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. <J62(E)—In exercise of th; 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, 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

<ii) where neither parent is

alive or is capable

acting, a penoi cr.iitlej under the law foi the

time "being in force to

have the care of

the

property of the minor, or as the case may be,

the person of unsound mind ;

(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

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

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

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

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)

I n t h e M s e

o f

a n amount stan-

fl⁸t / / c

-^ad^Sr^m,^

B a n k' a d e p o s i t m a y 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

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 ;

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

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

the

relevant

Sub

Saving,

Bank

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

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

o r

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

1899

make 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;

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 R M 1

[See rules 3 and 12(1) and (6)]

POST OFFICE SAVINGS BANK

APPLICATION FOR OPENING AN ACCOUNT

| " Name of Post Office

\ Account No.

1. Pleasoopona

•

„_„—^^^_^_^_ __

SAVINGS

CID/RD

TIME DEPOSIT

Account

— — - —

1/2/3/5/Year

' Denomination

Rs.

in the name(s) of :

Name(s) and addresses)

•• (i)

„ ,

* (10

• (Hi) .;

;

* Strike out portions not applicable.

•* If minor, date of birth

date of maturity

applicant's

relationship

1086 81—2

1901

FORM 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

] Account No^.. :_1I. J^J--

•1/wc tho depositor(s) of saving</Cumulativ6 time deposit/recurring dcposit/l/2/3/5-year tirn e deposit account No,

hereby

nominate the person(s) named below, under section

•( of the Government Savings Banks Act, 1873, to be the sole recipicnt(s) of the

amount standing til the credit of the said account.

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

(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)]}

1906

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART II—SEC. 3(i)]

G.S.R. 6<S3(E).—In exercise of the powers conferred

section 15 of the Government Savings Banks Act,

1873

(5 of 1873), the Central Government hereby makes

the

follwing rules, namely :—

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);

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;

(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 :—

TABLE

Type of Ac;ount

A. INDIVIDUAL ACCOUNTS

1, Single Account

(a)

(b)

(c)

(d)

(e)

Who may open

A person who has

attained the age of

majority and who is

of sound mind (here-

inafter referred

as an adult).

A minor who has

attainod the age of

10 years.

A guardian on be-

half ofa minor.

(i) A gucrdion of

a person of un-

sound mind.

(ii) The Superinten-

dent of

the

Mentol Hospital

where a person

unsound-

mind is con-

fined.

An authority con-

trolling a Provident

Fund, Superannua-

tion Fund or Gra-

tuity Fund, on be-

half of its individual

members.

Maximum balance exclu-

ding interest for tho

current year

Rs. 25,000 in an account

or in all the accounts

taken together, If a

depositor has more

than one account.

Rs. 25,000

RH, 25.000 inclusive of

the balance In the ec-

count, if any, opened

by the minor himself.

Rs. 2J.000

Rs. 25,000

Without limit.

Number of accounts that

can be opened

Any number of accounts

but not more than one

sccount st one Post

Office Savings Bank.

One

One on behalf of each

minor.

One on bete If of each

person of

unsound

mind.

One on behalf of eech

person of

unsound

mind.

One on behalf of e^ch

member.

Who may operate

the account

The adult. An illiterate,

blind

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.

The guardian during the

minority of the minor

and thereafter the ex-

minor.

(a) The guardian,

(b) The Superintendent

of the Mental Hos-

pital.

The authority controlling

the Fund or the mem-

ber on production of

a letter of authorisa-

tion from such autho-

rity.

1907

Joint Account

(i) A-Type, thpt Is to

si'y, payable to tho

depositors jointly or

two

survivors

Jointly or to the sole

survivor.

(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.

Pension Account.

B. GROUP ACCOUNTS

Provident Fund, Su-

perannuation

Fund or

Gratuity Fund Account.

Sanchayika Account

Two or three adults.

A pensioner, being a re-

tired Railway serv?nt

or a servrnt of the

Posts and Telegrfphs

Department.

The authority controlling

the

Fund,

the name of the Fund.

The authority control-

ling the funds of the

Sanchayika.

C. INSTITUTIONAL ACCOUNTS

6. ^{Public Account}

D. OTHER ACCOUNTS

7. ^Security

Deposit Ac-

count.

A local authority or a

lawfully constituted

association, institution

or other body for en-

couragement of thrift

or for mutual benefit

of Its members.

(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.

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.

Rs. 50,000 in p n account.

If the depositors h; ve

nr.re thr n one account

(single, pension

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

Rs. 25,000, inclusive of

balances

single

accounts, if any, and

share cf balances in

joint accounts, if r ny,

opened by the depositor.

Without limit

Without limit.

Any number of accounts

but not more th- n one

Joint r ccount r t one

Post Office

Savings

Benk.

Any number of account!:

but not moie thfir ore

Joint account • t one

Post Office

Savings

Bank.

One.

One on behalf of tho '

Fund.

One

One in respect of each

authority or body.

One in respect of each

contract or security.

All the depositors

both the survivors or

the sole survivor as

the acse may be.

One of the depositors or

e^:thei of the IVT -UI-

viivos, or

the

^olc

survivor, as the case

may be.

(r) The Head

Savings

Bsrk

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*.

rhe authority controlling

the Fund.

One or

two

person';

authorised by the au-

thority controlling the

funds of the Sancha-

yika.

One or two persons

authorised for

the

purpose

either

jointly or severally at

the option of the au-

thority or body.

The pledgee, or the ple-

dger to the extent of

the amount authorised

by the pledgee.

1086 GI/81—3

1908

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART II—SEC. 3(i)l

8. Official Capacity

Account

(b) Any person who is

required

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.

(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.

(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

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.

The amount required to

be deposited as security.

Without limit.

One in respect of each

vehicle or tractor.

One in respect of each

Cooperative

Society

or Bank,

One on behalf of each

person or body.

The pledger (or the pled-

gers jointly) to the

extent authorised

the pledgee.

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.

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

treated in all respects as an account opened by an adult under item (l)(a) of the Table.

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

asthecasomay be,

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 n}y 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

D ^{C C (}^ «

* ^{n e}. ^{n a r n e o f tn}e^sole 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.

1909

5. 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

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

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

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

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

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

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

these rules or the Post Office Savings Bank General Rules,

1981.

[F. No. 3/15/81-NS (il)]

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

Tl/pe of Account

(1)

A. INDIVIDUAL ACCOUNTS

1. Single Account.

2. Joint account

(a) A-Type, that is to say, pa-

yable to both jointly or to

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.

(ii) Superannuation fund

account.

(iii) Gratuity Fund account.

Note :—An authority control

mentis applicable to, <

Sanchayika account.

Who may open

(2)

(a) A person who has attained

the age of majority and who

is of sound mind (herein-

after referred to as an adult)

(b) A minor who has attained

the age of 10 years.

minor.

(d) (i) A guardian of a person

of unsound mind.

(H) Superintendent of Men-

tal Hospital where a

person of unsound mind

is confined.

' Two adults.

- Two adults.

The authority controlling a Pro-

vident-Fund, a suprannuatior

Fund or a Gratuity Fund,

in the name of the Fund,

Iling the Fund may open an account

or is

otherwise followed by such I

The authority controlling the

funds of the Sanchayika.

Number of accounts thay may

be opened

(3)

One or more accounts

One or more accounts on behalf

of each minor.

One or more accounts on behalf

of each person of unsound

mind.

One or more accounts on behalf

of each person of unsound

mind.

One or more accounts.

One or more accounts on behali

of the Fund.

t only if the pattern of investment ]

rund.

One or more accounts.

Who may operate the account

(4)

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.

The minor.

The guardian during the mino-

rity of the minor and there-

after, the ex-minor.

The guardian.

The superintendent of the

Mental Hospital.

Both the depositors jointly or

survivor.

Either of the depositors or

survivor.

f The authority controlling the

fund.

prescribed by the Central Govern-

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

5. ^{Charitable Endowment account Treasure of Charitable Endo-}

wments for India.

D. MISCELLANEOUS ACCOUNTS

Other accounts

(1) A co-operative society, a

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.

One account on behalf of each

Charitable Endowment.

One or more accounts on bshalf

of and in the name of a membei

client or employee.

Treasurer of

Charitable En-

dowments for India or an

agent appointed by hinj.

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.

1915

(1)

(2)

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.

(3)

One or more account! on behalf

of any of the said persons,

in the name of such person.

(4)

The officer who opened the

account or his successor in

office.

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

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

Period elapsed between the date of

and the date of re-deposit

(1)

6 months o* less.

More than 6 months and upto 12

More than 12 months and upto

More than 18 months.

maturity Minimum

period of

re-deposit

(2)

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

1 year

2 years

3 years

5 years

Rate of Interest per annum

8 per cent

%i per cent

9 per cent

10 per cent

TABLE B

For deposits made on or after the 1st March, 1978 but

before the 1st October, 1979

Period of deposit

1 year

2 years

3 years

5 yean

Rate of interest per annum

7 per cent

H per cent

8 per cent

10 per cent

TABLE C

For deposits made on or after the 1st October, 1979 but

before the 2nd March, 1981.

Period of deposit

1 year

2 years

3 years

5 yeara

Rate of interest per annum

8 per cent

%t pen cent

9 per c«nt

10i per cent

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

1 year

2 years

3 yeiir§

5 years

Rate of interest per annum

84 per ecnt

9^ per cent

10^ per cent

10i per cent

Note : For deposits made on or after the 1st October,

1979, intereit will

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

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.

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

to—

••'yjtfl

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 thr

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<j address of the depositor are written, namely :—

"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

co-operative bank, a corporation o r 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

deposit and pnymw of filtered under this mib-

rule.

1929

2. 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^

(1)

(2)

/ancc deposits

Reb;

Six or more deposits but

mil exceding eleven de-

posits made in any cal-

endar month.

Twelve or more deposits

made in

any calendar

month.

;ite

for an account of Rs.

10/-

denomination.

One rupee.

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;

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-

ly—

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)

(b)

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.

If there a re defa ults

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 ;

(ii) if the nominee or legal

heir desires to receive

payment of propor-

tionate amount caller

than under (i) above.

The amount

specified

in the

Table 1 or 2, as the case nny

he.

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.

(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.

(4) On the death of the guardian of a minor or lunatic

depositor, the new guardian may close the account and

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.

<iii) The interest shall be calculated on the amount re-

payable under rule 9 or 10 as reduced by any

amount recoverable from the depositor under sub-

rule (6) of rale 12 in respect of withdrawal, if any,

made by him and the interest payable by him

thereon.

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.

(2) Each withdrawal may be repaid in one lump sum at

any time during the currency o£ the account or in equal

monthly instalments of five rupees or multiples thereof. The

number of such instalments shall be limited to a maximum

of twenty and shall not exceed the number of months re-

1 muininfi for maturity of the account and such instalments

shall be payable along with the raonlnly deposits.

193 L

(3) In respect of each withdrawal, simple interest shall

bo payable by th» dtpoaltor at th« following tatei, name-

ly:—

(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 deduction 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

m e and that I accept the said rules and nil mch

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 lath 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,

1981;

tb) the provisions of the rulej so repealed shall apply

to a 5-Year account opened before the 1st day of

November, 1973.

1086 GI/81-6

TABLE 1

(See Rules 9 and 10)

Amounts repayable on maturity on 10-Year Cumulative Time

Deposit Accounts

Period during which account is or has been

opened

From 2-1-1959 to 31-3-1959 (both dates inclusive)

From 1-4-1959 to 31-3-1960

From 1-4-1960 to 31-3-1961

From 1-4-1961 to 31-3-1962

From 1-4-1962 to 31-3-1963

From 1-4-1963 to 31-3-1964

From 1-4-1964 to 22-7-1964

From 23-7-1964 to 22-7-1965

From 23-7-1965 to 22-7-1966

From 23-7-1966 to 22-7-1967

From 23-7-1967 to 22-7-1968

From 23-7-1968 to 22-7-1969

From 23-7-1969 to 22-7-1970

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 30-9-1979

From 1-10-1979 onwards

Amount

(Rs.) repay-

able on an

account of

Rs. 10

denomina-

tion

1457

1461

1465

1471

1477

1484

1495

1505

1510

1521

1533

154S

1560

1576

1593

1611

1630

1650

1693.20

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

Period during which account is or has been

opened

Amount (Rs.)

repayablo on

an account

ofRs 10

denomina-

tion.

From 2-1-1959 to 31-3-1959 (both dates inclusive)

2533

From 1-4-1959 to 22-7-1959

From 23-7-1959 to 22-7-1960

From 23-7-1960 to 22-7-1961

From 23-7-1961 to 22-7-1962

From 23-7-1962 to 22-7-1963

From 23-7-1963 to 22-7-1964

From 23-7-1964 to 22-7-1963

J»

f t

»t

2541

2550.55

2562.30

2576.20

2590.40

2605.90

2622.60

1932

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART I[—SEC. 3(i)]

From 23-7-1965 to 22-7-1966

From 23-7-1966 to 22-7-1967

From 23-7-1967 to 22-7-1968

From 23-7-1968 to 22-7-1969

From 23-7-1969 to 22-7-1970

From 23-7-1970 to 22-7-1971

From 23-7-1971 to 22-7-1972

rrom 23-7-1972 to 22-7-1973

nvm IS 7-1973 to 31-10-1973

2640.50

2660.80

2682.30

2705.50

2729.30

2743.70

2759.60

2776 R0

2781.50

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

Before 1-4-1970

On or after 1-4-1970 but before 1-4-1974

On or after 1-4-1974 but before 23-7-1974

A-niuru (Rs.)

[)c

account

Rs. 10 denomination

10-Year

Account

1450

1530

1570

On or after 23-7-1974 but before 1-10-1979

.1650

On or after 1-10-1979

1693.20

15-Year

Account

2500

2655

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

1 to 11

Amount

(Rs.) for

donomina-

tion of Rs.

10/-

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

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

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

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

1992.74

154

155

156

157

158

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

17f>

177

178

179

2010 07

2027.41

2044.74

2063.14

2081.55

2099.95

2118.36

2136,76

2155.16

2173.57

2191.97

2210.38

2228.78

2247.18

2265,59

2285.12

2304.66

2324,19

2343,73

2363.26

2382.79

2402.33

2421,86

2441,40

2460,93

2480.46

Note: The a mounts will be proportionate for other deru minr -

tions.

TABLE 5

(Sec rule 10)

Amount pcy;' We to leg? 1 heir or nominee on the dea Ih of the

depositor in 10-yenr or 15-yet r Cumuli live Time Deposit

; ccount opened on or after the 1st April, 1970 but before the

1st April, 1974.

Number nf deposits made

1 to 11 The deposits m- de

16'

Amount Rs.

for denomina-

tion of Rs. 10/-

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

19³⁴

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART II—SEC. 3(i)]

1

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

A±

it

45.

46

47

4S

49

50

51

52

53

54

55

56

57

58

59

60

ol

Di

£.\

oi

04

(L<

DJ

00

£7

0/

AD

OH

7n

/u

71

1 A

71

T\

I D

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

2

301.78

312.79

323.85

334.96

346.13

357.85

368.64

379.98

391.38

402.85

414.38

425.97

437.62

449.35

461.14

473.00

484.93

496.93

509.01

521.16

533.49

546.90

558.29

570.87

583.54

596.31

609.16

621.98

635.02

648.15

661.39

675.00

687.34

700.01

712.72

725.49

738.30

751.17

764.08

777.05

790.06

803.13

816.29

829.50

842.72

856.00

869.32

882.70

89(5.13

909.61

923.14

936.7*3

950.37

964.06

977.81

991.73

1005.58

JO19.48

1033.46

1047.47

1061.55

1075.68

1089.86

1104.00

1

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

2

1118.39

1132.74

1147.14

1161.76

1176.36

1191.02

1205.74

1220.52

1235.36

1250.26

1265.22

1280.24

1295.32

1310.47

1325.68

1340.94

1356.28

1371.67

1387.13

1402.65

1418.24

1433.88

1449.59

1465.37

1481.21

1497.11

1513.09

1530.00

1546.02

1562.32

1578.76

1595.21

1611.79

1628.38

1645.11

1661.84

1678.72

1695,59

1712.62

1729.64

1746.81

1763.98

1781.31

1798.63

1816.10

1833.57

1851.20

1868.83

1886.61

1904.38

1922.32

1940.25

1958.34

1976.43

1994.68

2012.93

2031.34

2049.73

2068.31

2086,87

2105.60

2124.38

2143.22

2162.10

2181.57

2201.04

1935

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

2220.70

2240.46

2260.20

2280.16

2300.19

2320.22

2340.46

2360.79

2381.10

2401,63

2422.25

2442.86

2463.68

2484.60

2505.50

2526.63

2547.85

2569.04

2590.47

2611.99

2633.49

Note:—The amounts will be proportionate for other denomina-

tions.

TABLE 6

(See rule 10)

Amount payable to Icnal heir or nominee on the death of

depositor in a 10-year Cumulative Time Deposit recount in

respect of accounts opened on or differ the 1st April, 1974

but before the 23rd July, 1974.

Number of deposits

1 to 11 The deposits made

Amount (Rs.)

for donomino -

tionof Rs. 10/-

122.60

133'.OO

143.50

154.00

164.60

175.20

185.80

196.40

207.10

217.90

228.60

239.50

250.30

261.20

272.10

283.10

294.10

305.10

316.20

327.30

338.50

349.70

360.90

372.20

383.50

394.90

406,30

100

101

102

103

104

417.80

429.20

440.80

452.40

464.00

475.60

487.30

499,10

510.90

522.70

535.00

547.30

559.70

572.20

584.70

597,40

610.20

622.90

635.80

648.90

661.80

675.00

687.80

700.70

713.70

726,70

739,70

752.90

766,10

779.30

792.60

806.00

819.50

833.00

846.60

860.30

874.00

887,80

901.60

915.80

929.80

943,90

958.10

972.30

986.60

1000.90

1015.40

.1029.90

1044.80

1059.50

1074.20

1089.10

1104.00

1118.90

1134,30

1149.50

1164.70

1180.00

1195,40

1211,20

1226.80

1242.40

1258.10

1274.30

1290.20

1306,20

1936

THE GAZETTE OF INDIA | EXTRAORDINARY

[PART II-SEC. 3(i)]

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

1322.20

1338.80

1355.00

1371.40

1387.70

1404.20

1420.80

1437.40

1454.20

1471.00

1487.90

1504.40

1520.90

1538,00

1555.30

Note:--Theiimunts will bo proportionate for other denomina-

tions.

TABLE 7

(SeoruiolO)

Amount payable to legal heir or nominee on the death of a

depositor in a lO-yesr Cumulative Time Deposit recount in

respect of accounts opened on or cfter the 23rd July, 1974, but

before the 1st October, 1979.

Number of deposits

1 to 11 The deposits mr t!e

Amount (Rs.)

for denomina-

tion of Rs 10/-

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

100

101

JO.¹.

103

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

1937

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

1349.90

1367.70

13R5.1O

1402.70

1420.40

1438.20

1450,60

1474.70

1493.40

1511.60

1530.60

1549.10

15€7.7O

1587.10

1605.90

1625.50

Note:—The amounts will be proportions to for other denominE -

tiona.

TABLE 8

(See rule 10)

Amount payable to legal heir or nominee on the death of

a depositor'In a 10-Year Cumulative Time Deposit account

opened on or after the 1st October, 1979.

Number of

deposits

1 to 11

2 6

Amount (Rs.) for

denomination of Rs. 10

The deposits made

123.35

133.90

144.50

155.15

165.85

176,60

187.40

198.20

209.10

220.05

231.00

242.05

253.10

264.20

275.40

286.60

297.85

309.20

320.55

331.95

343.40

354.90

366.50

378.10

389.75

401.45

413.20

425.05

436.90

448.80

460.80

472.80

100

101

102

103

104

105

106

107

108

109

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

810.55

824.65

838.85

853.15

867.55

882.00

896.55

911.20

925.90

940.75

955.65

970.65

985.75

1000.95

1016.20

1031.60

1047.05

1062.65

1078.30

1094.05

1109.95

1125.90

1141.95

1158.15

1174.40

1190.80

1207.25

1223.85

1240.90

1253.10

1275.45

1292.90

1310.50

1328.20

1346.00

1363.95

1382.05

J400.25

1418.60

1437.10

1456.20

1938/8

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART il—SEC. 3(i)]

GSJl. 666(V).~ln

exercise of the powers

conferred

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;

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

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,

(i)

C")

a nee deposits

Six or more deposits but

net exceeding eleven de-

posits made in any calendar

month.

Twelve or more dejK>sits

made

any

calendar

month-

Rebate for an account of

Rs. 5/- denomination

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

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

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

Amount

(Rs) re-

payable

on an

account of

Rs. 10

denomi-

nation

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

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

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

Amount

(Rs)

for

an account

ofRs. 10

denomi-

nation

700

710

720

750

760

778.10

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 tie 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.

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)

(b)

If the further period is less

than one year.

If the further period con-

sists of completed years

only.

If the flirther period con-

sists of completed year not

exceeding four and a part

of the year thereafter.

The amount due under sub-

rule(l) of rule 9 together with

interest on such amount for

the complete months in the

further period.

Tho amount specified in Table

3 or 4 as the case may be.

The amount

specified

Table 3 or 4 as the case may

be, relevant to the number¹

of completed years together T

with

interest

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.

12. Repayment of death of depositor.—(1)

Subject

sub-rule (2), on the death of the depositor in a single account

or of both the depositors in a joint account,, no further de-

posits shall be made in the account and the procedure speci-

fied in rule 13 of the Post Office Raving¹; Bank General Ruico,

1086 Gl/fil—R

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)

(b)

(d)

(ii)

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

receive

the

amount due, on the expiry

of maturity period or ex-

tended maturity

period

under sub-rule (1) of rule

7; or

If the nominee or legal heir

desires

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.

The amount specified in sub-

rule (1) of rule 9.

The amount

specified

sub-rule (2) of rule 9, sub

ject to the provisions of rule

13.

The amount specified

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.

(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,

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 <iopy

of the School Leaving Certificate of the deceased

depositor or a declaration on a plain paper as to

the age of deceased depositor at the time of open-

ing the account duly attested by a Gazetted Officer,

u Magistrate (including Honorary Magistrate),

member of Parliament or of a Legislature

(includ-

ing the Metropolitan

Council for Delhi) or a Pan-

chayat President or Pramuich.

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.

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

!<si

Aoril. 1972 to 1st March. 1975—1,1 per cont r T

annum.

(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

repayment of the

amount withdrawn or in the month next following the month

in which the last instalment of the amount withdrawn

repaid,

(6) During the maturity period of an, account or its exten-

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.

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

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<J 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

One year

Two years

Threo years

Four years

Five years

Amount (Rs.)

on an account

denomination.

repayable

of Rs.10

958.90

1177.20

1416.60

1679.20

1967.30

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.

Number of completed years for

which the account is continued

One year

Two years

Three years

Four years

Five years

Amount (Rs.)

on an account

denomination

repayable

of Rs. 10

986.00

1215.80

1469.60

H50.10

2060,10

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.

Humber of completed years

for which the account is

continued

(1)

One year

Two years

Amount (Rs.) repayable

on an account of Rs, 10

denomination

(2)

833.70

914.60

(1)

Three years

Four years

Five years

(2)

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

One Year

Two Years

Three Years

Four Years

Five Years

Amount (Rs.) repay-

able on an account

of Rs. 10 denomina-

tion

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

(1)

1 to 11

Amount (Rs.) deno-

mination of Rs. 10

(2)

The deposite made

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)

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

Note:—The amounts will be proportionate for other denomi-

nations.

TABLE 6

(5««mlel2)

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.

Number of

Deposits me de

(1)

l t o l l

Amount (Rs.)

for denomina tion

ofRs.10

(2)

The deposits made

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

(1)

(2)

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 it mounts will be proportionate for other denomina-

tions.

TABLE 7

(See rule 12)

Amount pa ya bie to lega 1 heir or nominee on the death of the

depositor In a 5-year Recurring Deposit account opened on or

after the 1st April. 1974, but before the 23rd July, 1974.

Numer of deposits

made

(1)

l t o l l

Amount

(Rs.)

for denomination

ofRs. 10

(2)

The deposits made

123.30

133.80

144.40

155.10

165JQ

476^0

187.40

198.30

209.20

2H>. 10

231.20

242.30

253.40

264.60

1938/13

(I)

(2)

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

Note : The amounts will bo proportionate for other denomina-

tions.

TABLE 8

(See rule 12)

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.

Number of deposits

made

(1)

1 to 11

Amount (Us.) for

denomination of

Rs. 10/-

(2)

The deposits made

123.90

134.60

145.30

156.20

167.00

178.00

18*.00

200.10

211.20

222.40

233.70

245.10

(1)

AO4o

(2)

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

Note : The amounts will be proportionate for other denomina-

tions.

TABLE 9

Gfe«rulol2)

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.

Number of deposits

made

<1>

1 to 11

Ifi

1«

Amount (Rs.) for

denomination of

R». 10/-

(2)

The deposits made

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)

32.

(2)

235.40

247.00

258.70

270.40

282.30

294.20

306.20

318.40

330.60

342.90'

355.40

367.90

380.60

393.30

406.20

419.30

432.50

445.80

459.20

472.80

486.50

500.30

514.30

528.40

542.60

557,00

571.50

586.30

601.20

616.40

631.60

647.10

662.70

678.40

694.40

710.50

726.80

743.30

760.00

Note : The amounts will be proportionate for other denomi-

nations.

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

(1)

1 to 11

Amount (Rs.) for

denomination of

Rs. 10/.

(2)

The deposits made

124.55

135.35

146.21

157.25

168.30

179.45

190.65

201.95

213.35

(1)

2 6

(2)

224.85

236.45

248.10

259.90

271.80

283.80

295.90

308.15

320.50

332.95

345.50

358.20

371.00

383.95

397.00

410.25

423.60

437.10

450.80

464.55

478.50

492.60

506.85

521.25

536.25

551.00

565.90

580.95

596.15

611.65

627.35

643.20

659.25

675.50

691.95

708.55

725.40

742.40

759.65

Note : The amounts will be proportionate for other denomina-

tions.

[F. No. 3/15/81-NS(v)]

1938/15

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.

TABLE

Account

Single account

Pension account

Joint account

Provident Fund, Superannuation

Fund or Oratuity Fund account

Sanchaylka account

Public account

Security Deposit account

(i) for purchase of a motor vehicle or

tractor

(ii) for other purposes

Official capacity account .

Rate of interest

per annum

5.5 per cent

5,5 per cent

5.5 per cent

5.5 percent

5 per cent

per cent

[F, No. 3/15/81-NS(vi)]

A. C. TIWARI, Jt. Secy.

PNHX ID BY THE MANAGER, GOVT. OF INDTA PRESS, RING ROAD, NEW DKLHIllOOM

AJfflt PUBLISHED BY THE COyrROJLER OF PUBLICATIONS, DELHI-l10054, 19K1