbered as sub-rule (1) of that rule and after
nub-rule (1) as so renumbered, the following sub-rule shall be inserted, namely:—
"(2) Where in a Pension Account opened under rule 3 any amount has been credited in excess of the sum to which the pensioner was entitled, the Head Savings Bank or Sub-Savings Bank shall recover such excess amount".
[No. F.2(15)-NS/76]
K. N. ROW, Jt. Secy.