REGISTERED No. D (D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 409] NEW DELHI, THURSDAY, DECEMBER 17, 1981/AGRAHAYANA 26, 1903
Separate paging is given to this Part in order that it may be filed as a separate
compilation
(1891)
1086 GI/81—1
1892 THC.G A/HTTP. OF INDIA : EXTRAORDINARY [Wwu U—Snc. M'\)] 1893 1894 THE GAZETTEIOF INDIA : EXTRAORDINARY [PART U - S E C. 3(i)1 1895 1896 THE GAZETTE OF TNDIA : EXTRAORDINARY [PART LI—SEC. 3(i)]MINISTRY QV FINANCE
(Department of Economic Affairs)
NOTIFICATIONS
New Delhi, the 17th December, 1981
G S.R.
1. Short title, application and commencement.—(1) These rules may be called the Post Office Savings Bank General Rules, 1981.
(2) They shall be applicable to the following accounts
in the Post Office Savings Bank, namely :—
la) Savings Account.
(b) Cumulative Time Deposit Account.
fc) Recurrinn Deposit Account.
dl) Tiniw Deposit Account.
(3) They shall come into force on the 1st JHV of
April, 1982.
2. Definitions.—In these rules, unless the context other-
wise requires.—
(.a) ''account" means a Suvkujs Account, a Cumulative Time Deposit Account, a Recurring Deposit Ac- count or a Time Deposit Account;
< b) "authorised" means authorised by the Director
General, Posts and Telegraphs;
fc) "balance" means the balance at credit of an ac-
count;
(d) "Branch Savings. Bank"' means a Brunch Post Office
which is functioning also as a Savings Bank ;
fe) "Cumulative Time Deposit Account" means an account opened under the Post Office Savings Bank (Cumulative Time Deposit) Rules, 1959 or under the Post Office Cumulative Time Deposit Rules, 1981 ;
(f) "Extra Departmental Sub Savings Bank" means
a Sub Savings Bank in charge of a pnrt-time em- ployee ;
(s) "Form" means a form appended LO these rules :
1897(h) "guardian" in relation to a minor or a person or
unsound mind means —
(i) either father or mother ; and
(i) "Head Postmaster" means an officer in charge of a Head Saving Bank and includes a Deputy Postmaster or an Assistant Postmaster to whom the powers of the Head Postmaster have been delegated;
(j) ''Head Saving Bank" means a Head Post Office which is functioning also a Savings Bank but does not include a Head Post Office declared by the Director General, Posts and Telegraphs to be Sub Savings Bank:
(k) "joint account" means an account opened by two adults or three adults, as the case may be, in their names;
(1) "Post Office Savings Bank" means a Head Savings Bank and includes a Sub or Branch Savings Bank;
(m) "prescribed" means prescribed by the Director
General, Posts and Telegraphs ;
(n) "Recurring Deposit Account'' means an account opened under the Post Office (Recurring Deposits) Rules, 1970 or under the Post Office Recurring Deposit Rules, 1981;
(o) "Relevant Head Savings Bank", in relation to an
account, means the Head Savings Bank in which • the account stands or to which the Savings Bank where the account stands, is subordinate ;
(p) "relevant rule" means a rule under these rules, the Post Office Savings Account Rules, 1981. the Post Office Time Deposit Rules, 1981, the Post Office Recurring Deposit Rules. 1981 or the Post Office Cumulative Time Deposit Rules, 1981 ;
(q) "relevant Sub Savings Bank", in relation to an account, means the Sub Savings Bank in which the account stands or to which the Savings Bank where the account stands is subordinate;
(r) "Savings Account" means an account opened under the Post Office Savings Bank Rules, 1881, of under the Post Office Savings Banks Rules, 1965, or under the Post Office Savines Account Rules, 1981;
(s) "Savings Certificate" means a certificate issued under the Government . Savings Certificates Act, 1959 (46 of 1959):
(t) "single account" means an account opened by or
on behalf of an individual person in his name;
(u) "Sub Savings Bank" means a Sub-Post Office which is functioning also as a Savings Bank and includes a Head Post Office declared by the Direc- tor General to be a Sub Savings Banks, but does not include an Extra-Departmental Sub Savings Bank;
(V) "Time Beposit Account" means an account opened Under Post Office (Time Deposits) Rules, 1970 or under the Post Office Time Deposit Rules, 1981.
3. Opening of an account.—A depositor desiring to open an account in a Post Office Savings Bank may make an application to it in Form 1.
Ait P!aCC w deposit—(I) In t he M se of an amount stan- fl 8t/ /c -ad Srm,^ B a n k' a d e p o s it m ay be made at the Head Savings Bank or at any of its Sub Savings Banks.
(2) In the case of an account standing at a Sub Savings Bank, a deposit may be made at the Sub Saving Bank or at he relevant Head Savings Bank or at anv of it Sub- Saving* Hanks.
° (3) In the case of aa account standing at a Branch Savings Bank, a ' deposit may be made at the Branch Savings Bank or at the relevant Head Savings Bank or re- levant Sub Savings Bank.
5. Mode of deposit.—(1) Deposit in a Post Office Savings Bank may be made in cash or by surrender of Savings Stamps or Indian Postal Orders or Postal Orders issued by British authorities and deposit in Head Savings Bank and Sub Savings Bank may ako be made by means of—
(a) a cheque or a demand draft drawn in favour of the depositor or the Postmaster and crossed gene- rally or specially in favour of the Head Savings Bank or the Sub Savings Bank, as the case may be;
(b) a pay order ;
(c) an income tax refund voucher or income tax
;'efund orders ;
(d) an interest warrant issued by the Reserve Bank of India or a Defence Deposit Certificate or instal- ment of an Annuity Certificate;
(e) withdrawal or discharge of any amount payable on an account or savings certificate held by the depositor.
(2) Each deposit shall be accompanied by a pay-in-slip in the manner prescribed and the counterfoil of the pay- in-slip shall be returned to the tenderer duly receipted.
(3) Except as specified in the Post Office Cumulative Time Deposit Rules, 1981 and the Post Office Recurring Deposit Rules. 1981, the date of credit in an account of money deposited by cheque or other instrument shall be the date of its encashment and not the date of its presentation, tation.
(4) Where a deposit is made by means of an outstation cheque or instrument, collection charges at the prescribed rate shall be payable along with the deposit.
6. Withdrawal.—(1) Withdrawal from an account at a Sub-Savings Bank or Branch Savings Bank is subject to the availability of funds.
(2) No withdrawal exceot to the extent of the amount prescribed shall be allowed from an Extra Departmental Sub Savings Bank or a Branch Savings Bank without prior sanction of the relevant Head Savings Bank or the relevant Sub Savings Bank, as the case may be.
(3) In the case of an account standing at an Extra Departmental Sub Savings Bank or a Branch Savines Bank, withdrawal may also be made from the relevant Hefid Sav- ings B-->nk on the relevant Sub Saving, Bank to the extent of the amount actually credited to the account in such Head or Sub Savings Bank.
(4) In the case of an account onened on behalf of a minor or a person of unsound min.i, n withdrawal during the minority or lunacy of the depositor shall bt permitted on—
(a) the guardian, or
(b) where the person of unsound mind is confined in a mental hospital, the superintendent of such hospital,
furnishing a certificate in the following form :
"Certified that the amount sought to be withdrawn is
required for the use of Shri/Smt./Km. who is a minor/a person of unsound mind and is alive this day".
7. Identification of the deoositor.—Identification of a de-
positor at the time of withdrawal under rule 6 shall ordi- narily be made bv verification of his signature appearing on the instrument of withdrawal with his snecimen signature kept on record in the Post Office Savings Bsnk and in cases where identification cannot be done as aforesaid, it may be done on the basis of identity eaH. if any, issued to him hv The Post Office or in such other manner as may be prescribed.
1898 THE GAZETTE OF INDIA : EXTRAORDINARY [PART U—SI>C. 3(0]8. Pass Book.—(1) On openins an account, th" depositor shall lie given a rws hook bearing the number of bis account, his name, occnji.iti^i nr profession, address and entry of his first deposit duly initialled by an authorised official of the post office Savings Bank.
(2) ll shnll be the responsibility of the depositor to keep
the pass book in safe custody.
(3) If the pass book is lost, stolen, destroyed or spoilt while In custody of the depositor, he shall b© issued a duplicate pass book on his paying a fee of two rupees and on completion of such enquiries as the Post Office Savings Bank may consider necessary and no such fee shall be charged if the Head Postmaster is satisfied that the cir- cumstances in which the pass bo.il- was lost, stolen, destroyed or spoilt were beyond the control of the depositor.
(41 The pass book shall ordinarily be presented fop all withdrawals and deposits, other thain those made by a cheque, and in cases where a deposit or withdrawal is made without production of the pas9 book, the pass book shall be presented to the Post Office Savings Bank as soon as possible thereafter for bringing it uptodate.
(5) When the pass book is returned duly completed, the depositor shal] bring the error* or omissions therein, if any, to the notice of the Post Office Savings Bank forth- with and in the event of the depositor's failure to do so, the Post Office Savings Bank shall not be responsible for any loss arising from such errors or omissions,
(61 The pass book shall, as far as possible, be collected from the Post Office Savings Bank by. the depositor on the same day on which it is presented to it under sub-rule (4) and where, for any reason, the pass book cannot be returned on the same day, th© Post Office Savings Bank shall issue a receipt in lieu thereof and such receipt shall bo surren- dered by the depositor at the time of collecting the pass book on a subsequent date.
(7) The Post Office Savings Bank shall not be responsi- ble for any entries in the pass book not authenticated under the initials of its authorised official.
9. Transfer of an account.—A depositor may have his account transferred from one Post Office Savings Bank to another Post Office Savings Bank free of charge by making an application In the prescribed form subject to such con- ditions as may be prescribed.
10. Conversion of an account.—Subject to the provisions of the relevant rules relating to an account, or a written application being made by its holder or holdeis. as the case may be—
CD a single account In the name of an adult may be converted into a joint account in the name of the original depositor and another adult and a joint account in the names of two depositors may be converted into a single account in the name of one of the joint depositors,
(21 in the case of a savings account,—
(i) a joint account in the names of three adults may be converted into a single account in the name of one of the depositors or into a joint account in the names of two adults including at least one of the original depositors;
(il) a joint account in the names of two adults mav be converted into a joint account in the names of three adults, including at least one of the original depositors ; and
(iii) a single account In the name of an adult may be converted into a joint accounut in the names of three adults including the original depositor.
11. Final withdrawal on closure.—Except as otherwise provided in the relevant rules, final withdrawal on closure of an account at n Sub or Branch Savings Bank shall be allowed only aftnr obtaining the sanction of the relevant Head Savings Bank.
12. Nomination.—(11 Subject to the provision? of sub- rules (2) to (71, an adult croenlne n single account or two adults or three adults opening a iolnt account, may by fur- nlshinc the necessary particulars in Form 1 at the time "of opening the account, nominate any person or persons who in the event of death of the depositor or all the depositors, as the case may bo, shall become entitled to payment of tho amount due cm the account and if such nomination ij^not miide at the time of opening the account, it may be made by the depositor of a single account or by the depositors or thB surviving depositor or depositors of a joint account, at any time after the opening of the account but before its closure, by means of an application in Form 2, accompanied by the pass book, to the Post Office Savings Bank where the account stands.
(2) No nomination shall be made in respect of an account opened or to be opened by or on behalf of a minor or a person of unsound mind,
(3) A nomination made under sub-rule (1) may be can- celled or varied by the depositor of a single account or bv the depositors or the surviving depositor or depositors of a joint account, by submitting an application in Form 2, affix- ing postage stamps of the value of one rupee to it, together wilh the pass book to the Post Office Savings Bank where the account stands or to the relevant Head Savings Bank.
(4) The nomination or the cancellation or \ariation of a nomination shall be registered in the relevant Head Savings Bank and the fact of registration shall be noted in the pass book and on such registration, the nomination or cancella- tion or variation of nomination, as the case may be, shall be deemed to be effective from tho date on which It was presented.
(5) A nomination shall become void if the nominee pre- deceases, or where there arc two or more nominees all the nominees predecease, the depositor.
(6) Where any nominee is a minor, the depositor or de- positors making the nomination may, by furnishing the neces- sary particulars in Form 1 or Form 2, as the case- may be, appoint the person to receive payment of the amount due on the account in the event of death of the depositor or depositors. a" the case may be, during the minority of the nominee.
(.7) Where an account Is held by or or. behalf of any person as a pledge* or by way of security for any purpose such holding shall not have the effect of cancelling a nomina- tion but the right of the nominee or nominees shall be sub- ject to the right of the person so holding the account.
Explanation.—In this rule and in rule 13, "single ac- count includes a pension account and a security deposit ac- count and "joint account" includes a security deposit account.
13. Payment on death of depositor.-—(1) In the event of death of the depositor of a single account or of all the depositors of a joint account, the amount due on the account shall be payable as specified in sub-rules (21 to (5).
(2Xa1 If a nomination made under rule 12 Is in force at the time of death of the depositor of a single account or the surviving depositor in the case of a joint account, the nominee or nominees surviving such depositor may make an application in the manner prescribed to the relevant Head Savings Bank for payment of the amount due on tho account and. such application shall be accomnanied by proof of death, of the depositor or depositors, es the case may be, and, whore any other nom'nee has predeceased the depositor, by proof of death of such nominee.
(b) If there is only one surviving nominee, (he amount due on the account shall on his making an application as afore- said, be payable to him.
(el Tf there arc two or more surviving nominees, the an- plication as aforesaid mav either be made by them jointly in which cfise the amount due on tjie account shall be payable to thrm jointly, or be made by each one of them separately In which case each such nominee applicant shall be entitled to receive on equal share of the amount due on the account.
(31 Where the surviving nominee Is a minor, the payment under sub-rule (21 shall be made to the person appointed under sub-rule (61 of rule 12 to receive snch pavmrnt and, if there is no such person, to the Ruardinn of the minor,
(4) (ai Tf there is no nomination made under rule 12 which force at the time of death of the derjosltor of a slnnie nc- count or nf the survjvinfi depositor 3n the case of a iofnt account, (he legfil heir of such depositor mav at any fme
1899make an application in the manner prescribed to the relevant Head Savings Bank for payment of the amount due on the account and such application shall bo accompanied by a succession certificate under the Indian Succession Act, 1W5 (39 of 1925) or a probate of will or a letter of administra- tion in support of claim to legal heirship of the applicant.
(b) The Head Postmaster, after verification of the authenti- city of the documents produced, may make payment of the amount due on the account to the applicant.
14. Payment of amount at credit in an account held by Army, Air Force and Navy Personnel.—Notwithstanding any- thing contained in rules 12 and 13, where an account holder serving in the Army, Air Force or Navy, dies or deserts, the Commanding Officer of the Corps, department, detachment, unit or ship to which the nccount holder belonged, or the Committee of Adjustment, as the case mny be, moy send a requisition to the officer in charge of Ihe Post Office Savings Bank where the account stands for payment of the amount due on the account to the Commanding Officer or the Com- mittee of Adjustment; and Lhe Officer in charge of the Post Office Savings Bank shall be bound to comply with such re- quisition even though there is in force at the time of death or desertion of the account holder a nomination mude in favour of any person.
EXPLANATION : The aforesaid requisition must be made under section 3 or section 4 of the Army and Air Force (Disposal of Private Property) Act, 1950 (40 of 1950) in the case of a person belonging to the Army or the Air Force, or under Section 171 or section 172 of the Navy Act, 1957 (62 of 1957) in the case of a person belonging to the Navy.
15. Responsibility of the Savings Bank.—The Post Office
Savings Bank shall not be—•
(a) responsible to a depositor for any fraudulent with- drawal by a person obtaining possession of the pass book or a cheque from the cheque book of the depositor;
(b) liable if any fraud takes place clue to failure of the
depositor to ensure that the amount sought to be withdrawn is entered in the application for withdrawal before the same Is presented at or sent duly signed by him to the Post Office Saving Bank for with- drawal;
(c) resposiblc to a depositor, if he or, in case the with- drawal form is presented by his a^enr, the agent, fails to ensure that tho receipt for the payment i§ signed by him or Uw agent, as the case may be, only at the time of actual payment and not at the time of presentation of the application for withdrawal.
16. Accounts opened incorrectly.—(1) Where an account is found to have been opened incorrectly under a category other than the one applied for by the depositor, it shall be deemed to be an account of the category applied for if "he was eligible to open such account on the date of his applica- tion and if he was not so eligible, the account may, if he so desires, be converted into an account of another category ab initio, if! he was eligible to open an account of such cate- gory on the date of his application.
(2) In cases where the account cannot be so converted, the relevant Head Savings Bank may, at any time, cause the account to be closed and the deposits made in the account refunded to the depositor with interest at the rate applicable from time to time to a savings account of the type for which the depositor is eligible.
17. Accounts opened in contravention of rules,—Subject to the provisions of rule 16, where an account is found to have been opened in contravention of any relevant rule for the time being in force and applicable to the accounts kept in the Post Office Savings Bank, the relevant Head Savings Bank may, at any time, cause the account to be closed and the deposits made in the account refunded to the depositor without interest.
18. Recovery of amount paid in excess.—The Head Sav- ings Bank shall be competent to recover any interest or any other amount paid in excess in the same manner as an urtear of land revenue.
19. Interpretation.—If any question arises relating to the interpretation of any relevant rule, it shall be referred to the Central Government for a decision.
20. Power to relax.—Where the Central Government is satisfied that the operation of :iny relevant rule causes undue hardship to the depositor or depositors of art account, It may, by order, for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsis- tent with the provisions of the Act.
F O RM 1
[See rules 3 and 12(1) and (6)]
POST OFFICE SAVINGS BANK
APPLICATION FOR OPENING AN ACCOUNT
| " Name of Post Office ~|
\ Account No. I
1. Pleasoopona • .^ „_„—^^^_^_^_ __
SAVINGS CID/RD TIME DEPOSIT Account — — -— 1/2/3/5/Year ' Denomination
in the name(s) of :
Name(s) and addresses) •• (i)
* (10
• (Hi) .;
Rs.
„ ,
;
* Strike out portions not applicable. •* If minor, date of birth date of maturity , applicant's
relationship
1086 81—2
1900 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]£2. Introducer's
(Olntme and address
(ii) Signature
•3. The account will be operated
| JOINTLY/SEVERALLY |
•4. I/We hereby undertake to keep the balances In all my/our SAVINGS/CTD accounts, single or joint at any time within the limit specified In the relevant rule, and also to furnish, upon demand from the Post Office Savings Bank, particulars of all such accounts.
5. I/We aeree to abide by such rules framed by the Central Government as may be applicable to the account from time to time.
(r. I/We nominate the person(s) named below, under section 4 of the Government Savings Bank Act, 1873 <5 of 1873), to be the sole loeipient(s) in the event of my/our death, of the amount standing at the credit of the account.
Name t*nd address of nominee
If nominee is minor
Date of birth Name and address of person who may receive the said amount
during the minority of nominee.
•The name(s) of nomince(s) may not be entered in the pass book.
Witness ; Signature
Name and address
7. Specimen signatures:
[ Name
Specimen signatures
(i)
(ii) . m (0
00
(Hi)
Signatures) or Signature of
Thumb impression, if illiterate,
of applicants) Branch Postmaster
Date Stamp :
Sub Postmaster
Head Postmaster
Date Stamp
Date Stamp.
£ To be filled only for SAVINGS account with cheque facility,
* Strike out portions not applicable
1901FORM 2
(See rule 12(1), (3) and (6))
POST OFFICE SAVINGS BANK
APPLICATION FOR NOMINATION OR CANCELLATION OR
VARIATION OF NOMINATION
I ~ Name of Post Office j
] Account No^.. :_1I. J^J-- I
•1/wc tho depositor(s) of saving
If nominee is minor
Name and address of — — —— — • • ••-••• • • nominee Date of birth Name and address of person who may receive the said amount
during the nomineo's minority
* $ The a namc(s) of nominee(s) may not bo entered In the pass book, *£ 2. This nomination supersedes the previous nomination made in respect of ilie said account which stands registered, under no
on
(date}.
*.S)3. No nomination hai been previously made in respect of the said account which is in force.
(•]_ 4. I/we, the dcpositor(s) of savings/cumulative tirno deposit/recurring deposlte/l/2/3/5-year time deposit account No. hereby cancel the nomination made in respect of the s:iid account which stands registered under no. on.
(date).
5. The pass book for the account is enclosed.
Signaturc(s) or thumb
impression, if illiterate and
nnms(s) of dopjsitor(sj.
Witness : Signature :
Name and address
,
Signature of:
Branch Postmaster
Date Stamp
Sub Postmaster
Date Stamp.
Head Postmaster
Date Stamp
• Strike out if no nomination is required.
£ Strike out if no previous nomination Is in force.
©Strike out if a previous nomination is In force.
+ Strike out if nomination or variation thereof is required.
$ Striko out if not required.
[ F. N o, 3/U/81-NS(i)]
1902 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 1903 1904 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)) 1905 1906 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]G.S.R. 6
1. Short title and commencement.—(1) These rules may be
called the Post Office Savings Account Rules, 1981.
(2) They shall come into force on the 1st day of April,
1982.
2. Definitions.—In these rules, unless the context other-
wise requires,—
(a) "account" means a Savings Account;
(b) "Government company" means a Government com- pany as defined in section 617 of the Companies Act, 1956 (1 of 1956);
(c) "Local authority" means a Panchayat, District Board, Municipal Committee (whether known as Corpo- ration, Municipality or by any other name), body of Port Commissioners Or other authority legally entitled to or entrusted by the Government with the control or management of any municipal or local fund:
(d) "provident fund" means—
(i) a provident fund to which the provisions of the Provident Fund Act, 1925 (19 of 1925) apply;
TABLE
Who may open
Type of Ac;ount
(ii) a recognised provident fund within the meaning of clause (38) of section 2 of the Income-tax Act, 1961 (43 of 1961), or a provident fund estab- lished by or under any law for the time being In force;
(e) "Sanohayika" means a Savings Bank run in any school or college for collecting the savings of stu- dents of the school or college;
(f) "year" means a year commencing on the 1st day of
April;
(g) words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981, have the meanings respectively assigned to them in these rules.
3. Application of the Post Office Savings Bank General Rules, 1981.—For matters not provided in these rules, the provisions of the Post Office Savings Bank General Rules, 1981 shall apply.
4. Types of Savings Accounts and matters connected there- with.—The types of accounts, the persons by whom such accounts may be opened and operated upon, maximum amount that can be credited to the account and other maiters con- nected therewith shall be as specified in the Table below, namely :—
Who may operate
the account Number of accounts that can be opened
Maximum balance exclu- ding interest for tho current year
2
1
A. INDIVIDUAL ACCOUNTS
1, Single Account (a)
4
5
3
Any number of accounts but not more than one sccount st one Post Office Savings Bank.
Rs. 25,000 in an account or in all the accounts taken together, If a depositor has more than one account.
A person who has attained the age of majority and who is of sound mind (here- inafter referred to as an adult).
Rs. 25,000
(b) A minor who has attainod the age of 10 years.
(c) A guardian on be- half ofa minor.
The adult. An illiterate, blind or otherwise physica lly ha ndica pped adult may operate on his a ccount through a literate agent, nomi- nated by him for tho purpose.
The minor.
One
One on behalf of each
minor.
The guardian during the minority of the minor and thereafter the ex- minor.
RH, 25.000 inclusive of the balance In the ec- count, if any, opened by the minor himself.
Rs. 2J.000
(d) (i) A gucrdion of a person of un- sound mind.
Rs. 25,000
(ii) The Superinten-
dent of the Mentol Hospital where a person of unsound- mind is con- fined.
(a) The guardian, One on bete If of each person of unsound mind.
One on behalf of eech person of unsound mind.
(b) The Superintendent of the Mental Hos- pital.
One on behalf of e^ch
Without limit.
(e) An authority con- trolling a Provident Fund, Superannua- tion Fund or Gra- tuity Fund, on be- half of its individual members.
member.
The authority controlling the Fund or the mem- ber on production of a letter of authorisa- tion from such autho- rity.
1907 1 5 3 4 2 2. Two or three adults.All the depositors or both the survivors or the sole survivor as the acse may be.
Any number of accounts but not more th- n one Joint r ccount r t one Post Office Savings Benk.
Joint Account (i) A-Type, thpt Is to si'y, payable to tho depositors jointly or to two survivors Jointly or to the sole survivor.
Rs. 50,000 in an account. If tho depositors have more thr n one' ccount (single, pension or joint), the b3 It nces or shr res of balances in f 11 such s ccounts tr ken tcge- ther should not exceed Rs. 25,000 for erch of the depositors.
One of the depositors or Two or three adults.
Any number of account!: but not moie thfir ore Joint account •• t one Post Office Savings Bank.
e:thei of the IVT -UI- viivos, or the ^olc survivor, as the case may be.
(ii) B-Type, that is to say, payable to ?ny one of the depositors or to either of the two survivors or to the sole survivor.
Rs. 50,000 in p n account. If the depositors h; ve nr.re thr n one account (single, pension or joint), the balrnces or shares of blfnces in B 11 such' ccounti ta ken together should not exceed Rs. 25,000 for each of the depositors i.
One.
Pension Account.
3.
A pensioner, being a re- tired Railway serv?nt or a servrnt of the Posts and Telegrfphs Department.
Rs. 25,000, inclusive of balances in single accounts, if any, and share cf balances in joint accounts, if r ny, opened by the depositor.
(r) The Head Savings Bsrk or Sub- Sovings Bpnk. for crecM^nF to the ac- count the ?mourt of pension due to the pensioner on the first working day of the month follow- ing the raomh to which the pension amount relates and for recovering any amount credited In excess of the sum to which th" pensioner wa" entitled
(b) The pensioner, for making withdraw- al*.
B. GROUP ACCOUNTS
The authority controlling Without limit
One on behalf of tho ' rhe authority controlling 4.
the Fund.
Fund.
the Fund, In the name of the Fund.
Provident Fund, Su- perannuation Fund or Gratuity Fund Account.
Without limit
One
Sanchayika Account
3.
The authority control- ling the funds of the Sanchayika.
One or two person'; authorised by the au- thority controlling the funds of the Sancha- yika.
C. INSTITUTIONAL ACCOUNTS
Without limit
One in respect of each
6. Public Account
authority or body.
One or two persons authorised for the purpose either jointly or severally at the option of the au- thority or body.
A local authority or a lawfully constituted association, institution or other body for en- couragement of thrift or for mutual benefit of Its members.
D. OTHER ACCOUNTS
One in respect of each
Without limit.
7. Security Deposit Ac-
contract or security.
count.
The pledgee, or the ple- dger to the extent of the amount authorised
by the pledgee.
(a) An employee, con- tractor or agent of a Government body or of a Corporation or of a Government com- pany or of a University who is required to de- posit security in his capacity as such em- ployee, contractor or agent.
1086 GI/81—3
1908 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)l 3 4 5 1 2One in respect of each
vehicle or tractor.
The amount required to be deposited as security.
(b) Any person who is required to deposit security in connection with the purchase of a motor vehicle or any person singly or per- sons jointly who is or are required to deposit security In connection with the purchase of a tractor.
The pledger (or the pled- gers jointly) to the extent authorised by the pledgee.
Without limit.
(c> A Co-operative Society or a Co-operative Bank with whom Govern- ment servants are pla- ced on foreign service or deputation, for payment of their pay, leave salary and pen- sion contribution.
One in respect of each Cooperative Society or Bank,
The pledgee, or the ple- dger on the written authority of the ple- dgee, through one or two persons authori- sed for the purpose either jointly or severally at the option of the Co-operative Society or Bank who will ple- dge the account to the Governor of the State.
Without limit.
8. Official Capacity
Account
(i) Gazetted Government Officer or an officer of a Government com- pany or Corporation or the Reserve Bank of India or a local au- thority in hU official capacity on behalf of persons or bodies whose moneys are held as deposit or other- wise with such officer,
(ii) A receiver appointed by a Court of law In respect of moneys re- ceived by him as such receiver.
One on behalf of each
person or body.
The officer or receiver who opened tho ac- count or his successor in office.
Note 1: For the purpose of maximum balance, tho depositor's share In the balance of a joint account shall be taken as one-half or one-third of such balance according as the account is held by two adults or three adults.
Note 2: An account standing in the name of a minor under item l(b) or (c) of the Table, shall on his attaining the majority be treated in all respects as an account opened by an adult under item (l)(a) of the Table. '
asthecasomay be,
'
Note 3: Under item l(c) or (d) of the Table, only one account can be opened in respect of a minor or a person of unsound mind ' Note 4: A joint account in the names of two adults may be opened In addition to a slnglo account and pension account held by either or both of the depositors in the same or another Post Office Savings Bank. If one of the joint depositors dies tho joint account shall, as from the date of the death of such depositor, be deemed to be a single account in the name of the surviving depositor. If he is already having a single account In his name in the same Post Office Savings Bank, one of tho two accounts shall be closed.
Note 5: A. joint account in tho names of three depositors may be opened in addition to a single account and pension account *Lffi °y a ny or all of the depositors and joint accounts held by any two of the depositors in the same or another Post OHice Savings Bank. If one of the thrco depositors dies, the account shall, as from the date of death of such depositor bo deemed to be a joint account in the names of the two surviving depositors. If they are already having a joint account m tneir names in the same Post Office Savings Bank, one of the two accounts shall bo closed. In the case of death of one ot the two surviving depositors, the account shall as from the date of death of such depositor, be deemed to be a single DC C (^" *n e.n a r ne of t ne s o le surviving depositor. If he is already having a single account in his name in the same Post Office Savings Bank, one of the two accounts shall be closed.
Note 6: The term 'pensioner' includes a person drawing family pension. A pension account may be opened in addition to a single account or a joint account or both in the same or another Post Office Savings Bank.
Note 7: A. High School or Intermediate College, being an institution within the meaning of the Utlar Pradesh High Schools and intermediate Colleges (Payment of Salaries of Teachers and other Employees) Act, 1971 (Uttar Pradesh Act 24 of 1971) may, jointly with the Inspector as defined in the said Act, open a public account under item 6 of the Table for the purpose or payment ot salaries of its teachers and other employees. Such account may be operated (i) jointly by a representative oi tne mangement and by the said Inspector or an Officer authorised by the said Inspector or (ii) by a representative of the management alone if duly authorised to that effect by the said Inspector or (Hi) by the said Inspector himself or an Officer autnorisod tjy rum in that behalf.
19095. Deposits and withdrawal* in an account—
(1) No account shall be opened with a deposit of less
than five rupees.
(2) No subsequent deposit shall be less than one rupee in the case of cash, savings, stamps and posLnl d tiers and live rupees in the case of a cheque or other instrument accepted for deposit.
(3) No withdrawal shall be for a sum less than one
rupee,
(4) No withdrawal shall be permitted which has the effect of reducing the balance to less than five rupees in an account not having cheque facility or one hundred rupees in an account in which cheque facility has been provided.
(5) Not more than one withdrawal in a day shall be allowed from an account standing at an Extra De- partmental Sub Savings Bank or Branch Savings Bank.
(6) Withdrawal of not less than five rupees may be made by cheque at any Head Savings Bank, or Sub Savings Bank, authorised in this behalf, subject to the con- ditions prescribed.
6. Interest on deposits in an account—
(1) Subject to sub-rules (2) to (9), interest at the rate, notified by the Central Government in the official gazette from time to time, shall be allowed for each calendar month on the lowest balance at credit of an account between the close of the tenth day and the end of the month and such interest shall bo calculated and credited in the account at the end of each year.
(2) Interest shall be allowed only on sums of complete rupees and shall be rounded off to the nearest mul- tiple of five paise and for this purpose any amount of 2.5 paise or move shall be treated as five pulse and any amount less than 2.5 paise shall be ignored.
(3) No interest shall be allowed on an account for any month in which the balance at ciedit is below ten rupees at any time between the tenth and last date of the month.
(4) No interest shall be allowed on an account for any year in which the amount of interest for tho year w less than fifty paise.
(5) No interest shall be allowed on any sum in excess of the maximum balance specified in column (3) of the Table below rule 4.
(6) No interest shall be allowed on an account opened by any Provided Fund, Superannuation Fund or Gratuity Fund in the name of a member, after the expiry of six months from the first day of the month In which the order, or ns the case may be the authorisation for final withdrawal of the balance at credit i$ issued by the authority controlling the Fund.
(7) No interest shall be allowed on a security deposit account after the expiry of three months from tne first day of the month in which the amount secured has been withdrawn by the pledgee or the pledgee has authorised repayment of such amount to the pledger, as the case may be.
(8) If an account is closed in ihe course of a year, inte- rest shall be allowed upto the end of the month preceding the month in which the account u clos- ed.
(9) (a) In the event of death of a depositor, the interest on his account shall be allowed only till the end of the month preceding the month in which notice is issued to the person or persons recognised by the Post Office Saving Bank as being entitled to receive the balance in the said account.
(b) Interest for any subsequent period shall be allowed only if the balance in the account of the deceased Or the share therein to which a claimant is entitled, together with the balances or share of balances, it any, in other savings accounts held by him, doe8 not exceed twenty-five thousand rupees and the claimant gives a declaration to that effect to the Post Office Savings Bank.
7. Confirmation of balance.—The depositor shall present his pass book as soon as possible after the 31st day of March to the Post Office Savings Bank where his account stands, for addition of interest and confirmation of the balance at credit in the account and if the pass book is not so presented by the depositor or collected by him from the Post Office Savings Bank within three months of its presentation. It may entail acceptance by the depositor of the balance as appearing in the books of the Post Office Savings Bank as final.
8. Silent Account.—(1) An account in which a deposit or withdrawal has not taken place for six complete years, shall be treated as a silent account.
(2) No transaction shall be allowed in respect of a silent account without the prior sanction of the relevant Head Saving* Bank.
9. Final Withdrawal on closure.—(1) Except as provided in sub-rule (2), final withdrawal on closure of an account shall be allowed at a Sub-Savings Bank, Extra Departmental Sub- Savings Bank or Branch Savings Bank, only after obtaining the sanction of the relevant Head Savings Bank.
(2) When payment of interest is not involved, final with- drawal on closure of an account may be allowed by a Sub- Savings Bank without obtaining the prior sanction of the Head Savings Bank.
10. Supply of Savings Bank ledger copy.—A depositor may, on payment of a fee of two rupees for every thirty entries or part thereof, obtain copy of his savings account as appearing in the ledger of the Post Office Savings Bank for any period for which such ledger is available.
11. Repeal and Saving.—(11 The provisions of the Post Office Savings Bank Rules, 1881, which are in force and the Post Office Savings Banks Rules, 1965 are hereby repealed.
(2) Notwithstanding such repeal anything done or nny action taken under the rules so repealed shall be deemed to have been done or taken under tho corresponding provisions of these rules or the Post Office Savings Bank General Rules, 1981.
[F. No. 3/15/81-NS (il)]
1910 THE GAZETTE OF INDIA : EXTRAORDINARY [PART H—SEC. 3(i)] 1911 1912 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 19 13G.S.R. 664(E).—In exercise of the powers conferred by section 15 of the Government Saving Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules, namely :—
t Short title and commencement.—(1) These rules may
•be called the Post Office Time Deposit Rules, 1981.
(2) They shall come into force on the 1st dav of April,
1982.
2. Definitions.—In these rules, unless the context otherwise
requires,—
(a) "account" means a Time Deposit Account :
(b) "year" means a yean commencing on the date of
deposit in an account ;
(c) words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules. 1981, huve the meanings respectively assig- ned to them in those rules.
3. Application of the Post Office Savin its Bank General Rules, 1981.—For matters not provided in these rules, the provisions of the Post Office Savinas Bank General Rules, 1981 shall apply.
4. Types of accounts and matteis connected therewith.— (1) There shall be four kinds of accounts, namely, 1-year account, 2-year account, 3-year account and 5-year account Jn- -which deposits can be-made for n period of one year, two years, three years and five years respectively.
1914 THE GAZETTE OF INDIA : EXTRAORDINARY [PART H—SEC. 3(i)](2) The typeo of accounts which may be opened, the persons hy whom such accounts may be opened and operated
and other matters connected therewith shall be as specified in the Table below, namely :—
TABLE
Who may open
Who may operate the account Tl/pe of Account
Number of accounts thay may be opened
(3)
(2)
(4) (1)
A. INDIVIDUAL ACCOUNTS
One or more accounts
1. Single Account.
(a) A person who has attained the age of majority and who is of sound mind (herein- after referred to as an adult)
The adult. An illiterate, blind or otherwise physically han- dicapped adult may operate on his account through a literate agent nominated by him for the purpose.
One or more accounts
The minor.
(b) A minor who has attained the age of 10 years.
(c) A guardian on behalf of a One or more accounts on behalf
of each minor.
minor.
The guardian during the mino- rity of the minor and there- after, the ex-minor.
(d) (i) A guardian of a person
The guardian.
of unsound mind.
One or more accounts on behalf of each person of unsound mind.
The superintendent of the
One or more accounts on behalf of each person of unsound Mental Hospital.
(H) Superintendent of Men- tal Hospital where a person of unsound mind mind.
is confined.
2. Joint account
' Two adults.
Both the depositors jointly or
One or more accounts.
survivor.
(a) A-Type, that is to say, pa- yable to both jointly or to survivor.
- Two adults.
One or more accounts.
Either of the depositors or
survivor.
(b) B-Type, that U to say. pay able to either of the depo- sistors or survivor.
B. GROUP ACCOUNTS
(i) Provident Fund account.
One or more accounts on behali f The authority controlling the 3.
I of the Fund.
fund.
(ii) Superannuation fund
The authority controlling a Pro- vident-Fund, a suprannuatior Fund or a Gratuity Fund,
account.
in the name of the Fund,
(iii) Gratuity Fund account.
prescribed by the Central Govern- Iling the Fund may open an account or is otherwise followed by such I
Note :—An authority control mentis applicable to, <
t only if the pattern of investment ] rund.
The authority controlling the One or more accounts.
Sanchayika account.
4.
funds of the Sanchayika.
One or more persons authori- sed by the authority control- ling the Sanchayika.
Note:— An authority controlling the funds of a Sanchayika may open only 1-year and 2-year accounts.
C. INSTITUTIONAL ACCOUNTS
One account on behalf of each
5. Charitable Endowment account Treasure of Charitable Endo-
wments for India.
Charitable Endowment.
Treasurer of Charitable En- dowments for India or an agent appointed by hinj.
D. MISCELLANEOUS ACCOUNTS
One or more accounts on bshalf
6. Other accounts (1) A co-operative society, a
of and in the name of a membei client or employee.
One or more persons as au- r, thorised by the co-operative society or the co-op:rative bank or the scheduled bank for this purpose.
co-operative bank or a sch- eduled bank on behalf of its members, clients or em- ployees whose moneys are held with it as deposit or otherwise.
1915(1)
(2) (3)
(4)
One or more account! on behalf of any of the said persons, in the name of such person.
The officer who opened the account or his successor in office.
fii) A gazetted government officer, an officer of a go~ vernmcnt company or of a Corporation or of a local au- thority or an officer of a cor- porate body like a marketing committee established under a State Act and authorised by the State Government in this behalf, in his official capacity, or the Reserve Bank of India, on behalf of persons whose moneys are held as deposit or other- wise with such officer or the Reserve Bank of India.
5. Deposit and Repayment.—-(1) The amount of each deposit in an account shall be a multiple of fifty rupees. There is no maximum limit for ihe amount of deposit or deposits that may be made jn such account.
(2) Each deposit shall be repayable Only after the expiry of the period for which it is made, namely, one year, two years, three years or five years, as the case may be.
(3) The repayment of a deposit under sub-rule (2) or P&yment of interest on a deposit under rule 7 or rule 8 or rule 9, as the case may be, shall be made by the Post Office Savings Bank at which the account stands, on the production of the pass book accompanied by a written application :
Provided that such repayment or payment of interest, as the case may be, shall not be made by an Extra Depart- mental Sub Savings Bank or Branch Savings Bank except with prior sanction of the relevant Head Savings Bank or relevant Sub Savings Bank.
(4) The amount of repayment of a deposit and payment of interest on a deposit shall be enteted in the pass book over the signature of the Postmaster.
6. Re-deposit.—(1) Where a deposit in an account has become due for repayment, tbe depositor may re-deposit the amount in the same account or another account, as the case mav be, tendering his application for withdrawal of the original deposit in the Prescribed.form duly discharged.
(2) Subject to sub-rule (3), the date of re-deposit shall be
the date of withdrawal of the original deposit.
(3) (a) Where the re-deposit is made during the period specified in column (1) of the Table below and such re- deposit is for the period specified in the corresponding entry in column (2) thereof, the date of re-deposit shall be deemed to be the same as the date of maturity of the original de- posit.
TABLE
maturity Minimum Period elapsed between the date of and the date of re-deposit
period of re-deposit
(2) (1)
1. 2. 3. 4.
6 months o* less. More than 6 months and upto 12 More than 12 months and upto More than 18 months.
1 year months. 2 years 18 months. 3 years 5 years
(b) In the case of a re-deposit falling under item 4 of the Table, if more than thirty months have elapsed after the maturity of the original deposit, the date of re-deposft shall be deemed to be the date preceding the date of withdrawal of the original deposit by thirty months,
1086 GI/81—4
7. Interest.—The deposit shall carry interest at th" rate specified hi the Tables below and such interest shall bo payable to the depositor at tbe end of each year in the peiiod of deposit :
Provided that in the case of a deposit made before 23rd July, 1974, the rates of interest notified prior to that date by the Central Government from time to time for such deposit shall be applicable for the period of deposit upto and inclusive of the 22nd July, 1974 and the rates of inteiest specified in Table A below shall be applicable for any remaining period of deposit commencing from the 23rd luly, 1974.
TABLE A
For deposits made before the 1st March, 1978
Period of deposit
Rate of Interest per annum
1 year
8 per cent
2 years
%i per cent
3 years
9 per cent
5 years
10 per cent
TABLE B
For deposits made on or after the 1st March, 1978 but before the 1st October, 1979
Period of deposit
Rate of interest per annum
1 year
7 per cent
2 years
H per cent
3 years
8 per cent
5 yean
10 per cent
TABLE C
For deposits made on or after the 1st October, 1979 but before the 2nd March, 1981.
Period of deposit
Rate of interest per annum
8 per cent 1 year
2 years
3 years
%t pen cent 9 per c"nt 10i per cent 5 yeara
1916 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]TABLE D
For dumwlte mad* on or aftur the 2nd March, 1981
Period of deposit
Rate of interest per annum
84 per ecnt 1 year
9^ per cent 2 years
3 yeiir§
10^ per cent 10i per cent 5 years
Note : For deposits made on or after the 1st October, 1979, intereit will be payable annually at th* rates specified in Table C or Table D, tm the cusc may be, calculated at half-yearly rest.
8. Premature wiihdrawal.—Premature withdrawal of a deposit my be allowed subject to the following conditions, namely :—
(a) No deposit may b" withdrawn before the expiry of
one year from tho date of deposit.
(b) Where a deposit in a 2-yoar, 3-year or 5-year account is withdrawn prematurely, interest on such deposit shall be payable to the depositor for the completed years and months falling in (he penod commencing on the date of deposit and ending with the dale of withdrawal and such interest shall be calculated at the rate which shall be two per cent les" than the rate specified for n deposit of 1 year, 2 years or ? years, as the tmie mny be, >n the concerned Table under rule 7.
Explanation : Whore the completed years and months In the case of a deposit in a 5-year account exceed 3 years, such interest shnll be calculated at the rate which shall be iwo per cent less than the rate specified for a deposit of 3 years in the concerned Table under rule 7.
ic) Any interest already paid on (he deposit under rule 7 shall be recovered from the amount of repayment of depoatt and the interest payable under this rule.
9. Post-maturity interest.—Where repayment of a deposit under rule 7 has become due but has not been made, interest shall be allowed on the deposit for a maximum period of two yearn from the date of maturity to the date of repay- ment of the deposit subject to the following conditions, namely :—
(a) The interest shall be simple and shall be calculated ai the rate applicable, from time to time, to savings accounts of the type of single or ioint account.
(b) For the purpose of payment of interest, any part
of the period which is lerci than one month shall be ignored.
(c) The interest shall be paid to the depositor in n
lump sum at the time of repayment of deposit.
10. Pledging of Accounts.-—(1) Subjec to sub-rules (2) to (7), on an application being made In the prescribed form by the transferer and the transferee, the officer in charge of the Post Office Savings Bank where an account of tEe transferer stands, irnay at any time, during the currency of the account, permit transfer of 'he account as security ••'yjtfl to—
f'.i) the President of India or- Governor of a State in
his official capacity ;
(b) the Reserve flank of India or a scheduled bank or n co-operative ioc!rty including a co-operative hnnk ;
(c) a corporation or a Government companv ; oi
fd) a local authority.
(2) Transfer under sub-rule (1) shall be permitted only
in res-pert of the whole account and not for a part of It.
(3) Tranafer of an account opened on behalf of a minor shall be permitted only if hi* guardian certifies that t hr minor it alive and the transfer is for the benefit of th" minor.
(4) When an account is transferred under tub-rule (1), the Post Office Savings Bank shall make the following endorsement below the entry of the last deposit in the pas" book and aJso in the page of the pass book where the name an
"Transferred ai security to "
(5) Except as otherwise provided in the relevant rule, tho transferee of an account under this rule shall, until it I" re-transferred under sub-rule (6) be deemed to be the holder of the account.
f6) An account transferred under sub-rule (1), may, on the written authority of the pledgee, be re-transferred with th" previous sanction of the authorised Postmaster and when •uch re-transfer in made, the Post Office Savings Bank , shall make the following endorsement in the pass book at
the places indicated in sub-rule (4), namely :—
"Re-transferred to "
(7) The pass book shall be presented by the depoiltor or the transferee, a" the case may be, to the Post Office Savings Bank for purpose of making endorsement under lub-mTe (4) or (6),
NOTE 1 : A Gazetted Officer of the Government accepting an account as security under sub-rule (1) or releasing the security under sub-rule (6) on behalf of the President of India or the Governor of a State shall certify that he is duly authorised under article 299 of the Constitution to execute such instruments or deeds on behalf of the* President of India or the Governor of the State, giving the particulars of the number and date of Ihe notifica- tion of the Government authorising him in thi" behalf.
NOTE 2 : An officer of the Reserve Bank of India or a sche- duled bank or a co-operative society including a co-operative bank, a corporation or a Government company or a local authority as the the cane may be. accepting an account as security under sub-rule (1) or releasing the security under sub-rule (6) on behalf of the respective institution, shall certify under his dated signature and seal of office that he is duly authorised under the articles of the laid institution lo execute such instruments or deeds on Its behalf.
11. Procedure on the death of the dcpositor.fi) Subject to sub-rules (2) and (3), on the death of the depositor In a single account or of the surviving depositor in a Joint account, the procedure specified in rule 13 of the Post Office Savings Bank General Rules, 1981 shall apply.
(2) If there are not more than two surviving nominees or legal heirs, they may, at their option, continue the account and receive any outstanding amount of deposits and interest in the manner provided for in these rules, us if they had opened the account themselves.
(3) Where the account is not continued under sub-rule (2), it shall ho closed and any deposit outstanding in the account shall be repaid with interest and such interest shall be allo- wed for the period for which the deposit hns remalnc.l with ihe Post Office Savings Bank and the rate of such interest will, notwithstanding anything contained in rule 8, be—
'i> as specified under rule 7, for: the completed yean not exceeding the period for which the deposit was made ; and
fii) for anv period thereafter in completed months upto a maximum of twenty-four months from the date of maturity, as specified from lime to time for savings accounts of the type of single or joint account,
Note : Aoy interest already paid on the account under rule 7 shall be recovered from the repayment of deposit and pnymw of filtered under this mib- rule.
1917(4) On the death of one of the deposit on in a joint Account, _.tho rorvivlng depositor shall be treated ns the sole owner of the account and he may continue the account or deal with it in the manner specified under sub-rule (3).
(5) On the death of the guardian of a minor or lunatic depositor, who opened the account, the new guardian may deal with the account in the manner specified under "ub-rule (3) if the same i" iiequired In the intereit of Mich depositor
12. Repeal and saving.—(1) The Post Office (Time De-
posits) Rules, 1970 arc hereby repealed.
(2) Notwithstanding such rcpeiil anything don© or any action taken under the rules so repealed •hall be deemed to h;ive been done or taken under the corresponding provisions of th"e rule* or the Poit Office Savings Bank General Rulet, 1981.
[F. No. 3/15/8I-NSOI0]
1918 THE GAZETTE OF INDIA : EXTRAORDINARY [PA LIT II—SEC. 3(0] 1919 1920 THE GAZETTE OF INDIA i EXTRAORDINARY [PART II—SEC. 3(i)] 1921 1922 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 19231086 GI/81-5
1924 THC GAZETTE OF INDIA : EXTRAORDINARY [PART 11—Src. 3(i)] 1925 1926 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I I - S E C. 3(i)j 1927 1928 THE GAZETTE OF INDIA : EXTRAORDINARY [PART IT—SEC. 3(0]G.S.R. 665(E).—In exercise of the iwvexB conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules ; namely :—
1, Short title and commencement.—U,) These rules may -
be culled the Post Office Cumulative Time Deposit Rules,
1 ' J R J.
(2,1 They shall come into force on the 1st day of April,
iy"2.
19292. Definitions.—In these rules, unless the context other-
wise requires—
(a) "account" means a Cumulative Time Deposit Ac-
count ;
(b) "Table" means a Table appended to these rules ;
(cl "year" means a year commencing on the date of
the first deposit in an account;
id I words and expressions used herein and not defined but defined in the Post Oflicc Savings Bank Gene- ral Rules, 1981 have Ihe meanings respectively assigned to them in (hose rules.
3. Application of the Post Office Savings Bank General Rules, 1981.—-For matters noi provided in these rules, the provisions of the Post Office Snvinss Bank General Rules, I9S1 shall apply.
4. Persons who can open an account.—(T) An account may
he opened by—•
(a) a single adult; or
(b) two adults jointly, the amount due on the account
being payable—
(i) to both jointly or survivor, or <;f) to cither of them or survivor; or
d.) n guardian on behalf of a minor or a person of
unsound mind; or
(d) a minor, who has attained the age of ten years, in
his own name.
(2) A depositor can have more than one account in his name or jointly with another subject to the limits specified in ,ulc 6.
5. Type of account and its maturity.—(1) There shall be one type of account, namely, 10-Year account, and its matu- rity period shall be ten years.
(2) A 15-Year account opened under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959 shall be continued under these rules :
Provided that at the written request of the depositor, "•iich an account which has not become a discontinued account under rule 7 may be converted into a 10-Year account.
6. Limits on deposits and pecounts,—-In each account, deposits shall be made monthly subject to the following conditions, namely:—
(i) The amount of each deposit shall be a multiple of
five rupees.
(ii) The minimum deposit ihall be ten rupees aad the maximum deposit shall be one thousand rupees in a single account or two thousand rupees in a joint account.
dii) The first deposit shall be made at the time of open- ing 'the account and the amount of such deposit shall be the denomination of the account. Each subsequent monthly deposit shall be made before the end of the calendar month and shall be equal to the first deposit.
(iv) Where a deposit is made by means of a cheque, pay order or demand draft, the date of its pre- sentation to the Post Office Savings Bank shall be deemed to be the date of deposit.
(v) More than one account can be opened by a person in one or more Post Office Savings Banks but his total deposits during the entire period of the ac- counts, including his share of deposits in joint accounts, if any, shall not exceed one lakh and twenty thousand rupees.
explanation. —For the puipose of this rule—
fa) one half of the amount of deposits in a joint account shall be taken B8 the share of each depositor in such an account.
(b) for arriving at the amounts of deposit that can be made by a person who is already having an account or accounts, a deposit of any amount in a 15-year account shall be taken to be equivalent to one and u half times that amount in a J 0-year account.
7. Defaults in deposit.—(1) If there me defaults in monthly deposit, and such defaults exceed ten in the case of a 10-year account of fifteen in the case of 15-year account, the account shall be treated as discontinued.
(2) A depositor may deposit in one lump sum the defaulted instalments or as many of the defaulted instalments as will reduce the defaults to ten or less in the case of a 10-ycar account or fifteen or less in the case of a 15-yoar account.
(3) Interest at the rate of five paise for every five rupees of a defaulted instalment for' each month of default shall also be paid by the depositor along with such deposit.
(4) An account in which defaulted instalments are so de-
posited shall not be treated as discontinued,
8. Advance deposits.—fl) In an account which has not become a discontinued account under rule 7, deposits for not less than six monthly instalments may be made in advance in any calendar month at the option of the depositor and rebate on such deposits shiill be admissible as follows :—
Ad^
/ancc deposits Reb; ;ite for an account of Rs. 10/- denomination.
One rupee.
(1) Six or more deposits but mil exceding eleven de- posits made in any cal- endar month.
(2) Twelve or more deposits made in any calendar month.
Four rupees for every tweKe deposits and one rupee for balance, if any, cf not less than six deposits.
(2) For accounts of other denominations, the amounts of rebate shall be proportionate to the rates specified in sub- rule (1).
9, Amount repayable to depositor on maturity.—(1) In the ense of an account in which all the monthly deposits have been made, the amount, inclusive of interest, as speci- fied in Tables 1 and 2 shall be repayable at the end oi its maturity period.
(2) In the case of an account having defaults tjot exceed- ing ten in a 10-Year account or fifteen in a 15-Year account, the depositor shall have the following options, namely :—
la) to pay the defaulted instalments, with interest at the rate as specified in sub-rule (2) of rule 7 and receive full maturity value as per Table 1 or 2, as the case may be, at the end of the maturity period;
(b) to extend the maturity period by as many months as the number of defaults, pay the defaulted instal- ments monthly, without interest, during the extended period, and receive the full maturity value as speci- fied in Table 1 or 2, as the case may be, at the end of the extended period;
(c) if the defaults are not rectified durins the maturity period or maturity period as extended under clause (b), to teceive at the end of such period an amount, inclusive of interest, which shall be In the same pro- portion to the amount specified in Table 3 as the number of monthly deposits made in the account bears to one hundred znd twenty if it is a 10-year account or to one hundred and eighty if it is a 15-year account.
(3) In the case of an account treated as discontinued under rule 7, the depositor shall bo entitled to leceive at the end of the maturity period, an amount, inclusive of interest, which shall be in thte same proportion to the amount specified in table 3 as the number of monthly deposits made in the account bears to one hundred and twenty if it is a 10-year account or to one hundred and eighty if it is a 15-Vear account.
" ^
1930 THE GAZETTE OF INDIA : EXTRAORDINARY [PART n—SEC. 3(i)](4) (a) In the case of a 10-year account opened on or after the 1st day of May, 1981, a bonus shall be payable on its maturity in addition to the amount specified in sub- rules (11 and (2), subject to the following conditions, name- l y—
li> tlic account shall not be a discontinued account under
rule 7 ;
(.in no withdrawal under rule 12 has been made in the
account;
Ib) Such bonus shall be al the rate of fifty rupees for an account of ten rupees denomination anJ at proportionate j.ttes for other denominations,
10, Repayment on death of depositor.—(I) Subject to mib-rule (2), on the death of the depositor in a single acwrant or both the depositors in a joint account, no further deposits shall be made in the account and (he procedure specified in rule 1-^ of the Post Office Savings Bank General Rules, 1981 shall apply. For tho purpose of such procedure, the amount due for repayment on the account shall be deemed to be as follows':—
(a)
The amount specified in the Table 1 or 2, as the case nny he.
lf;ill Iho monthly deposits have been m"de during the maturity period or priod us extended under clause (h) of <,ub'-rule (2> of rule 9.
(b) If there a re defa ults in deposit and (i) ff the nominee or legil heir desires to receive- payment of propor- tionate amount on expiry of the maturity period or maturity as extended under calusc (b) of sub-rule 2 of rule 9 ;
The amount which sh. ill be in the same proportion to the amount specified in Table 3 as the number of monthly deposits made in the account boars to one hundred and twonty if it is a 10-years account and to one hunched and eighty if it ii a 15-year account.
the amount specified in Table 4 or 5 or 7 or 8, as the case may be.
(ii) if the nominee or legal heir desires to receive payment of propor- tionate amount caller than under (i) above.
(2) Notwithstanding anything contained in sub-rule (1), if [here are only one or two surviving nominees or legal heirs, ho or they may continue the account even if, by doing so, [he limit specified in rule 6 is exceeded.
(3) On the death of a. depositor in a Joint account, tho surviving depositor shall be treated as tho sole owner of the uccount and he may—
(al continue the account sven if, by doing so, the limit
specified in rule 6 is exceeded ; or
fb) receive, on the expiry of maturity period or maturity period as extended under clause (b) of sub-rule (2) of rule 9, an amount inclusive of Interest, which shall be in the same proportion to the amount specified in Table 3, as the number of monthly deposits made in the account bears to one hundred nnd twenty if it is a 10-year account or to one hundred and eighty if it is a 15-year account; or
(,cj claim, at any time eailicr than under clause (b), proportionate amount as specified in Table 4 or 5 or t> or 7 or 8, ns the case may be.
claim the amount due under rule 9, on expiry of the matu- nty period or maturity period as extended under clause (b) ii]1 sub-rule (2) of rale 9, or claim the proportionate amount as specified in I able 4 or 5 or 6 or 7 Or 8, as the case may be, if the snme is required in the interest of such depo- sitor,
i*) (fi) Jn the case of a 10-year account opened on ot after [lie 1st day of May, 19R1 and closed at the end of its malu- my period or maturity period m extended under clause (b) til sub-rule (2) of rule 9, a bonus shall be payable in addi- tion to the amount payable under this rule, subject to the following conditions, namely :—
(i> the account shall not be a discontinued account
under rule 7 ;
(in no withdrawal Linden rule 1?. has been made in tho
account;
(b) Such bonus shall be at the rate of fifty rupees for an account of ten rupees denomination and Pt proportionate Kites for other denominations.
11. Post maturity interest,—Where an account, including a discontinued account, is closed on a date subsequent to the maturity period or the extended period under clause (b) of sub-rule (.2) of rule 9, in addition to the amount repayable on tho account under rule 9 or 10, interest shall be payable to the depositor subject to the following conditions, name- ly :—
(i) The interest shall be simple and calculated at the rate applicable from time to time to savings ac- counts of the type of single or joint account.
(ii) The interest shall be allowed fori a rnaximum period of two years from the date of maturity or the date of expiry of the extended period under clause (b) of sub-rule (2) of rule 9, as the case may be, to the dale of closure of the account, and in computing such period, any part of the period which & less than a month shall be ignored.
12. Withdrawal.—(1) Withdrawals in an account may be allowed during its maturity period subject to the following conditions, namely:—
(i) The number of withdrawals shall not exceed two in a 10-year account and three in a 15-yearj account,
(ii) The first withdrawal shall be allowed only after a minimum period of one year has elapsed from the date of opening of the account and the depositor has deposited at least twelve instalments in, that account,
(iii) The second withdrawal shall be allowed only after the account has been in operation for a minimum period of five yeais.
(iv) The third withdrawal in a 15-year account shall be allowed only after the account has been in opera- tion for a minimum period of ten years.
fv) Each withdrawal shall be restricted to fifty per c"nt of the balance in the account as on the date of application for withdrawal, inclusive of advance deposits and refund or previous withdrawals, If any.
(vi) No withdrawal shall bo allowed in an account treated
as discontinued under rule 7,
(viil Each withdrawal shall be a multiple of five rupees.
193 L(3) In respect of each withdrawal, simple interest shall bo payable by th" dtpoaltor at th" following tatei, name- l y :—
(1) 6 pen cent per annum In tho case of withdrawals
made before 1st April, 1972.
(ii) 7,2 per cent per annum In the. case of withdrawals made during the period from 1st April, 1972 to 31st March, 1975.
(iii) 9.6 per cent per annum in the case of withdrawals made during the period from 1st April, 1975 to 31st January, 1977.
(iv) 12 per cent per annum In the case of withdrawals
made on or after 1st February, 1977,
(4) In the case of repayment in on© lump sum, the interest under sub-rule 3 shall be payable along with repay- ment of the amount withdrawn and such interest shall be calculated for full calendar months from the month of withdrawal to the month of repayment irrespective of the date on which the amount Is withdrawn or repaid. If the repayment with interest is made on or before the tenth of month, no interest shall be payable for that month,
(5) In the case of repayment in monthly Instalments, the interest under sub-rule 3 shall be calculated on the amount remaining unpaid at the end of each month from the month In which the withdrawal was made and such interest shall be payable Hlong with the last instalment of repayment or in the month next following the month in which repay- ment of the last instalment is made.
(6) Where, for any reason, the amount of withdrawal or a part thereof has not been- repaid, or the interest thereon has not been paid, before the closure of the account, any outstanding amount due from the depositor in this behalf shall be recovered from the amount repayable to him or to hia nominee or legal heir, as the case may be, on the closure of the account.
13. Procedure on the minor attaining majority.—(1) A xninor on whose behalf an account has been opened may, on his attaining majority, continue th-9 account till maturity if the limit prescribed in rule 6 is not exceeded or claim at the end of the maturity period of the account the pro- portionate amount as specified under sub-rule (3) of rule 9, if he does not continue the account.
(2) Where an account is continued under sub-rule (1),
the ex-minor shall give a d e d u c t i on as follows :—
"I hereby deolare that the Post Office Savings Bank General Rules 1981 and the Post Office Cumulative Time Deposit Rules 1981 have been read by|to me and that I accept the said rules and nil m ch amendments thereto as may be issued, from time to time, an binding on me.
I further declare that the total deposits madelto be made by me in my Cumulative Time Deposit ac- count]accounts including deposits in the accounts opened by me in my own name as a minor "hall not exceed one l a th and twenty thousand rupees".
14 Repeal and saving.—(I) The Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, are heieby repealed.
(2) Notwithstanding such repeal,—
fa) anything done or any aution taken under the rules so repealed shall be deemed to have been done or taken under thte corresponding provisions of these rules or the Post Offlc* Savings Bank General RTJIM, 1 9 8 1;
tb) the provisions of the rulej so repealed shall apply to a 5-Year account opened before the 1st day of November, 1973.
1086 G I / 8 1 -6
TABLE 1
(See Rules 9 and 10)
Amounts repayable on maturity on 10-Year Cumulative Time
Deposit Accounts
Amount Period during which account is or has been opened
(Rs.) repay- able on an account of Rs. 10 denomina- tion
1457 From 2-1-1959 to 31-3-1959 (both dates inclusive)
1461 From 1-4-1959 to 31-3-1960
1465 From 1-4-1960 to 31-3-1961
1471 From 1-4-1961 to 31-3-1962
1477 From 1-4-1962 to 31-3-1963
1484 From 1-4-1963 to 31-3-1964
1495 From 1-4-1964 to 22-7-1964
1505 From 23-7-1964 to 22-7-1965
1510 From 23-7-1965 to 22-7-1966
1521 From 23-7-1966 to 22-7-1967
1533 From 23-7-1967 to 22-7-1968
154S From 23-7-1968 to 22-7-1969
1560 From 23-7-1969 to 22-7-1970
1576 From 23-7-1970. to 22-7-1971
1593 From 23-7-1971 to 22-7-1972
1611 From 23-7-1972 to 22-7-1973
1630 From 23-7-1973 to 22-7-1974
1650 From 23-7-1974 to 30-9-1979
1693.20 From 1-10-1979 onwards
Note :—The amounts repayablo on maturity on accounts of
other denominations shall be proportionate to the
amounts specified above.
TABLE 2
(See Rules 9 and 10)
Amounts repayable on maturity of 15-Year Cumulative Time
Deposit Accounts
Amount (Rs.) Period during which account is or has been
opened
repayablo on an account ofRs 10 denomina- tion.
2 1
From 2-1-1959 to 31-3-1959 (both dates inclusive) 2533
2541
VI
From 1-4-1959 to 22-7-1959
2550.55
J"
From 23-7-1959 to 22-7-1960
ft
2562.30 From 23-7-1960 to 22-7-1961
ft
2576.20 From 23-7-1961 to 22-7-1962
2590.40
"
From 23-7-1962 to 22-7-1963
2605.90 From 23-7-1963 to 22-7-1964
2622.60
"t
From 23-7-1964 to 22-7-1963
1932 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I[—SEC. 3(i)] 1 2 1 2 2640.50 From 23-7-1965 to 22-7-1966 25 From 23-7-1966 to 22-7-19672660.80 2682.30
From 23-7-1967 to 22-7-1968
2705.50
From 23-7-1968 to 22-7-1969
2729.30
From 23-7-1969 to 22-7-1970
2743.70
From 23-7-1970 to 22-7-1971
2759.60
From 23-7-1971 to 22-7-1972
2776 R0
rrom 23-7-1972 to 22-7-1973
2781.50
nvm IS 7-1973 to 31-10-1973
TSTOJ" V—The amounts repayable on maturity on accounts of other denominations shall be proportionate to the amounts specified above.
TABLE 3
(See Rules 9 and 10)
Period during which the account is or
has boon opened
A-niuru (Rs.) [)c an account of Rs. 10 denomination
15-Year Account
10-Year Account
1450
2500
Before 1-4-1970
1530
2655
On or after 1-4-1970 but before 1-4-1974
1570
On or after 1-4-1974 but before 23-7-1974
On or after 23-7-1974 but before 1-10-1979 .1650 On or after 1-10-1979 1693.20
Note:—The amount for an account of any other denomination
shall be proportionate to the amount specified above.
TABLE 4
(See rule 10)
Amount payable to legal heir or nominee on the death of the depositor In 10-year or 15 -year Cumulative Time Deposit accoun t opened before the 1st April, 1970
Number of deposits made
Amount (Rs.) for donomina- tion of Rs.
10/-
1
2
1 to 11 12 13 14 15 16 17 18 J9 20 21 22 23 24
Tho deposits made 121.14 131,33 141.53 151.80 162.04 172.36 182.64 193.01 203.32 213.75 224.11 234.48 245.00
26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89
255.42 265.99 276.46 287,11 297.61 308.33 318.89 329.68 340.28 351.15 361.81 372.76 383.47 394.51 405.28 416.40 427.22 438.44 449.31 460.63 471.99 483.42 494.91 505.97 517.56 529.22 540.94 552.73 564.58 576.50 588.50 600.56 612.70 624,91 637.20 650.00 663.48 674.94 687.47 699.54 711.64 723.79 735.98 748.22 760.30 772.62 784.99 797.52 809.99 822.50 835.05 847.65 860,30 873.00 885.75 898.54 911.38 924.27 937.21 950.91 963.11 976.20 989.34 1002.53 1015.77
1933 1 2 1 2 154
90 2010 07
91 155 2027.41
92 156 2044.74
93 157 2063.14
94 158 2081.55
95 159 2099.95
96 160 2118.36
97 161
2136,76
98 162
2155.16
99 163
2173.57
100
164 2191.97
101
165 2210.38
102
166 2228.78
103 167
2247.18
104 168
2265,59
105 169
2285.12
106 170
2304.66
107
171 2324,19
108
172 2343,73
109
173 2363.26
110
174 2382.79
111 175
2402.33
112
17f> 2421,86
113
177 2441,40
114
178 2460,93
115 179
2480.46
116
117 Note: The a mounts will be proportionate for other deru minr -
118 tions.
119
120
TABLE 5
121
122 (Sec rule 10)
123
124 Amount pcy;' We to leg? 1 heir or nominee on the dea Ih of the
125 depositor in 10-yenr or 15-yet r Cumuli live Time Deposit
126 ; ccount opened on or after the 1st April, 1970 but before the
127 1st April, 1974.
Number nf deposits made
128 129
130
Amount Rs. for denomina- tion of Rs. 10/- 131
132 133
2
1
1 to 11 The deposits m- de
12
134 135 136 137
13
14
15
1 6'
17
18 19
20
21 22 23 24 25 26 27
1029.07 1042.41 1055.81 1069.26 1082.78 1096.30 1109.77 1123.45 1137.19 1150.57 1164.41 1178,31 1192.26 1206.29 1220.34 1234,47 1248.65 1262,90 1277.67 1292.08 1306.47 1320.96 1335.51 1350.12 1364.80 1379.52 1394.32 1409.18 1424.09 1439.07 1450.00 1465.87 1481.73 1497.60 1513.47 1529.34 1545,20 1561,07 1576.94 1592.80 1608.67 1624.54 1640,40 1656.76 1673.12 1689,48 1705.84 1722.20 1738.56 1754.92 1771.28 1787.64 1804,00 1820.36 1836.72 1854.06 1871.39 1888.73 1906.06 1923.40 1940.73 1958.07 1975.40
121.63 131.93 142.26 152.63 163,02 173.46 183.92 194.42 204.96 215.54 226.16 236.81 247,50 258.26 269.07 279,92 290.83
1992.74
28
138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153
1934 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 2 1 2 1
301.78 93 1118.39
29
312.79 94 1132.74
30
323.85 95 1147.14
31
334.96 96 1161.76
32
346.13 97 1176.36
33
357.85 98 1191.02
34
368.64 99 1205.74
35
379.98 100 1220.52
36
391.38 101 1235.36
37 1250.26
402.85 102
38 103 1265.22
414.38
39 104 1280.24
425.97
40 105 1295.32
437.62
41 106 1310.47
449.35
42 107 1325.68
461.14
43 108 1340.94
A± 473.00
it 109 1356.28
484.93
110 1371.67
45. 496.93
111 1387.13
46 509.01
112 1402.65
47 521.16
113 1418.24
4S 533.49
114 1433.88
49 546.90
115 1449.59
50 558.29
116 1465.37
51 570.87 117
1481.21
52 583.54
118 1497.11
53 596.31 119 1513.09
54 609.16 120 1530.00
55 621.98 121 1546.02
56 635.02 122 1562.32
57 648.15 123 1578.76
58 661.39 124 1595.21
59 675.00 125 1611.79
60 687.34 126 1628.38
ol 700.01 127 1645.11
Di 128 1661.84
712.72
£.\oi 725.49 129 1678.72
04 738.30 130 1695,59
(L
1935
1
1
2
2
159 2220.70 39 417.80
160 2240.46 40 429.20
161 2260.20 41 440.80
162 2280.16 42 452.40
163 2300.19 43 464.00
164 2320.22 44 475.60
165 2340.46 45 487.30
166 2360.79 46 499,10
167 2381.10 47 510.90
168 2401,63 48 522.70
169 2422.25 49 535.00
170 2442.86 50 547.30
171 2463.68 51
559.70
172 2484.60 52 572.20
173 2505.50 53 584.70
174 2526.63 54 597,40
175 2547.85 55 610.20
176 2569.04 56 622.90
177 2590.47 57 635.80
178 2611.99 58 648.90
179 2633.49 59 661.80
Note:—The amounts will be proportionate for other denomina- 60 675.00
tions. 61 687.80
62 700.70
63 713.70
TABLE 6
64 726,70
(See rule 10) 65 739,70
Amount payable to Icnal heir or nominee on the death of 66 752.90
depositor in a 10-year Cumulative Time Deposit recount in 67 766,10
respect of accounts opened on or differ the 1st April, 1974 68 779.30
but before the 23rd July, 1974. 69 792.60
70 806.00
Number of deposits Amount (Rs.) 71 819.50
for donomino - 72 833.00
tionof Rs. 10/- 73 846.60
74 860.30
1 2 75 874.00
76 887,80
1 to 11 The deposits made 77 901.60
12 122.60 78 915.80
13 133'.OO 79 929.80
14 143.50 80 943,90
15 154.00 81 958.10
16 164.60 82 972.30
17 175.20 83 986.60
18 185.80 84 1000.90
19 196.40 85 1015.40
20 207.10 86 .1029.90
21 217.90 87 1044.80
22 228.60 88 1059.50
23 239.50 89 1074.20
24 250.30 90 1089.10
25 261.20 91 1104.00
26 272.10 92 1118.90
27 283.10 93 1134,30
28 294.10 94 1149.50
29 305.10 95 1164.70
30 316.20 96 1180.00
31 327.30 97 1195,40
32 338.50 98 1211,20
33 349.70 99 1226.80
34 360.90 100 1242.40
35 372.20 101 1258.10
36 383.50 102 1274.30
37 394.90 103 1290.20
38 406,30 104 1306,20
1936 THE GAZETTE OF INDIA | EXTRAORDINARY [PART I I - S E C. 3(i)]
1
2
1
2
41
105 1322.20
106 1338.80
42
107 1355.00
43
108 1371.40
44
109 1387.70
45
110 1404.20
46
111 1420.80
47
112 1437.40
48
113 1454.20
49
114 1471.00
50
115 1487.90
5J
116 1504.40
52
117 1520.90
53
118 1538,00
54
119 1555.30
55
Note:--Theiimunts will bo proportionate for other denomina- 56
tions. 57
58
S9
TABLE 7
60
(SeoruiolO) 61
62
Amount payable to legal heir or nominee on the death of a
63
depositor in a lO-yesr Cumulative Time Deposit recount in
64
respect of accounts opened on or cfter the 23rd July, 1974, but
65
before the 1st October, 1979.
66
67
Number of deposits Amount (Rs.) 6R
for denomina- 69
tion of Rs 10/-
70
71
1 2
72
73
1 to 11 The deposits mr t!e 74
12 75
13 16
14 77
15 n
16 19
17 80
18 SI
19 82
20 83
21 84
22 85
23 86
24 87
25 88
26 89
27 90
28 91
29 92
30 93
31 94
32 95
33 96
34 97
35 98
36
37
38 39
448.00
459.90
471.90
483.90
496.00
508.10
520.30
532.50
544.80
557.20
569.60
582.00
594.50
607.10
619.70
632.40
645.10
657.90
670.70
683.60
696.80
710.20
723.60
737.10
750.60
764.30
777.80
791.60
805.50
819.50
833.50
847.70
861.90
876.20
890.60
905.10
919.70
934.30
949.10
963.90
978.80
993.80
1008.90
1024.20
J039.50
1054.80
1070.30
1085.90
1101.60
1117.40
1133.60
1149.60
1165.70
1181,90
1198.10
1214,50
1231.00
1247.60
1264.70
1281.50
1298.50
1315.50
1332.60
123.30 133.80 144.40 155.00 165.70 176.40 187.20 198.00 208.90 219.80 230.80 241.80 252.80 263.90 275.00 286.20 297.50 308.70 320.10 331.50 342.90 354.40 365.90 377.50 389.10 400.80 412.50 424.30 436.10
40
1937
1
2
1
1349.90 44
104
1367.70 45
105
13R5.1O 46
106
1402.70 47
107
1420.40 48
108
1438.20 49
109
50
110 1450,60
51
111 1474.70
52
112 1493.40
53
113 1511.60
54
114 1530.60
1549.10 55
115
56
116 15€7.7O
57
117 1587.10
58
118 1605.90
59
119 1625.50
60
Note:—The amounts will be proportions to for other denominE - 61
tiona. 62
63
TABLE 8 64
65
(See rule 10) 66
Amount payable to legal heir or nominee on the death of 67
a depositor'In a 10-Year Cumulative Time Deposit account 68
opened on or after the 1st October, 1979.
Amount (Rs.) for
Number of deposits
denomination of Rs. 10
1
2
1 to 11
The deposits made
484.90
497.00
509.20
521.40
533.70
546.15
558.65
571.20
583.85
596.55
609.30
622.10
635.00
647.95
661.00
674.10
687.25
700.60
714.05
727.60
741.25
754.95
768.70
782.55
796.50
69 810.55
70 824.65
71 838.85
72 853.15
73 867.55
74 882.00
75 896.55
76 911.20
77 925.90
12 123.35
13 78 940.75
133.90
14 79 955.65
144.50
80 970.65
15 155.15
16 81 985.75
165.85
17 82 1000.95
176,60
IS 83 1016.20
187.40
19 84 1031.60
198.20
85 1047.05
20 209.10
86 1062.65
21 220.05
22 87 1078.30
231.00
23 242.05 88 1094.05
24 89 1109.95
253.10
90 1125.90
25 264.20
26 91 1141.95
275.40
27 286.60 92 1158.15
93 1174.40
28 297.85
29 309.20 94 1190.80
30 320.55 95 1207.25
31 96 1223.85
331.95
32 343.40 97 1240.90
33 98 1253.10
354.90
34 99 1275.45
366.50
35 100 1292.90
378.10
36 101 1310.50
389.75
37 102 1328.20
401.45
38 103 1346.00
413.20
39 104 1363.95
425.05
40 105 1382.05
436.90
41 106 J400.25
448.80
42 460.80 107 1418.60
43 472.80 108 1437.10
109 1456.20
1 9 38 _ T HE GAZETTE OF INDIA : EXTRAORDINARY [PART I I - S E C. 3(0]
1
2
110 111 112 1J3 114- 115 116 117 118 119
1475.45 1494.85 1514.45 1534.15 1554.05 1574.10 1594.30 1614.65 1635.20 1658.85
Note :— The amounts will be proportionate for other denomi-
nations.
[F. No. 3/15/81-NS (iv)J
1938/1
1086 GI/81—7
!938/2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)
1938/3
1938/4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
1938/5
1938/6 THE GAZETTE OF INDIA i EXTRAORDINARY [PART II—SEC. 3(i)]
1938/7
1938/8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART il—SEC. 3(i)]
G S J l. 666(V).~ln exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules, namely :—
1. Short title arid commencement.—(lj These rules may
be called ^he Post Office Recurring Deposit Rules, 1981.
(2) They shall come into force on the 1st day of April,
1982.
2. Definitions. —In these rules, unless the context other-
wise requires,—
la) "account" means a recurring Deposit Account;
(b) "Table" means a Table appended to these rules; (c) ''year" means a year commencing on the date or the
flrsi deposit in an account;
(d) words and expressions used herein and not defined but defined in the Post Office Savings-Bank General Rules, 1981, have the meanings respectively assign- ed to them in those rules.
3. Application of the Poet Office Savings Bank General Rules, 1981 —For matters not provided in these rules, the provisions of the Post Office Snvings Bank General Rifles. 1981 shall apply.
4 Persons who eac open account :•—
(I) An account may be opened by—
(a) a single adult; or
(b-) two adults jointly, the amount due on the account
being payable—
(i) to both jointly or survivor, or (ii) to either of them or survivor; or
(c) a guardian on behalf oF a minor or a person of
unsound mind; or
(d) a minor who has attained the age of ten years.
in his own name.
(2) A depositor can have more than one account in his
name or jointly with another.
5 Maturity period :—Maturity period of an account shall
bo five years.
6. Deposits :—(1) Subject to the provisions of sub-rule (2)
to (4) and rule 10, a depositor shall mute sixty monthly de posits in nn account.
(2) The amount of monthly deposit shall be five rupees
or any multiple thereof.
(3) The first monthly deposit shall be made at the time of opening the account and the amount of such deposit shall be the denomination of the account. Each subsequent monthlv deposit shall be made before the end of the calendar month and shall be" equal to the first deposit.
(4) Where a deposit is made by means of a cheque, pay order or demand draft, the date of its presentation to the Post Office Savings Hank shall be deemed to be the date of deposit.
7. Defaults in deposits :—
(1) If there are not more than five defaults in monthly deposits, the depositor may, at his option, extend the matu- rity period of the account by as many months as the num- ber of defaults and deposit the defaulted instalments during the extended period.
(2) If there are more than five defaults in monthly depo- sit, the account shall be treated as discontinued and a depo- sitor may at any time during the currency of the account, deposit in one lump sum the defaulted instalments or as many of the defaulted instalments as will reduce the number of defaults to five or less. Interest at the rate of five palse for every five rupees of a defaulted instalment for each month of default shall also be paid by the depositor along with such deposit and an account in wr'ch defaulted instalments are so deposited shall not be t' sat'j ns discontinued.
8. Advance deposits —(1) In an account which h;ig not
become a discontinued account under rule 7, leposits tor not. [ess than six monthly instalments may be made in advance in any calendar month at the option of the depositor and rebate on such,deposit* shall be admissible as follows :—
Adv,
a nee deposits
Rebate for an account of Rs. 5/- denomination
(i) Six or more deposits but net exceeding eleven de- posits made in any calendar month.
C") Twelve or more dejK>sits made in any calendar month-
Two rupees for every twelve deposits and fifty palse for balance, if any, of not less than six de- posits.
(2) For accounts of other denominations, the amounts of rebate shall be proportionate to the rates specified in sub- rule (1).
9. Repayment on maturity :—(1) (a.) In the case of an account in which sixty monthly deposits have been made during its maturity period or maturity period as extended under sub-role (1) of rule 7, the depositor shall be entitled at the end of such period to receive the amount, inclusive of interest, specified in the Schedule below :—
SCHEDULE
Period during which account Is or has been opened Amount (Rs) re- payable on an account of Rs. 10 denomi- nation
From M-1970 to 22-7-1970 (both dates inclusive) From 23-7-1970 to 22-7-1971 From 23-7-1971 to 22-7-1972 From 23-7-1972 to 22-7-1973 From 23-7-1973 to 22-7-1974 From 23-7-1974 to 30-9-1974 From 1-10-1974 to 30-9-1975 From 1-10-1975 to 30-9-1976 From 1-10-1976 to 30-9-1979 From 1-10-1979 onwards
715 720 726 733 741 754 756 758 760 778.10
(b) amounts repayable, inclusive of interest, on accounts of other denominations shall be proportionate to the amounts specified in the Schedule.
(2) (a) Where an account has become discontinued or where the defaults in monthly deposit In an account have not been rectified during its maturity period or maturity period as extended under sub-rule (!) of rule 7, the depositor shall be entitled, on the expiry of such period, to receive an amount, inclusive of interest, which shall be in the same proportion to the amount specified in the Schedule below as the number of monthly deposits made in the account bears to sixty :—
SCHEDULE
Period during which the account Is or has been
opened
Amount (Rs) for an account ofRs. 10 denomi- nation
700 710 720 750 760 778.10 From 1-4-1970 to 14-1-1971 (both dates Inclusive) From 15-1-1971 to 31-3-1974 From 1-4-1974 to 22-7-1974 From 23-7-1974 to 30-9-1976 From 1-10-1976 to 30-9-1979 From 1-10-1979 oriwards
1938/9
(b) The amount for an account of any other denomination shall b" proportionate to the amount ipedfied in the Sche- dule
10. Account* continued beyond maturity period:—(1) Notwithstanding anything contained in the foregoing rules, if sixty monthly deposits have been made in an account during its maturity period or maturity period as extended under sub-rule (1) of rule 7, the depositor may, at his option, continue the account for a further period upto maximum of five years and make monthly deposits during such further period. Each such monthly deposit shall be equal to the first deposit in the account. The provisions of rules 7 and 8 shall be applicable to such deposits also.
(2) An account continued under sub-rule (1) may, at any time, be closed by the depositor and on such closure, he shall be entitled to receive repayment of the amount, inclusive of interest, as follows :—
(a) If the account is closed after being continued under tub-rule (1) for a completed number of years, the depositor shall be entitled to receive t ie amount a* specified in Table 1 or 2 as the case may be.
(b) If the account is close after being continued under tub-rule (J) for a period of less than one year, the depositor shall be entitled to receive the amount as specified under sub- rule (1) of rule 9 together with (I) interest on such amount for the complete months for which the account was continued and (ii) the amount of deposits made by him during the period for which the account was continued.
(c) If the account is closed after being continued under sub-rule (1) for a completed number of years not exceeding 4 and for a part of a year thereafter, the depositor shall be entitled to receive (i) the amount as specified in Table 1 or 2, as the case may be, relevant to the completed number of years, (ii) interest on such amount for the complete months m the partial year, and (iii) the amount of deposits made by him during the partial year.
(d) The interest referred to in clause (b) and (c) shall be calculated at the rate applicable, from time to time to sav- ings accounts of the type of single or joint account.
1J. Retention of amount of repayment beyond maturity period—<1) Notwithstanding anything contained in the fore- going rules, if sixty monthly deposits have been made in an account during Its maturity period or maturity period as exented under sub-rule (1) of rule 7, the depositor may, at his option, continue the account and retain in it the amount of repayment due under sub-rule (1) of role 9 for a further period upto a maximum of five years, without malting any fresh deposits during such further period.
(2) On closure of the account at the expiry of the further peiod referred to in sub-rule (1). the depositor shall be entitl- ed to receive repayment as follows :—.
(a) If the further period is less than one year.
The amount due under sub- rule(l) of rule 9 together with interest on such amount for the complete months in the further period.
(b)
Tho amount specified in Table 3 or 4 as the case may be.
If the further period con- sists of completed years only.
(0 If the flirther period con- sists of completed year not exceeding four and a part of the year thereafter.
The amount specified in Table 3 or 4 as the case may be, relevant to the number1 of completed years together T with interest on such] amount for the complete* months in the partial year. ]
(3) The interest specified in clauses (a) and (c) of sub- rule (2) shall be calculated at the rate applicable from time to time to savings accounts of the type of single or ioint account.
1981 shall apply. For the purpose of such procedure, the amount due for repayment on the account shall be deemed to be as follow* :—
(a)
The amount specified in sub- rule (1) of rule 9.
(b)
(d)
The amount specified In sub-rule (2) of rule 9, sub ject to the provisions of rule 13.
If sixty monthly deposits have been made and the account has not been con- tinued under sub-rule (1) of rule 10 or rule 11. If less than sixty monthly deposits have been made in tho account and; If the nominee or legal heir desires to receive the amount due, on the expiry of maturity period or ex- tended maturity period under sub-rule (1) of rule 7; or
(ii)
(0
The amount specified in Table 5, 6, 7, 8, 9 or 10, as the case may be, subject to the provisions of rule 13. The amount specified in sub- rule (2) of rule 10 or rule 11, as the case may be.
If the nominee or legal heir desires to receive the amount due at any time earlier than under (i) above. If the account has been con- tinued under sub-rule (1) of rule 10 or rule 11.
(2) Notwithstanding anything contained in sub-rule (1), if there are only one or two surviving nominees or legal heirs, he or they may continue the account and receive re- payment of the amount, inclusive of Interest, in the manner provided for in these rules, as if the account had been open- ed by him or them.
(3) On the death of a depositor in a joint account, the surviving depositor shall be treated a" the sole owner of the account and he may deal with it in any manner provided for in these rules as if he had opened the account in his name. If less than sixty monthly deposits have been paid into the account, he shall also have the option to close the account immediately and receive the amount specified in Table 5, 6, 7, 8, 9, or 10, as the case may be.
(4) On the death of the guardian of a minor or lunatic depositor, the new guardian may close the account and claim the amount as specified in sub-rule (1) or (2) of rule 9 or sub-rule (2) of rule 10 or sub-rule (2) of rule 11 or Table 5, 6, 7, 8, 9 or 10, as the case may be, if the same ii required in the interest of such depositor.
13. Repayment of full maturity value on the death of the depositor in certain cases (Protected Savings Scheme.).— (1) Where the depositor in a single account or the surviv- ing depositor in a joint account dies during the maturity period of an account or its extention under sub-rule (1) of rule 7, the legal heir or nominee, as the case may be, of such depositor, shall be entitled to receive the amount specifi- ed in sub-role (I) of rule 9 as if the depositor had paid all the sixty monthly deposits, subject to the following condi- tions namely :—
(i) The denomination of the account ihall not exceed
twenty rupees,
(ii) The account has not become a discontinued account.
(iii) The period from the date of opening the account to the date of death of the depositor or surviving depo- sitor, as the case may be, is not less than two years.
(tv) The age of the depositor or depositors, as the case may be, at the time of opening the account fa not less than 1R years and not more than 53 years. At the time of opening the account or thereafter, every depositor shall give a declaration in writing to the Post Office Savings Bank indicating his age at the time of opening the account. Where such declara- tion has not been given by the depositor or depo- sitors, the claimant shall furnish a certified
1938/10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(v) The first twenty-four moiuhly deposits have been
made without default.
Explanation :—A defaulted instalment paid with in- terest specified under sub-rule (2) of rule 7 before the death of the depositor or the surviving depo- sitor, as the case may be, shall not be treated as a default.
(vi> The amount of defaults, if any, after twenty-four months from the date of opening the account, to- gether with interest on such amount at the rate specified in sub-rule (2) of rule 7 shall be deducted from the Hmount payable under this rule.
(vii) No withdrawal has been made from the account
during the first tweniy-four months.
(viii) If a withdrawal under rule 14 has been made from the account after expiry of twenty-four months from the date of opening of the account, any outstanding amount of such withdrawal and the interest due on the withdrawal under rule 14 shall be recovered from the amount payable under this rule.
fix) The legal heir or the nominee, as the case may be, has not made any claim, or has not already been given the benefit under this rule in respect of any other account, or in respect of a 5-yeur Post Office Cumulative Time Deposit account, held by the same depositor,
(2) Tf a depositor or a surviving depositor, as the case mny be, has more than one account of the denominations not exceeding twenty rupees, the benefit of payment under this rule shall be available in respect of only that account which- may bo specified by the depositor or surviving depositor, as; the case may be. Such depositor may change the option and specify another account, if he so desirable, by an application to the Post Office Savins Bank where the account is held. If no such, account has been specified by such depositor, has benefit of payment shall be admissible in respect of the ear- liest account of the denomination of twenty rupees, if nny. which qualifies for payment and if there is no such account of the denomination of twenty rupees, than in respect of any one of the earliest accounts of the denominations of fifteen rupees, ten rupees and five rupees which qualifies for pay- ment.
(3) The legal heir or nominee, as the case may be, shall on the death of the depositor or the surviving depositor, as the case may be, apply in the manner prescribed to the Post Office Savinfcs Bank where the account is held, not later than one year from the date of death of such deoositor. A death certificate or a certified copy thereof should be attach- ed with such application. The clnlm will be sanctioned by the relevant Head Savinas Bank after verification from the Office of the National Savinjzi Commissioner, Nagpur that the benefit of the payment of full maturity value on death has not been previously availed of by the legal heir or nominee of the deceased depositor in respect of any other account including a 5-year Post Office Cumulative Time Deposit account.
14. Withdrawal.—II) Subject to the provisions of sub- rules (2) to (7), where an account has not become a dis- continued account under sub-rule (2) of iuie 7, one with- drawal not exceeding fifty per cent nf the deposits made in the account mav be allowed after the account has been in operation for at least one year and twelve monthlv de- potfts have been made in the account.
(2) The amount of such withdrawal shall be a multiple of five mneev It may be repaid, at any time during the currency of the account, in one lump sum or in equal monthlv instalments.
(3) Simple interest at the rate specified below shall lie
payable bv the depositor :—
(a) For withdrawal made before ltr April, 1972-fi * p*r
cent per annum,
fb) For withdrawal made during the period fmm !
(c) For withdrawal mado the period from 1st April, 1975 to 31st January, .1977—9.6 per cent per annum.
(.d) For withdrawal made on or after 1st February,
1977—12 per cent per annum.
(4) In the case of repayment in one lump sum, interest at the rate specified in sub-rule- (3) shall be calculated on the amount of withdrawal for full calendar months from, the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawau or repaid. If tho repayment with interest is made on or before the 10th of a month, no interest shall be payable for that month.
(5) In the case of repayment in equal mouthly instalments the amount of each instalment shall be a multiple of five rupees and the number of instalments shall not exceed the number of months remaining for maturity of the account or the post-maturity period for which the account is continued under rule 10 & 11. The interest at tho rate specified in sur^ rule (3) shall be calculated on the amount remaining unpaid at the end of each month from the month of withdrawal and the total amount of such interest shall be payable in lump sum alonjj with the last instalment of repayment of the amount withdrawn or in the month next following the month in which the last instalment of the amount withdrawn is repaid,
(6) During the maturity period of an, account or its exten- sion under sub-rule (1) of ml© 7 or sub-rule (1) of rule 10, the monthly instalments of repayment of withdrawl, if any, shall be payable along with the monthly deposits. If an account h continued beyond the maturity period without any fresh deposits under sub-rule (1) of rule 11, monthly instalments of repayment or withdrawal, if any, may be paid during the period of such continuance.
(7) Where, for any reason, the amount of withdrawal or a part thereof has not been re-paid, or the interest thereon has not been paid, by the depositor before the closure of the account, any outstanding amount due from him in this behalf shall be ^recovered from the amount payable to hirr. or to his nomine© or legal heir, as the case mav be, on the closure of the account.
1J. Procedure on the minor attaining majority.—(1) A minor on whose behalf an account has been opened may on his attaining majority—
(a) continue the account for full maturity period or maturity period as extended under sub-rule (1) of rule 7 or for n further period under rule 10 or rule 11. as the case may be: or
(b) if he does not continue the account any longer, claim proportionate amount ;is specified in iub-rulc (2) of rule 9 on expiry of maturity period, or the amount due under sub-rule (2) of rule 10 or sub- rule (2) of rule 11, as the case may be.
(2) For purpose of clause (a) of sub-rule (1) the ex-minor
shall give a declaration as follows :
"I hereby declare that the Post Office Savings Bank General Rules, 1981 and the- Post Office Recurring Deposit Rules. 1981 have been read byfto me nnd that I accept the said rules and all ;,uch amendments thereto as may be iwicd from time to time as bind- inff on me,"
16. Repeal and Savino.—(1) The Post Office (Recurring
Depo^tO Rules, 1970 nrc herebv repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the rules so repealed shall, be deemed to have been done or taken under the corrcsnondintt provisions f>f these rules or the Post Office Savinps Rank General Rules 10R1
1938/11
TABLE 1
(See rule 10)
Amount, Inclusive of interest, repayable on an account opened on or after 1st October, 1976 but before 1st October, 1979 and continued with monthly deposits beyon
repayable of Rs.10
Amount (Rs.) on an account denomination.
Number of completed years for which the account is continued
958.90 1177.20 1416.60 1679.20 1967.30 One year Two years Threo years Four years Five years
Note ;—l The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.
Note ;—2 In the case of an account opened before 1st October, 1976, the amount repayable shall bp in the same proportionate to the amount repayable on an account of similar denomination opened on or after 1st October, 1976 but before 1st October, 1979, as the maturity value under sub-rule (1) of rule 9 of the former account is to that of the latter account.
TABLE 2
(See rule 10)
Amount, inclusive of interest, repayable on an account opened on or after 1st October, 1979 and continued, with monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.
repayable of Rs. 10 Number of completed years for which the account is continued
Amount (Rs.) on an account denomination
986.00 1215.80 1469.60 H50.10 2060,10 One year Two years Three years Four years Five years
Note:—The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.
TABLE 3
(See rule 11)
Amount, inclusive of interest, repayable on an account opened on or after 1st October, 1976 but before 1st October, 1979 and continued, without any fresh monthly deposits, be- yond the maturity period or maturity period as extended under sub-rule (1) of rule 7.
Amount (Rs.) repayable on an account of Rs, 10 denomination Humber of completed years for which the account is continued
(2) (1)
One year
Two years
833.70 914.60 (1)
(2)
Three years Four years Five years
1003.30 1100 70 1207.40
Note:—1 The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.
Note:—2 In the case of an account opened before 1st October, 1976, the amount repayable Shall be in tbe same proportion to the amount repayable on an account of similar denomination opened on or after 1st October, 1976 but before 1st October, 1979, as the maturity value under sub-rule (1) of rule 9 of the former account Is to that of the latter account.
TABLE 4
(See rule 11)
Amount, inclusive of Interest, repayable on an account opened on or after 1st October, 1979 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.
Number of completed years for which the account is continued
Amount (Rs.) repay- able on an account of Rs. 10 denomina- tion
One Year Two Years Three Years Four Years Five Years
859.80 950.10 1049.80 1160.10 1281.90
Note: The amount repayable on an account of any other deno- mination shall be proportinate to the amount specified above.
TABLE 5
(See rule 12)
Amount payable to legal heir or nominee on the death of the depositor in a 5-year Recurring Deposit account opened before the 15th January, 1971.
Number of deposits made
Amount (Rs.) deno- mination of Rs. 10
(1)
(2)
1 to 11
The deposite made
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
121.63 131.95 142.32 152.73 163.17 173.67 184.20 194.79 205.43 216.11 226.85 237.65 248.50 259.41 270.38 2S1.42
i938/li TttE GAZETTE OF tNDtA : EXTRAORDINARY [PART H—SEC. 3(i)]
(1)
(2)
a
29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59
(1)
(2)
292.52
303,68
314.92
326.22
337.60
349.05
360.58
372.18
383.87
395.72
407.67
419.71
431.84
444.15
456.50
468.94
481.50
494.16
506.93
519.82
532.92
546.14
559.50
572.88
586.49
600.24
614.13
628.03
642.19
656.51
670.82
685.29
28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59
296.24
307.58
318.99
330.46
342.00
353.66
365.44
377.35
389.42
401.46
413.59
425.82
438.13
450.54
463.04
475.64
488.35
501.15
514.05
527.06
540.27
553.60
567.04
580.61
549.30
608.11
622.05
636.11
650.44
665.05
679.81
694.73
Note:—The amounts will be proportionate for other denomi-
nations.
Note :—The it mounts will be proportionate for other denomina-
tions.
TABLE 6
(5""mlel2)
TABLE 7
(See rule 12)
Amount pa ya bie to lega 1 heir or nominee on the death of the
Amount payable to legal heir or nominee on the death of the
depositor in a 5-year Recurring Deposit account opened on or
after the 15th January, 1971 but before the 1st April, 1974.
depositor In a 5-year Recurring Deposit account opened on or
after the 1st April. 1974, but before the 23rd July, 1974.
Number of
Deposits me de
Amount (Rs.)
for denomina tion
ofRs.10
Numer of deposits
made
(2)
Amount (Rs.)
for denomination
ofRs. 10
(1)
The deposits made
l t o ll
(2) (1)
The deposits made
l t o ll
123.30
133.80
144.40
155.10
165JQ
4 7 6 ^0
187.40
198.30
209.20
2H>. 10
231.20
242.30
253.40
264.60
122.60
133.07
143.59
154.15
164.76
175.42
186.13
196.89
207.70
218.57
229.49
240.47
251.50
262.59
273.75
284.93
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
12 13 14 15 16 17 18 19 20 21 22 23 24 25
1938/13
(2) (I)
(1)
{{^{{FOOTNOTE (2)}}}}
24 25 26 27 28 29 30 31
42
33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
AO
275.90
287.30
298.70
31020
321.70
333.30
345.00
356.70
368.60
380.50
392.40
404.50
416.70
428.90
441.30
453.70
466.20
478.80
491.50
504.30
517.10
530.10
548.10
556.40
569.70
583.20
596.70
610.40
624.20
638.20
652.30
666.60
680.90
695.60
16 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59
Note : The amounts will bo proportionate for other denomina-
4o 49 50 51 52 53 54 55 56 57 58 59
256.50
268.00
279.70
291.40
303.10
315.00
327.00
339.00
351.20
363.40
375.70
388.10
400.60
413.30
426.10
438.90
451.90
465.00
478.20
491.60
505.00
518.60
532.20
546.00
560.00
574.20
588.60
603,20
617.80
632.70
647.70
662.80
678.10
693.60
709.10
725.00
tions.
Note : The amounts will be proportionate for other denomina-
tions.
TABLE 8
(See rule 12)
TABLE 9
Gfe"rulol2)
Amount payable to legal heir or nominee on the doath of the
depositor In a 5-yoar Recurring Deposit account opened on or
after the 23rd July, 1974 but before the 1st October. 1976.
Amount payable to legal heir or nominee on the death of
the depositor la a 5-year Recurring Deposit account opened on
or after the 1st October, 1976 but before the 1st October
1979.
Amount (Us.) for
denomination of
Number of deposits
made
Rs. 10/-
Number of deposits
made
{{^{{FOOTNOTE (2)}}}} (1)
Amount (Rs.) for
denomination of
R". 10/-
1 to 11
The deposits made
<1>
(2)
1 to 11
The deposits made
n
13 14
uIfi
12 13 14 15 16 17 18 19 20 21 22 23
123.90
134.60
145.30
156.20
167.00
178.00
18*.00
200.10
211.20
222.40
233.70
245.10
17 1" 19 20 21
124.30
135.10
145.90
156.80
167.80
178.90
190.00
201.30
212.00
224.00
1938/14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(1) (2) (1) (2)
22 235.40 21 224.85
23 247.00 22 236.45
24 258.70 23 248.10
25 270.40 24 259.90
26 282.30 25 271.80
27 294.20 26 283.80
28 306.20 27 295.90
29 318.40 28 308.15
30 330.60 29 320.50
31 342.90' 30 332.95
32. 355.40 31 345.50
33 367.90 32 358.20
34 380.60 33 371.00
35 393.30 34 383.95
36 406.20 35 397.00
37 419.30 36 410.25
38 432.50 37 423.60
39 445.80 38 437.10
40 459.20 39 450.80
41 472.80 40 464.55
42 486.50 41 478.50
43 500.30 42 492.60
44 514.30 43 506.85
45 528.40 44 521.25
46 542.60 45 536.25
47 557,00 46 551.00
48 571.50 47 565.90
49 586.30 48 580.95
50 601.20 49 596.15
51 616.40 50 611.65
52 631.60 51 627.35
53 647.10 52 643.20
54 662.70 53 659.25
55 678.40 54 675.50
56 694.40 55 691.95
57 710.50 56 708.55
58 726.80 57 725.40
59 743.30 58 742.40
60 760.00 59 759.65
Note : The amounts will be proportionate for other denomi- Note : The amounts will be proportionate for other denomina-
nations. tions.
[F. No. 3/15/81-NS(v)]
TABLE 10
(See rule 12)
Amount payable to legal heir or nominee on the death of the
depositor in a 5-year Recurring Deposit account opened on or
after the 1st October, 1979.
Number of Deposits Amount (Rs.) for
denomination of
Rs. 10/.
(1) (2)
1 to 11 The deposits made
12 124.55
13 135.35
14 146.21
15 157.25
16 168.30
17 179.45
18 190.65
19 201.95
20 213.35
1938/15
TABLE
Account
Rate of interest per annum
1
2
5.5 per cent
1. Single account . . ..
5,5 per cent
Pension account . . ..
2.
5.5 per cent
3. Joint account . . . ..
4.
5.5 per cent
Provident Fund, Superannuation Fund or Oratuity Fund account
5.5 percent
Sanchaylka account
5.
5 per cent
Public account . . ..
6.
7. Security Deposit account
(i) for purchase of a motor vehicle or
tractor
5 per cent 3 per cent
(ii) for other purposes .
3 per cent
Official capacity account .
8.
[F, No. 3/15/81-NS(vi)]
A. C. TIWARI, Jt. Secy.
G.S.R. 667(£).—In pursuance of rule 6 of the Post Office Savings Account Rules, 1981, the Central Government hereby notifies that, with effect from the 1st April, 1982, interest on tho balance at credit of an account specified in column (1) of the Table below, shall be allowed at the rate specified In the corres- ponding entry in column (2) of the said Table.
PNHX ID BY THE MANAGER, GOVT. OF INDTA PRESS, RING ROAD, NEW DKLHIllOOM
AJfflt PUBLISHED BY THE COyrROJLER OF PUBLICATIONS, DELHI-l10054, 19K1