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Sl. No.	Subject	Page
1. 2.	The Government Savings Banks Act, 1873 The Government Savings Certificates Act, 1959	1 5

3.	The Public Provident Fund Act, 1968	8
4.	The Post Office Savings Bank General Rules, 1981	10
5. 6.	The Post Office Savings Accounts Rules, 1986 The Post Office Recurring Deposit Rules, 1981	18 24
7.	The Post Office Time Deposit Rules, 1981	41
8.	The Post Office Monthly Income Account Rules, 1987	48
9.	The Senior Citizen Savings Scheme Rules, 2004	51
10.	The Public Provident Fund Scheme, 1968	68
11.	The Kisan Vikas Patra Rules, 1988	84
12.	The National Savings Certificates (VIII Issue) Rules, 1989	95
13.	The Post Office Savings Certificates Rules, 1960	108

THE GOVERNMENT SAVINGS BANKS ACT, 1873 (5 OF 1873)

(28 January, 1873)

[As amended by Government Savings Bank Amendment Act, 1959 and further modified from time to time]

An Act to make certain provisions relating to Government Savings Banks

PRELIMINARY

(1) (a) Short title :-This Act may be called the Government Savings Banks Act, 1873.

(b) Local extent:-It extends to the whole of India.

Note:-The Act has been extended to the State of Sikkim vide Ministry of Home Affairs Notification No. F.11013/1/82-SKM dated 22.7.1983.

Act not to apply to deposits in Anchal Savings Bank:-This Act shall not apply to any deposits made in the Anchal Savings Bank of the State of Travancore Cochin and, notwithstanding anything contained in this Act, any law in force in the said State immediately before the commencement of the Part B States (Law) Act, 1951 (3 of 1951), relating to such deposits, shall continue to apply thereto as if that law had not been repealed.
Interpretation clause:-In this Act:

(a) “Depositor” means a person by whom, or on whose behalf, money has been heretofore, or shall be hereafter, deposited in a Government Savings Banks, and “deposit” means money so deposited;

Provided that on and after 13.5.2005 the provisions of this clause shall have effect as if for the words ‘a person’ the words ‘ an individual’ has been substituted.

[Amended vide Finance Act, 2005 dated 13.5.2005]

(b): “Government Savings Banks” means
(i): a Post Office Savings Bank; or
(i): in the case of a Post Office Savings Bank, the Postmaster General appointed for the area in which the Post Office Savings Bank is situated, or any officer of the Government as the Central Government may, by general or specific order, specify in this behalf,; and
(ii): in the case of banking company or other company or institution, an officer of that banking company or other company or institution, as the case may be, or any officer of the Government or any other person as the Central Government may, by general or specific order, specify in this behalf; [Clause(b) and (bb) amended vide Finance Act (2) of 2004]
(c): “Minor” means a person who is not deemed to have attained his majority under the India Majority Act, 1875 (9 of 1875);
(d): “Prescribed” means prescribed by rules made under this Act.

DEPOSITS BELONGING TO THE ESTATE OF DECEASED PERSONS

4. Nomination by depositor: -(1) Notwithstanding anything contained in any law for the time being in force, or in any disposition whether testamentary or otherwise, by a depositor in respect of his deposit, where any nomination made in the prescribed manner purports to confer on any person the right to receive the deposit on the death of the depositor, the nominee shall, on the death of the depositor, become entitled to the exclusion of all the other persons, to be paid the deposit, unless the nomination is varied or cancelled in the prescribed manner.

(2): Any nomination referred to in sub-section (1) shall become void if the nominee predeceases or where there are two or more nominees all the nominees predecease the depositor.
(3): Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominees.
(4): If the depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or succession certificate granted under the Indian Succession Act, 1925 [39 of 1925] is not, within three months of the death of the depositor, produced to the Secretary of the Government Savings Bank in which the deposit is, then:
(a): if the deposit does not exceed such limit as may be prescribed, the Secretary may pay the same to any person appearing to him to be entitled, to receive it or to administer the estate of the deceased; and
(b): within the limit prescribed under clause (a), any officer employed in the management of Government Savings Bank who is empowered in this behalf by a general or special order of the Central Government, may, to the extent to which he is empowered by a general or special order of the Central Government, may, to the extent to which he is empowered by such order and subject to any person appearing to him to be entitled to receive it or to administer the estate.
(5): Nothing contained in this section shall be deemed to require any person to accept payment of a deposit which is a Time Deposit, before it has become due.

[Rule 4 amended vide Gazette of India Extraordinary No. 69 dated 04.9.1985)

5. Payment to be a discharge:-(1) Any payment made in accordance with the foregoing provisions of this Act shall be a full discharge from all further liability in respect of the money so paid.

(2): Saving of right of executor:-But nothing herein contained precludes (prevent) any executor or administrator, or other representative of the deceased, from recovering from the person receiving the same the amount remaining in his hands after deducting the amount lf all debts or other demands lawfully paid or discharged byhim in due course of administration.
(3): Saving of right of Creditor: -And any creditor or claimant against the estate of the deceased may recover his debt or claim out of the money paid under this Act to any person, and

remaining in his hand unadministered, in the same manner and to the same extent as if the latter had obtained letters of administration of the estate of the deceased.

6 Security for due administration:-The Secretary of any such Bank or any officer empowered under sub-section (4) of section-4A may take such security as he thinks necessary from any person to whom he pays any money under sub-section (4) of Section –4A for the due administration of the money so paid, and he may assign the said security to any person interested in such administration.

7 Power of administer oath:-(1) For the purpose of ascertaining the right of the person claiming to be entitled as aforesaid, the Secretary of any such bank or any officer empowered under sub-section 4 of Section-4A may take evidence on oath or affirmation according to the law for the time being in force relating to oaths and affirmations.

(2) Penalty for false statement:-Any person who, upon such oath or affirmation, makes any statement which is false and which he either knows or believes to be false or does not believe to be true shall be deemed guilty of an offence under section 193 of the Indian Penal Code (45 of 1860).

8. Deposit when excluded in computing court fees:-Where the amount of the deposit belonging to the estate of a deceased depositor does not exceed three thousand rupees, such amount shall be excluded in computing the fee chargeable under the Court Fees Act, 1870 (7 of 1870) on the probate or letter of administration, or succession certificate (if any), granted in respect of his property.

Provided that the person claiming such probate or letters of certificate shall exhibit to the Court authorised to grant the same a certificate of the amount of the deposit in any Government Savings Bank belonging to the estate of the deceased. Such certificate shall be signed by the Secretary of such Bank, and the court shall receive it as evidence of the said amount.

9. Act not apply to deposits belonging to estates of European soldiers or deserters : - Repealed by the Government Savings Bank (Amendment) Act 1959 (45 of 1959)

DEPOSITS BELONGING TO MINORS

Payment of deposits to minor or guardian:- Any deposit made by, or on behalf of any minor, may be paid to him personally, if he made the deposit, or to his guardian for his use if the deposit was made by any person other than the minor, together with the interest accrued thereon.
The receipt of any minor or guardian for money paid to him under this section, shall be a sufficient discharge therefore.

Legalisation of like payments heretofore made:-Replaced by the Government Savings Bank (Amendment) Act, 1959 (45 of 1959).

DEPOSITS BELONGING TO LUNATICS

12. Payment of deposits belonging to lunatics:-If any depositor becomes insane or otherwise incapable of managing his affairs, and if such insanity or incapacity is proved to the satisfaction of the Secretary of the Bank in which his deposit may be, such Secretary may, from time to time, make payments out of the deposit to any proper person and the receipt of such person, for money paid under this section, shall be a sufficient discharge therefore.

Where a committee or manager of the depositor’s estate has been duly appointed, nothing in this section authorizes payments to any person other than such committee or manager.

DEPOSITS MADE BY MARRIED WOMEN

13. Payment of married women’s deposits:-Any deposit made by or on behalf of a married women, or by on behalf of a woman who afterwards marries, may be paid to her, whether or not section 20 of the Indian Succession Act 1925 (39 of 1925) applies to her marriage and her receipt for any money paid to her under this section shall be sufficient discharge therefor.

MISCELLANEOUS

Protection of action taken in good faith:-No suit or other legal proceeding shall lie against the Secretary or any other officer of the Government of India in respect of any thing which is in good faith done or intended t o be done under this Act.
Power to make rules:-(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.

(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide all or any of the following matters, namely

(a): the persons by whom and the terms and conditions subject to which deposits may be made in a Government Savings Bank;
(b): the maximum limits of deposits and the conditions as to interest or discount relating to deposits generally, or any class of deposits in particular;
(c): the non-accrual of interest on deposits when the maximum limits are exceeded and the recovery of any interest paid in excess in the same manner and as arrears of land revenue or in any other manner;
(d): the persons to whom and the manner in which deposits may be paid;
(e): the form of nominations, the manner in which, the persons in whose favour and the conditions and restrictions subject to which nominations may be made and the registration of nominations;
(f): the variation or cancellation thereof;
(h): the manner in which any person may be appointed for the purpose of sub-section (3) of section 4.
(i): The limit under clause (4) of sub-section 4 of Section 4A.

[Clause (i) added vide Gazette of India Extraordinary No. 69 dated 04.09.1985]

(3) Every rule made under this section shall be laid as soon as may be, after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and if before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of any thing previously done under that rule.

CHAPTER-2 THE GOVERNMENT SAVINGS CERTIFICATES ACT, 1959 (46 OF 1959)

(18^thSeptember, 1959)

An Act to make certain provisions relating to Government Savings Certificates

1. (1) Short Title, Commencement and application:- This Act may be called the Government Savings Certificates Act, 1959.

(2) It shall come into force on the 1^st day of August, 1960.

(3) It applies to the following classes of Savings Certific ates or such class of Savings Certificates as the Central Government may by notification in the Official Gazette specify in this behalf.

(a): 12/7/5-year National Savings Certificates
(b): 10- year National Plan Certificates
(c): 12- year National Plan Savings Certificates
(d): 12- year National Defence Certificates
(e): 10- year National Savings Certificates (I Issue)
(f): 7- year National Savings Certificates (II Issue)
(g): 7- year National Savings Certificates (III Issue)
(h): 7- year National Savings Certificates (IV Issue)
(i): 7- year National Savings Certificates (V Issue)
(j): 12- year National Savings Annuity Certificates
(k): 5 – National Development Bond
(l): 6- year National Savings Certificates (VI Issue)
(m): 6- year National Savings Certificates (VII Issue)
(n): 10-year Social Security Certificates
(o): Indira Vikas Patra
(p): Kisan Vikas Patra
(q): 6- year National Savings Certificates (VIII Issue)

2. Definitions:-In the Act, unless the context otherwise requires:

(a) ‘Holder’ in relation to savings certificates means:

(i): a person who holds the savings certificate issued in accordance with the provisions of this Act and of any rules made thereunder at any time before 13.05.2005.
(ii): an individual who holds the savings certificate issued in accordance with the provisions of this Act and on any rules made there under at any time on or after 13.05.2005.

(iii) ‘Minor’ means a person who is not deemed to have attained his majority under the

Majority Act, 1875 (9 of 1875) [Section 2 amended vide Finance Act, 2005 dated 13.05.2005]

(b): “Prescribed” means prescribed by rules made under this Act.
(c): “Savings Certificate” means a savings certificate to which this act applies.
(d): “Transfer” means transfer inter vivos and does not include a transfer by operation of law.

Restriction on transfer of Savings Certificates:-Notwithstandin g anything contained in any law for the time being in force no transfer of savings certificate, whether made before or after the commencement of this Act, shall be valid unless it has been made with the previous consent in writing of the prescribed Authority.
Holding by or on behalf of minors:-Notwithstanding any provision in any law for the time

being in force:

(a): a minor may apply for and hold savings certificates and any other person may apply for and hold savings certificates on behalf of a minor;
(b): where any savings certificate is held by or on behalf of a minor, the minor shall, whether savings certificate applied for and is issued before or after the commencement of this Act, be bound by the provisions of this Act and of any rules made there under applicable to such savings certificate by the terms of any declaration made by the applicant for the savings certificate in pursuance of the said rules.

5. Payment where certificate is held by or n behalf of a minor: -Payment of the sum for the time being due on a savings certificate held by or on behalf of a minor may be made:

(a) to him personally, if he himself applied for the savings certificate;

(ii): If no such person has been specified, to any guardian of the property of the minor appointed by a competent court, or where no such guardian has been so appointed to either parent of the minor or where neither parent is alive to any other guardian of the minor.

6. Nomination by holder of savings certificates:-(1) Notwithstanding anything contained in any law for the time being in force or in any disposition, testamentary or otherwise in respect of any savings certificate, where a nomination made in the prescribed manner purports to confer on any person the right to receive payment of the sum for the time being due on the savings certificate on the death of holder thereof and before the maturity of the certificate, or before the certificate having reached maturity has been discharged, the nominee shall on the death of the holder of the savings certificate, become entitled to the savings certificate and to be paid the sum due thereon to the exclusion at all other persons, unless the nomination is varied or cancelled in the prescribed manner.

(2): Any nomination referred to in sub-section (1) shall become void if the nominee predeceases, or where there are two or more nominees, all the nominees predecease the holder of the savings certificate making the nomination.
(3): Where nominee is a minor, it shall be lawful for the holder of a savings certificate making the nomination to appoint in the prescribed manner any person to receive the sum due thereon in the event of his death during the minority of the nominee.
(4): A transfer of a savings certificate made in the prescribed manner shall automatically cancel a nomination previously made;

Provided that where a savings certificate is held by or on 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 nomination but the right of the nominee shall be subject to the right of the person so holding it.

7. Payment on death of holder: -(1) If the holder of a savings certificate dies and there is in force at the time of his death a nomination in favour of any in favour of any person, payment of the sum due thereon shall be made to the nominee.

(2): Where the nominee is a minor, payment of the sum due thereon shall be made:
(a): In any case where a person has been appointed to receive it under sub-section (3) of Section6, to that person, and
(b): Where there is no such person, to any guardian of the property of the minor appointed by a competent court, or where no such guardian has been so appointed, to either parent of the

minor, or where neither parent is alive, to any other guardian of the minor.

(3): Where the sum due on savings certificate is payable to two or more nominees, and either or any of them dies, the sum shall be paid to the surviving nominee or nominees.
(4): If a person dies and is at the time of death the holder of a savings certificate and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925) is not within three months of the death of the holder produced to the prescribed authority then if the sum due on the savings certificate does not exceed such limit as may be prescribed, the prescribed authority may pay the same to any person appearing to it to be entitled to receive the sum or to administer the estate of the deceased.
(5): Nothing contained in this section shall be deemed to require any person to receive payment of the sum due on a savings certificate before it has reached maturity or otherwise then in accordance with terms of the savings certificate.

8. Payment to be a full discharge:-(1) Any payment made in accordance with the foregoing provisions of this Act to a minor or to his parent or guardian or to a nominee or to any other person shall be a full discharge from all further liability in respect of the sum so paid.

(2): Nothing in sub-section (1) shall be deemed to preclude any executor or administrator or the representative of a deceased holder of a savings certificate from recovering from the person receiving the same under section-7 the amount remaining in his hands after deducting the amount of all debt or other demands lawfully paid or discharged by him in due course of administration.
(3): Any creditor or claimant against the estate of a holder of savings certificate may recover his debt or claim out of the sum paid under this act to any person and remaining in his hands unadministered in the same manner and to the same extent as if the latter had obtained letters of administration to the estate of deceased.

Security for due administration:-The prescribed authority may take such security as it thinks necessary from any person to whom any money is paid under sub-section (4) of section-7 for the due administration of the money so paid and may assign the said security to any person interested in such administration.
Power to administer oath:-(1) For the purposes of ascertaining the right of a person claiming to be entitled to payment under sub-section (4) of Section-7, the prescribed authority may take evidence on oath or affirmation according to the law for the time being in force relating to oaths and affirmations.

(2) Any person who upon such oath or affirmation makes any statement which is false and which he either knows or believes to be false or does not believe to be true shall be deemed guilty of an offence Section –193 of the Indian Penal Code (45 of 1860).

Protection of action taken in good faith:-No suit or other legal proceeding shall lie against any officer of the Government or any prescribed authority in respect of any thing which is in good faith done or intended to be done under this Act.
Power to make rules:-(1) The Central Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Act.

(3): Every rule made under this section shall be laid as soon as may be, after it is made, before each House of Parliament while it is in session for a total period of thirty days which my be comprised in one session, or in two successive sessions, and if before the expiry of the session, in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

13. Repeal and Savings:-(1) The Post Office National Savings Certificates Ordinance, 1944 (42 0f 1944) is hereby repealed.

(2) Notwithstanding the repeal of the said Ordinance, any rules made or deemed to have been made or anything done or any action taken in exercise of the powers conferred by or under the said Ordinance shall be deemed to have been made, done or taken in exercise of the powers conferred by or under this Act, as if this Act were in force on the day on which such rules were made, such thing was done or such action was taken.

CHAPTER –3 THE PUBLIC PROVIDENT FUND ACT, 1968 (23 of 1968)

An Act to make provisions for institution of a Provident Fund for the general public.

1. Short title and extent:-(a) This act may be called the Public Provident Fund Act, 1968.

(b) It extends to the whole of India.

2. Definitions:-In this Act, unless the context otherwise requires;

(a): “Fund” means the Public Provident Fund established under the scheme;
(b): “Minor” means a person who is not deemed to have attained majority under the Indian Majority Act, 1875;
(c): “Scheme” means the Public Provident Fund scheme framed under Sub-Section(1) of Section3;
(d): “Subscriber” means an individual who makes subscription to the Fund under section 4 and where such subscription is made by an individual on behalf of a minor, of whom he is the guardian, such minor;

3. Public Provident Fund Scheme: -(1) The Central Government may, by notification in the Official Gazette, frame a scheme to be called the Public Provident Fund Scheme for the establishment of a provident fund for the general public and there shall be established as soon a s may be after the framing of the scheme, a Fund in accordance with the provisions of this Act and the Scheme.

(2) Subject to the provisions of this Act, the Scheme may provide for all or any of the matters specified in the Schedule.

(3) The Scheme shall have effect notwithstanding anything contained in any law for the time being in force other than this Act or in any instrument having effect by virtue of any law other than this Act.

(4) The Central Government may, from time to time by notification in the Official Gazette, add to, amend or vary the Scheme.

Subscription to Fund: -Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Fund in such manner and subject to such maximum and minimum limits as may be specified in the Scheme.
Interest: -All subscriptions made under section-4 shall bear interest at such rate as may be notified by the Central Government in the Official Gazette, from time to time, and the interest shall be calculated in suc h manner as may be specified in the Scheme.
Withdrawals: -(1) A subscriber shall be entitled to make withdrawals from the amount standing to his credit in the Fund (including any interest accrued thereon) to such extent and subject to such terms and conditions as may be specified in the Scheme;

Provided that such withdrawal shall be allowed only after the expiry of a period of five years from the end of the year in which he makes the initial subscription to the Fund.

(2): Notwithstanding anything contained in sub-section (1), a subscriber shall be entitled to withdraw the entire balance standing to his credit in the Fund after the expiry of a period of fifteen years from the end of the year in which he makes the initial subscription to the Fund.
(3): Subject to the provisions of sub-sections (1) and (2), an individual who has made subscriptions to the Fund on behalf of a minor of whom he is the guardian, shall be entitled to withdraw any amount from the Fund only for the use of the minor.

Grant of Loans: -A subscriber may be granted loans out of the amount standing to his credit in the Fund on such terms and conditions as may be specified in the Scheme and where the subscriber is a minor, such loans shall be granted to his guardian only for the use of the minor.
Payment on death of subscriber:-(1) If a subscriber dies and there is in force at the time of his death a nomination in favour of any person, all amounts standing to his credit in the Fund shall be payable to the nominee.

(3): Where there is no nomination in force at the time of the death of the subscriber, the amounts referred to in sub-section (1) shall be payable to his legal heirs.

Protection against attachment:-The amount standing to the credit of any subscriber in the Fund shall not be liable to attachment under any decree or order of any court in respect of any debt or liability incurred by the subscriber.
Protection of action taken in good faith:-No suit, prosecution or other legal proceeding shall lie against any person for anything which is in good faith done or intended to be done under this Act or the Scheme.
Power to remove difficulties: - (1) If any difficulty arises in giving effect to the provisions of this Act or the Scheme, the Central Government may, by order published in the Official Gazette, make such provision not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for the removal of the difficult y.

Provided that no such order shall be made after the expiration of three years from the commencement of this Act.

(2) Every order made under sub-section (1) shall be laid as soon as may be after it is made before each House of Parliament.

12. Scheme to be laid before Parliament: -The scheme will be laid, as soon as may be, after it is framed before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, both Hoses agree in making any modification in any provision of the Scheme or both Houses agree that any provision in the Scheme should not be made, the provision of the Scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any modification or annulment shall be without prejudice to the validity of any thing previously done under that provision.

THE SCHEDULE

[See Section 3(2)]

Matters for which provisions may be made in the Scheme:

(1): The manner in which subscriptions to the Fund may be made and the maximum and minimum limits of such subscriptions.
(2): The manner in which interest on subscription to the fund may be calculated.
(3): The documents to be issued to subscribers as evidence of the subscriptions made by them to the Fund.
(4): The extent to which and the terms and conditions under which withdrawals may be made by subscribers from the amounts standing to their credit in the Fund.
(5): The authority or authorities by or through whom subscriptions to the Fund may be collected or withdrawals there from may be made.
(6): The terms and conditions under which loans may be granted to subscribers out of the amounts standing to their credit in the Fund and the authority or authorities by whom such loans may be granted.
(7): The accounts to be maintained with respect to subscriptions to the Fund, and withdrawals and final payments made and loans granted therefrom and the authority or authorities by whom such accounts shall be maintained.
(8): The nomination of any person to receive the amount standing to the credit of subscriber in the Fund in the event of his death and the cancellation or change of such nomination.
(9): The issue of duplicate of any document issued as evidence of any subscription to the Fund in the event of damage, loss or destruction of original and the fee on payment of which such duplicate may be issued.
(10): Any other matter which is to be provided for in the Scheme or which may be necessary or proper for the purpose of implementing the scheme.

CHAPTER –4

THE POST OFFICE SAVINGS BANK GENERAL RULES, 1981

GSR 662 (E):-In exercise of the powers conferred by Section-15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules, namely:

1. Short title 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;
(a): Savings Account
(b): Cumulative Time Deposit Account
(c): Recurring Deposit Account
(d): Time Deposit Account
(e): National Savings Scheme Account, 1987.
(f): Monthly Income Scheme Account.
(g): National Savings Scheme Account, 1992.
(3): They shall come into force on the 1^st day of April, 1982. Note:-Clause (2( updated by adding the names of new schemes introduced after 1981.

2. Definitions:-In these rules, unless the context otherwise requires:

(a) ‘Account’ means a Savings Account, a Cumulative Time Deposit Account, a Recurring Deposit Account, a Time Deposit Account, NSS, 1987 Account, MIS Account or NSS, 1992 Account.

Note:-Clause (a) updated by adding the names of new schemes introduced after 1981.

(b): ‘Authorised’ means authorised by the D irector General Posts;
(c): ‘Balance’ means the balance at credit of an account;
(d): ‘Branch Savings Bank’ means a Branch Post Office which is functioning also as a Savings Bank.
(e): ‘Cumulative Time Deposit Account’ means an account opened under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959 or under the Post Office Cumulative Time Deposit Rules, 1981;
(f): ‘Extra Departmental Sub Savings Bank’ means a Sub-Savings Bank incharge of part time employee;
(g): ‘ Form’ means a form appended to these rules;
(h): ‘Guardian’ in relation to a minor or a person of unsound mind means
(i): either father or mother; and
(ii): where neither parent is alive or is incapable of acting, a person entitled under the law for 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 incharge of a head Savings Bank and includes a Deputy Postmaster or an Assistant Postmaster to whom the powers of the Head Postmaster have been delegated.
(j): ‘Head Savings Bank’ means a Head Post Office which is functioning also as Savings Bank but does not include a Head Post Office declared by the Director General Posts 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;
(l): ‘Post Office Savings Bank’ means Head Savings Bank and includes a Sub or Branch Savings Bank.
(m): ‘Prescribed’ means prescribed by the Director General Posts;
(n): ‘Recurring Deposit Account’ means an account opened under the Post Office (Recurring Deposit) Rules, 1970 or under the Post Office Recurring Deposit Rules, 1981;
(o): ‘Relevant Head Savings Bank’ in a 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 Term Deposit Rules, 1981, the Post Office Recurring Deposit Rules, 1981, the Post Office Cumulative Time Deposit Rules, 1981, the National Savings Scheme Rules, 1987, the Post Office (Monthly Income Account) Rules, 1987 or the National Savings Scheme Rules, 1992.
(q): ‘Relevant Sub Savings Bank’ in a relation to an account, means the Sub Savings Bank in which the account stands or to which the Savings Bank where the account stands, is subordinate;
(r): ‘Savings Account’ means an account opened under the Post Office Savings Bank Rules, 1881 or under the Post Office Savings Bank Rules, 1965 or under the Post Office Savings Account Rules, 1981.
(s): ‘Savings Certificate’ means a certificate issued under the Government Savings Certificates Act, 1959 (46 of 1959);
(t): ‘Single Account’ means an account opened by or on behalf of an individual person in his name;
(u): ‘Sub Savings Bank’ means a Sub Post Office which is functioning also as a Savings Bank and includes a Head Post Office declared by the Director General Posts to be a Sub Savings Bank but does not include Extra Departmental Sub Savings Bank;
(v): ‘Time Deposit Account’ means an account opened under an Post Office (Time Deposit) Rules, 1970 or under the Post Office Time Deposit Rules, 1981.

3. Opening of an account:-(1) A depositor desiring to open an account in a Post Office Savings Bank may make an application to it in Form-1.

(2) Non-Resident Indians (NRIs) are not eligible to open an account in a Post Office Savings Bank;

Provided that if a resident who opened an account in any Post Office Savings Bank, subsequently becomes Non Resident Indian during the currency of the maturity period, may continue such account till its maturity on a Non Repatriation Basis.

4. Place of Deposit:-(1) In the case of an account standing at a Head Savings Bank, a deposit may 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 Savings Bank or at the relevant Head Savings Bank or at any of its Sub Savings Banks.
(3): In the case of an account standing at an Extra Departmental Sub Savings Bank, a deposit may be made at the Extra Departmental Sub Savings Bank or at the relevant Sub Savings Bank.
(4): In the case of an 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 Sub Savings Bank.

5. Mode of Deposit:-(1) Deposit in a Post Office Savings Bank may be made (i) in cash (ii) by cheque or a demand draft drawn in favour of the depositor or the Postmaster and crossed generally or specially in favour of the Post Office Savings Bank or (iii) by surrender of Indian Postal Orders or Postal Orders issued by British authorities, and deposit may also be made by means of:

(a): a pay order;
(b): an income -tax refund voucher or income tax refund order;
(c): an interest warrant issued by the Reserve Bank of India on Defence Deposit Certificate or installment of an Annuity Certificate;
(d): withdrawal or discharge of any amount payable on an account or savings certificate held by the depositor.
(e): Dividend warrants, interest warrants and refund orders issued by the companies/financial institutions.

(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 tendered 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 the cheque or other instrument shall be the date of its encashment and not the date of its presentation.
(4): Where a deposit is made by means of an outstation cheque or instrument, collection charges at the prescribed rate shall be payable along with the deposit.

6. Withdrawal:-(1) Withdrawal from an account at a Sub Savings Bank, an Extra Departmental Sub-Savings Bank or Branch Savings Bank is subject to the availability of funds.

(2): No withdrawal except to the extent of the amount prescribed shall be allowed from 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 Extra Departmental Sub-Savings Bank or a Branch Savings Bank, withdrawal may also be made from the relevant Head Savings Bank to the extent of the amount actually credited to the account in such Head of Sub Savings Bank.

hospital. on furnishing a certificate in the follow ing 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”.

Identification of the depositor: -Identification of a depositor at the time of withdrawal under rule-6 shall ordinarily be made by verification of his signature appearing on the record in the Post Office Savings Bank and in cases where identification cannot be done as aforesaid, it may be done on the basis of Identity Card, if any, issue d to him by the Post Office or in such other manner as may be prescribed.
Pass Book:-(1) On opening an account the depositor shall be given a passbook bearing the number of his account, his name, his address and entry of his first deposit duly initia lled by an authorised official of the Post Office Savings Bank.

(2) It shall be the responsibility of the depositor to keep the passbook in safe custody.

(3): If the passbook is lost, stolen, destroyed or spoilt while in custody of the depositor, be shall be issued a duplicate passbook on his paying a fee of ten 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 circumstances in which the passbook was lost, stolen, destroyed or spoilt were beyond the control of the depositor.
(4): The passbook shall ordinarily be presented for all withdrawals and deposits, other than those made by a cheque, and in case where a deposit or withdrawal is made without production of passbook, the passbook shall be presented to the Post Office Savings Bank as soon as possible thereafter for bringing it up-to-date.
(5): When the passbook is returned duly completed, the depositor shall bring the errors or omissions therein, if any, to the notice of the Post Office Savings Bank forthwith 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.
(6): The passbook 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 passbook cannot be returned on the same day, the Post Office Savings Bank shall issue a receipt in lieu thereof and such receipt shall be surrendered by the depositor at the time of collecting the passbook on a subsequent date.
(7): The Post Office Savings Bank shall not be responsible for any entries in the pass book not authenticated under the initials of authorized official.

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 conditions as may be prescribed.
Conversion of an account:-Subject to the provisions of the relevant rules relating to an account on a written application being made by its holder or holders, as the case may be

(1) 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.

(2): 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 atleast one of the original depositors;
(ii): a joint account in the names of two adults may be converted into a joint account in the names of three adults, including atleast one of the original depositors; and

(iii) a single account in the name of an adult may be converted into a joint account in the names of three adults including the original depositor.

Final withdrawal on closure:-Except as otherwise provided in the relevant rules, final withdrawal on closure of an account shall be allowed at the Post Offices authorised by the Director General (Posts).
13

Nomination:-(1) Subject to the provisions of sub-rules (2) to (7), an adult opening a single account or two adults or three adults opening a joint account, may by furnishing the necessary particulars in Form-1 at the time of opening the account, nominate person or persons who in the even of death of the depositor or all the depositors, as the case may be, shall become entitled to payment of the amount due on the account and if such nomination is not made at the time of opening the account, it may be made by the depositor of a single account or by the depositors or the 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 passbook, 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 cancelled or varied by the depositor of the single account or by the depositors or the surviving depositor or depositors of a joint account, by submitting an application in Form-2, affixing postage stamps of the value of one rupee to it, together with the passbook to the Post Office Savings Bank where the account stands or to the relevant Head Savings Bank.
(4): The nomination or the cancellation or variation of a nomination shall be registered in the relevant Head Savings Bank and the fact of registration shall be noted in the passbook and such registration, nomination or the cancellation or variation of the nomination, as the case may be, shall be deemed to be effective from the date on which it was presented.
(5): A nomination shall become void if the nominee predeceases or where there are two or more nominees, all the nominees predecease the depositor.
(6): Where any nominee is minor, the depositor or depositors making the nomination may, by furnishing the necessary particulars in Form-2, as the case may be, appoint the person to receive payment of the amount due on the account in the event of death of the depositor or depositors, as the case may be, during the minority of the nominee.
(7): Where an account is held by or on behalf of any person as a pledge or by way of security for any purpose, such holding shall not have the effect of canceling a nomination but the right of the nominee or nominees shall be subject to the right of the person so holding the account.

Explanation – In this rule and rule -13, “Single Account” includes a pension account and security deposit account and “joint account” includes a security deposit account.

13. Payment on death of depositor: -(1) In the event of death of the depositor of 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 (2) to (4).

(2): (a) If a nomination made under Rule-12 is in force at the time of death of the depositor of a single account or the surviving depositor in the case of 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 the account and such application shall be accompanied by proof of death of the depositor or depositors, as the case may be, and where any other nominee has predeceased the depositor, by proof of death of such minor.
(b): If there is only one surviving nominee, the amount due on the account shall, on his making an application as aforesaid, be payable to him.
(c): If there are two or more surviving nominees, the application as aforesaid may either be made by them jointly in which case the amount due on the account shall be payable to them jointly or be made by each one of them separately in which case such nominee applicant shall be entitled to receive an equal share of the amount due on the account.
(3): Where the surviving nominee is a minor, the payment under sub-Rule (2) shall be made to the person appointed under Sub-Rule (6) of rule 12 to receive such payment and, if there is no such person, to the guardian of the minor.
(4): If a depositor dies and there is no nomination in force at the time of his death and probate of his will or letters of administration of his estate or a succession certificate granted under the Indian Succession Act, 1925(39 of 1925) is not, within three months of the death of depositor, produced to the Secretary of the Government Savings Banks in which the deposit is, then
(b): Within the aforesaid limit of one lakh rupees , the authorities specified in the Table below shall be competent to sanction claims upto the limit noted against each on the death of the depositor without production of the probate of his will or letters of administration of his estate or succession certificate granted under the Indian Succession Act, 1925 (39 of 1925).

T A B L E

Sl. No.	Name of Authority	Limit in (Rs.
(i)	Time Scale Departmental Sub-Postmasters	1,000
(ii)	Sub-Postmasters in Lower Selection Grade	2,000
(iii)	Sub-Postmasters/Deputy Postmasters/ Postmasters in Higher Selection Grade (All Non Gazetted)	5,000
(iv)	Deputy Postmasters/ Senior Postmasters/ Deputy Chief Postmasters/Superintendent of Post Offices/ Deputy Superintendent of Post Offices (All Gazetted Group-B)	20,000
(v)	Chief P ostmasters in Head Offices, Senior Superintendents (All Gazetted Group-A)	50,000
(vi)	Regional Directors/Director {General Post Offices} [in Mumbai & Kolkata)	75,000
(vii)	Chief Postmasters General/ Postmasters General (Head Quarter and Region)	1,00,000

14. Payment of amount at credit in an account held by Army, Air Force and Navy Personnel:

Notwithstanding anything contained in rules 12 & 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 account holder belonged, or the Committee of Adjustment, as the case may be, may send a requisition to the officer incharge of the Post Office Savings Bank where the account stands for payment of the amount due on the account to the Commanding Officer or the Committee of Adjustment; and the Officer incharge of the Post Office Savings Bank shall be bound to comply with such requisition even though there is in force at the time of death or desertion of the account holder a nomination made 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 withdrawal by a person obtaining possession of the passbook or a cheque from the cheque book of the depositor;
(b): liable if any fraud takes place due 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 Savings Bank for withdrawal.
(c): responsible to a depositor, if he or, in case the withdrawal form is presented by his agent, the agent, fails to ensure that the receipt for the payment is signed by him or the 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 application 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 category 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 de positor is eligible.

Account 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 account 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.
15

Recovery of amount paid in excess:-The Head Savings Bank shall be competent to recover any interest or any other amount paid in excess in the same manner as an arrears of land revenue.
Interpretation:-If any question arises relating to the interpretation of any relevant rule, it shall be referred to the Central Government for a decision.
Power to relax:-Where the Central Government is satisfied that the operation of any relevant rule causes undue hardship to the depositor or depositors of an account, it may, by order, for reasons to be recorded in writing relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.

F O R M –1

[See Rule 3, 12 (1) and (6)]

POST OFFICE SAVINGS BANK APPLICATION FOR OPENING AN ACCOUNT

1. * Please open in my/our Name (s) and Address (es) ** (i)

SAVINGS	RD	TIME DEPOSIT	ount
MIS	Denomination	TIME DEPOSIT	ount
	Rs.	1/2/3/5-Year	Acc

…………………………………………….. ** (ii) ……………………………………………… ** (iii)………………………………………………

* If minor, date of birth………………………..date of majority………………… Applicant’s relationship………………………………………………………………

** 2. Introducer’s (i) Name and address………………………………………….. ……………………………………………………………………………………..

(iii) Signature……………………………………………………………………. *3. The account will be operated JOINTLY/SEVERALLY. *4. I/We hereby under take to keep the balances in all my/our Savings/MIS accounts, single or joint at any time within the limit specified in the relevant rule, and also to furnish, upon demand from the Post Office Savings Bank, particulars of all such accounts.

I/We agree to abide by such rules framed by the Central Government as may be applicable to the account from time to time.
I/We nominate the person(s) named below, under Section-4 of the Government Savings Banks Act, 1873 (5 of 1873), to be the sole recipient(s) in the event of my/our death, of the amount standing at the credit of the account(s)

Name and nominee(s)	address	of	If nominee is minor
		Date of Birth	Name and address of person who may receive the amount during the minority of nominee

* The name(s) of nominee(s) may not be entered in the passbook.
Signature…………………………………
Name and address……………………..
		Signature(s) or
		Thumb impression,
		if illiterate, of applicant(s)
7.	Specimen Signatures:

Name
	(I)	(II)	(III)
(i)
(ii)

Signature of Signature of Signature of Branch Postmaster Sub Postmaster Head Postmaster Date stamp Date stamp Date stamp ** To be filled for Savings Accounts opened by or on behalf of individuals.

* Strike out portions not applicable.

(SB-55)

F O R M-2

[See rule 12(1), (3) and (6)]

POST OFFICE SAVINGS BANK APPLICATION FOR NOMINATION OR CANCELLATION OR VARIATION OF NOMINATION

Name of Post Office Account No……..

* 1. I/we the depositor (s) of Savings/Cumulative Time Deposit/Recur ring Deposit/1/2/3/5-Year Time Deposit Account No……………hereby nominate the person(s) named below, under section-4 of the Government Savings Banks Act, 1873, to be sole recipient (s) of the amount standing at the credit of the said account.

Name and address of nominee(s)		If nominee is minor
	Date of birth	Name and address of person who may receive the said amount during the nominee’s minority.

$ The name(s) of nominee(s) may not be entered in the pass book, & 2. This nomination supersedes the previous nomination made in respect of the said account which stands registered under No…………….on……………. (date) @3. No nomination has been previously made in respect of the said account which is in force. X4. I/We, the depositor(s) of savings/cumulative time deposit/recurring deposit/1/2/3/5-year time deposit account No………………..hereby cancel the nomination made in respect of the said account which stands registered under No……………….on…………………..(date).

5. The passbook for the account is enclosed.

Signature(s) or thumb impression, if illiterate, and name(s) of depositor(s)

Witness:……………………………………………………. Signature:…………………………………………………. Name and address:……………………………………….

Signature of Signature of Signature of Branch Postmaster Sub Postmaster Head Postmaster

Date stamp Date stamp 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. X Strike out if nomination or variation thereof is required. $ Strike out if not required.

CHAPTER –5 THE POST OFFICE SAVINGS ACCOUNTS RULES, 1981

GSR 663 (E) In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1875), the Central Government hereby makes the following rules, namely:

1. Short title and commencement:-(1) These rules may be called the Post Office Savings Account Rules, 1981.

(2): Definitions:-In these rules, unless the context otherwise requires:
(a): ‘Account’ means a savings account;
(b): ‘Deposit’ means the money deposited by the depositor in an account under the rules.
(c): ‘Depositor’ means an individual who
(i): on his own behalf, or
(ii): on behalf of a minor or a person of unsound mind of whom he is the guardian deposits money in an account under the rules.
(d): ‘Year’ means a year commencing on the 1^st day of April.
(e): Words and expression used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules.

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.
Types of Savings Accounts and matters connected therewith:-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 matters connected therewith shall be as specified in the Table below, namely:

T A B L E

Type of Account	Who may open	Maximum balance excluding interest for the current year	Number of Accounts that can be opened	Who may operate the account
1	2	3	4	5
A. INDIVIDUAL ACCOUNTS
1. Single Account	(a) A person who has attained the age of majority and who is of sound mind (hereinafter referred to as an adult)	Rs. 1,00,000 in an account or in all the accounts taken together, if a depositor has more than one account.	Any number of accounts but not more than one account at one Post Office Savings Bank.	The adult. An illiterate, blind or otherwise physically handicapped adult may operate on his account through a literate agent nominated by him for the purpose.
	(b) A minor who has attained the age of 10 years.	Rs. 1,00,000	One	The minor
	(c) A guardia n on	Rs. 1,00,000	One on behalf	The guardian
	behalf of a minor	inclusive of the balance in the account, if any, opened by the minor himself.	of each minor	during the minority of the minor and thereafter the ex-minor.
	(d) (i) A guardian of a person of uns ound mind.	Rs. 1,00,000	One on behalf of each person of	The guardian
	(ii) The Superintendent of the Mental Hospital where a person of unsound mind is confined.	Rs. 1,00,000	unsound mind. One on behalf of each person of unsound mind.	The Superintendent of the Mental Hospital.

(e) An authority			One on behalf
controlling		a	of	each
Provident		Fund,	member.
Superannuation
Fund or Gratuity
Fund on behalf of
its	individual
members.

The authority controlling the Fund or the member on produc tion of a letter of authorisation from such authority.

2. Joint Account (i) A-Type, that is to say, payable to the depositors jointly or to two survivors jointly or to the sole survivor.	Two or three adults	Rs.2,00,000 in an account. If the depositors have more than one account (single, pension or joint), the balances or shares of balances in all such accounts taken together should not exceed Rs. 1,00,000 for each of the depositors.	Any number of accounts but not more than one joint account at one Post Office Savings Bank	All the depositors or both the survivors or the sole survivor as the case may be.
	Two or three	Rs.2,00,000 in	Any number of	One of the
(ii) B-Type, that is to say, payable to any one of the depositors or the either of two survivors or to the sole survivor.	adults	an account. If the depositors have more than one account (single, pension or joint), the balances or shares of balances in all such accounts taken together should not exceed Rs. 1,00,000 for each of the depositors	accounts but not more than one joint account at one Post Office Savings Bank	depositors or either of the two survivors or the sole survivor, as the case may be.

3. Pension	A pensioner,	Rs. 1,00,000	One	(a) The Head Savings
Account	being a retired Railway servant or a servant of Post and Telegraphs.	inclusive of balances in single accounts, if any, and shares of balances in joint accounts, if any.		Bank or Sub-Savings Bank for, (i) crediting to the Pension Account the amount of pension due to the pensioner. (1) where the amount relates to the month of March, on the first working day of April. (2) Where the amount relates to any other month, on the last working day of the relevant month; and (ii) for recovering any amount credited in excess of the sum to which the pensioner was entitled. (b) The pensioner, for making withdrawals.

Note:-The Post Office Saving Account in case of individual Accounts shall be opened after proper introduction of the depositor.

4. Sanchayika Accounts: -Keeping in mind the recent amendment to the Government Savings Bank Act, 1873 whereby investment by all juridical persons in various small savings schemes has been discontinued with effect from 13^th May, 2006, it has been decided to make the following modification with regard to the operation of the ‘Sanchayika’ scheme under which children in schools/colleges are encouraged to save through a savings bank set up in the school/college. In lieu of the present system whereby the savings of the students are deposited by the Sanchayika (School/college Savings Bank) in a post office savings account in the name of the Sanchayika itself, fresh account under the scheme may be opened or the existing account may be commuted in the name of the principal/teacher and two students not less than 10 years of age. These accounts will be designated as ‘Sanchayika’ accounts and will be opened and operated by the three individual depositors jointly. In case any of the depositors leave the school, their name would be substituted by others wit h the authorization of the Principal. The account would be supported by a copy of the resolution establishing the Sanchayika as hitherto fore.

Note:-Only one Sanchayika account will be opened for each school or college. There will not be any limit of maximum balance in the account. The balances in the account will earn interest at the rate applicable to individual savings accounts.

Note 1:-For the purpose of maximum balance the 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 1(b) or (c) of the Table, shall on his attaining the majority, be treated in all respects an account opened by an adult under item(1)(a) of the Table.

Note 3:-Under item 1 (c) or (d) of the Table only one account can be opened in respect of a minor or a person of unsound mind as the case may be.

Note 4:-A joint account in the names of two adults may be opened in addition to a single account and pension account held by either or both of the depositors in the same of another Post Office Savings Bank. If one of the depositors dies, the joint account shall, as from the date of 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 the two accounts shall be closed.

Note 5:-A joint account in the names of three depositors may be opened in addition to a single account and pension account held by any or all of the depositors in the same or another Post Office Savings Bank. If one of the depositors dies, the joint account shall, as from the date of death of such depositor, be deemed to be a single account in the name of the surviving depositors. If they are already having a joint account in their names in the same Post Office Savings Bank, one of the two accounts shall be closed. In the case of death of one of the two surviving depositors, the account shall, as from the date of death of such 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:-Omitted.

5. Deposit and withdrawals in an account:-(1) No account shall be opened with a deposit of less than twenty rupees provided that the first deposit at the time of opening an account shall be made in cash only.

(2): No subsequent deposit shall be of a sum less than five rupees.
(3): No withdrawal shall be for a sum less than five rupees.
(4): No withdrawal shall be permitted which has the effect of reducing the balance to less than fifty rupees in an account not having cheque facility and five hundred rupees in an account in which cheque facility has been provided.
(5): Not more than one withdrawal in a day shall be allowed from an account standing at an Extra Departmental Sub-Savings Bank, or Branch Savings Bank.
(6): Withdrawal of not less than twenty rupees may be made by cheque at any Head Savings Bank of sub- Savings Bank, authorised in this behalf, subject to conditions prescribed.
(7): The deposits which are not in multiples of 5 paise shall be rounded to the next integer of five paise.
(8): Notwithstanding anything contained in this rule
(a): No deposit shall be accepted in an account other than individual account.
(b): The outstanding balances in an account other than individual account, shall be refunded to the depositor on a date not later than 31^st December, 2005.

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 calendar month on the lowest balance at credit of an account between the close of the tenth day and end of the month and such interest shall be calculated and credited in the account at the end of each year.

(2): Interest shall be allowed only on sum of complete rupees and shall be rounded off to the nearest rupee and for this purpose any amount of 50 paise or more shall be treated as one rupee and any amount less than 50 paise shall be ignored.
(3): No interest shall be allowed on an account for any month in which the balance at credit is below twenty 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 the year is less than one rupee.
(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): Omitted.
(8): If an account is closed in the course of a year, interest shall be allowed upto the end of the month preceding the moth in which the account is closed.
(9): (a) In the event of death of a depositor, the interest in 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 Savings Bank as entitled to receive the balance in the said account.
(b): Interest for any subsequent period shall be allowed only if the balance in the account of the deceased or the share therein which the claimant is entitled together with the balances or share of balances, if any, in other savings accounts held by him, does not exceed the maximum balance specified in single account in column (3) of the Table below rule -4 and the depositor gives a declaration to this effect to the post office.
(10): Notwithstanding anything contained in this rule:
(a): Deposits in an account other than individual account closed on or before 31^st December, 2005 through withdrawal or refund, shall also be allowed for the month in which the account is closed on pro-rata basis.
(b): The interest in an account other than individual account closed on or before 31^st December, 2005 thr ough withdrawal or refund, shall also be allowed for the month in which the account is closed on pro-rata basis.

Confirmation of balance:-The depositor shall present his passbook as soon as possible after the 31^st day of March to the Post Office Savings Bank where his account stands, for addition of interest and confirmation of balance at credit in the account and if the passbook is not so presented by the depositor or collected by him from the Post Office Savings Bank within three months of its present ation it may entail acceptance by the depositor of balance as appearing in the books of the Post Office Savings Bank as final.
Silent Account – (1) An account in which a deposit or withdrawal has not taken place for three complete years, shall be treated as a silent account.

(2): Transaction in respect of silent account shall be allowed as per the instructions issued by the Director General (Posts) from time to time.
(3): In respect of silent accounts having balance below the stipulated minimum for an account not having cheque facility, service charge of Rs. 20 shall be deducted on the last working day of each financial year. The account holder shall be reminded through a notice to reactivate the account.
(4): If the account holder fails to reactivate t he account despite giving notice as in (3) above, service charge will continue to be levied and the account holder shall be reminded through a notice every time. After deduction of service charge if the balance becomes nil, the account will stand automatic ally closed. The account holder will be notified when the account is closed.

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 withdrawal on closure of an account may be allowed by a Sub-Savings Bank without obtaining the pr ior sanction of the Head Savings Bank.

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.
Repeal and Savings – (1) The provisions of the Post Office Savings Bank Rules 1881, which are in force and the Post Office Savings Bank Rules, 1965 are hereby 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 corresponding provisions of these rules or the Post Office Savings Bank General Rules, 1981.

C H A P T E R-6 THE PO ST OFFICE RECURRING DEPOSIT RULES, 1981

GSR 666 (E):-In exercise of the powers conferred by Section-15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government makes the following rules, namely:

1. Short title and commencement:-(1) These rules may be called the Post Office Recurring Deposit Rules, 1981.

(2) They shall come into force on the 1^st day of April, 1982.

2. Definitions:-In these rules, unless the context otherwise requires:

(a): ‘Account’ means a Recurring Deposit Account;
(b): ‘Table’ means a Table appended to these rules;
(c): ‘Year’ means a year commencing on the date of the first deposit in an account;
(d): Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules.

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.

Persons who can open the account:

An account may be opened by:
a single adult; or
two adults jointly, the amount due on the account being payable
to both jointly or survivor, or
to either of them or survivor, or
a guardian on behalf of a minor or a person of unsound mind; or
a minor who has attained the age of ten years, in his own name.
A depositor can have more than one account in his name or jointly with another.

Maturity period:-Maturity period of an account shall be five years.
Deposits:-(1) subject to the provisions of sub rule (2) to (4) and rule 10, a depositor shall make sixty monthly deposits in an account.

(2): The amount of monthly deposit on account opened on or after the 1^st day of April 1986 shall be a multiple of five rupees, subject to a minimum of ten rupees.
(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 monthly 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 Bank shall be deemed to be the date of deposit.

7. Defaults in deposits:-(1) If there are not more than four defaults in the monthly deposits, the depositor may, at his discretion, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted installments during the extended period.

(2) If there are more than four defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of two months from the month of firth default. Interest at the rate of ten paise for every five rupee of a defaulted installment for each month of default shall also be paid alongwith such deposit in lump sum and an account in which defaulted installments are so deposited, shall not be treated as discontinued.

8. Advance deposits :-(1) In an account which has not become discontinued account under rule-7, deposits for not less than six monthly installments may be made in advance in any calendar month at the option of the depositor and rebate on such deposits shall be admissible as follow:

Advance Deposits Rebate for an account of Rs. 10 denomination

(i) Six or more deposits but One rupee not exceeding eleven

deposits	made	in	any
calendar month.
(ii) Twelve or more deposits				Four rupees for every twelve deposits and
made in any calendar month.				one rupee for the balance, if any, of 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. Repayment on Maturity:-(1) (a) in the case of an account in which sixty monthly deposits have been made during its maturity period or maturity period as extended under sub-rule (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.

S C H E D U L E

Period during which account is or has been opened	(both dates inclusive)	Amount (Rs) repayable on an account of Rs.10 denomination
From 1. 4.1970 to 22.7.1970		715
From 23.7.1970 to 22.7.1971	“	720
From 23.7.1971 to 22.7.1972	“	726
From 23.7.1972 to 22.7.1973	“	733
From 23.7.1973 to 22.7.1974	“	741
From 23.7.1974 to 30.9.1974	“	754
From 1.10.1974 to 30.9.1975	“	756
From 1.10.1975 to 30.9.1976	“	758
From 1.10.1976 to 30.9.1979	“	760
From 1.10.1979 to 31.3.1982	“	778.10
From 1.4.1982 to 28.2.1983	“	786.80
From 1.3.1983 to 31.3.1987	“	807.60
From 1.4.1987 to 30.9.1991	“	800.30
From 1.4.1991 to 30.9.1991	“	811.10
From 1.10.1991 to 1.9.1993 From 2.9.1993 to 31.12.1998	“ “	856.40 833.40
From 1.1.1999 to 14.2.2000	“	811.15
From 15.1.2000 to 28.2.2001	“	789.60
From 1.3.2001 to 28.2.2002	“	758.53
From 1.3.2002 to 28.2.2003	“	748.49
From 1.3.2003 onwards	“	728.90

(b): Amount repayable, inclusive of interest, on an account of any other denomination shall be proportionate to the amount specified in the Schedule.
(2): (a) Where an account has become discontinued or where the defaults in monthly deposit in an account have not been rectified during its maturity period or maturity period as extended under sub-rule
(1): 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:

S C H E D U L E 26

Period during which account is or has been opened		Amount (Rs) repayable on an account of Rs.10 denomination
From 1.4.1970 to 14.1.1971	(both	700

	dates inclusive)
From 1.5.1971 to 31.3.1974	“	710
From 1.4.1974 to 22.7.1974	“	720
From 23.7.1974 to 30.9.1976	“	750
From 1.10.1976 to 30.9.1979	“	760
From 1.10.1979 to 31.3.1982	“	778.10
From 1.4.1982 to 28.2.1983	“	786.80
From 1.3.1983 to 31.3.1987	“	807.60
From 1.4.1987 to 31.3.1991	“	800.30
From 1.4.1991 to 30.9.1991	“	811.10
From 1.10.1001 to 1.09.1003	“	856.40
From 2.9.1993 to 31.12.1998	“	833.40
From 1.1.1999 to 14.1.2000	“	811.15
From 15.1.2000 to 28.2.2001	“	789.60
From 1.3.2001 to 28.2.2002 From 1.3.2002 to 28.2.2003	“ “	758.53 748.49
From 1.3.2003 onwards	“	728.90

(b) The amount for an account of any other denomination shall be proportionate to the amount specified in the Schedule.

9A. Premature Closure:-The holder of an account may prematurely close the account after three years from the date of opening of the account provided that interest at the rate applicable from time to time to post office savings account shall be payable on such premature closure of account. However, no premature closure of account is permissible until the period for which the advanced deposits made under rule-8 is over.

10. Accounts continued beyond maturity period: -(1) Notwithstanding anything contained in the forgoing 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 the 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 clos ed 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 sub rule (1) for a completed number of years, the depositor shall be entitled to receive the amount as specified in Table 1,2,11,13,17,20,22,26,29,32,35,38 or 41 as the case may be.
(b): If the account is closed after being continued under sub-rule (1) for a period of less than one year, the depositor shall be entitled to receive the amount as specified under sub-rule (1) of rule –9 together with (i) interest on such amount for the complete months for which the account was continued and (ii) the amount of deposits made by him during the period for which the account was continued.
(c): If the account is closed after being continued under sub-rule (1) for a completed number of years not exceeding 4 and for a part of a year thereafter, the depositor shall be entitled to receive (i) the amount as specified in Table-1,2,11,13,17,20,22,26,29,32,35 or 41 as the case may be, relevant to the completed number of years, (ii) interest on such amount for the complete months in the partial year, and

(iii) the amounts of deposits made by him during the partial year.

(d) The interest referred to in a clause (b) and (c) shall be calculated at the rate applicable, from time to time, to savings accounts of the type of single or joint account.

11. Retention of amount of repayment 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 periods as extended 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 rule-9 for a further period upto a maximum of five years without making any fresh deposits during such further period.
(2): On closure of the account at the expiry of the further period referred to in sub-rule (1), the depositor shall be entitled to receive repayment as follows:

(a) If the further period is less than one year (b) If the further period consists of completed years only	The amount due under sub-rule (1) of rule -9 together with interest on such amount for the complete months in the further period. The amount specified in Table3,4,12,14,18,21,23, 27,30, 33, 36,39 or 42 as the case may be.
(c) If the further period consists of completed years not exceeding four and a part of the year thereafter	The amount specified in Ta ble3,4,12,14,18,21,23, 27,30,33,36,39 or 42 as the case may be, relevant to the number of completed years together with interest on such amount for the complete months in the partial year.

(3) The interest specified in clauses (a) and (c) of sub-rule (2) shall be calculated at the rate

applicable from time to time to savings accounts of the type of single or joint account. 27

12. Repayment on death of a depositor: -(1) Subject to sub-rule (2), on the death of the depositor in a single account or of both the depositors in a joint account, no further deposits shall be made in the account and procedure specified in rule-13 of the Post Office Savings Bank General Rules, 1981 shall apply. For the purpose of such procedure, the amount due for repayment on the account shall be as follows:

(a) If sixty monthly deposits have been	The amount specified in sub-rule (1) of rule-
made and the account has not been	9.
continued under sub-rule (1) of the rule
10 or rule -11.
(b) If less than sixty monthly deposits
have been made in the account; and	The amount specified in sub-rule (2) of rule
(i) if the nominee or legal heir desires to	9, subject to the provisions of rule -13.
receive the amount due, on the expiry of
maturity period or extended maturity
period under sub-rule (1) of rule-7 ; or	The amount specified in Table
	5,6,7,8,9,10,15,16,19,24,25,28,31,
(ii) If the nominee or legal heir desires to	34,37,40 or 43 as the case may be, subject to
receive the amount due at any time earlier	the provisions of rule -13.
than under (i) above.
	The amount specified in sub-rule (2) of rule
	10 or rule -11, as the case may be.
(c) If the account has been continued
under sub-rule (1) of rule-10 or rule-11.

(2): Notwithstanding anything contained in sub-rule (1), if there are only one or two surviving nominees or legal heirs, he or they may continue the account and receive repayment of the amount inclusive of interest, in the manner provided for in these rules, as if the account had been opened by him or them.
(3): On the death of a depositor in a joint account, the surviving depositor shall be treated as the sole owner of the account and he may deal with 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 5,6,7,8,9,10,15,16,19,24,25,28,31,34,37,40 or 43, as the case may be.
(4): On the death of the guardian of 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 of Table 5,6,7,8,9,10,15,16,19,24,25,28,31,34,37,40 or 43, as the case may be, if the same is 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 surviving depositor in a joint account dies during the maturity period of an account or its extension under sub-rule (1) of rule -7, the legal heir or nominee, as the case may be, of such depositor , shall be entitled to receive the amount specified in sub-rule (1) of rule-9 as if the depositor had paid all the sixty monthly deposits, subject to the following conditions:

(i) The payment of full maturity value under this rule shall be restricted to the maturity value of an account of denomination of fifty 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 depositor, as the case may be, is not less than two years.

(iv) The age of the depositor or depositors, as the case may be, at the time of opening the account is not less than 18 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 declaration has not been given by the depositor or depositors, the claimant shall furnish a certified copy 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 opening the account duly attested by a Gazetted Officer or a Magistrate (including Honorary Magistrate) or a Member of a Parliament or of a Legislature (including the Metropolitan Council for Delhi or a Panchayat President or Pramukh.

(v) The first twenty-four monthly deposits have been made without default.

Explanation:-A defaulted installment paid with interest specified under sub-rule (2) of the rule -7 before the death of the depositor or the surviving depositor, 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, together with interest on such amount at the rate specified in sub-rule (2) of rule-7 shall be deducted from the amount payable under this rule.

(vii) No withdrawal has been made from the account during the first twenty-four months.

(viii) If a withdrawal under rule-14 has been made from the account after expiry or 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.

2 (a) If a depositor or surviving depositor has more than one account of the denominations not exceeding fifty rupees, the benefit of payment under this rule shall be available in respect of all such accounts which may be specified by the depositor or the surviving depositor, as the case may be subject to a maximum of the maturity value of an account of rupee fifty,

(c): If no account has been specified by a depositor or a surviving depositor under clause (a) or as the case may be unde r clause (b), the benefit of payment under this rule shall be admissible in respect of earlier accounts which qualify for payment under this rule.
(d): Notwithstanding anything contained in clauses (a) to (c), if a depositor or a surviving depositor, has more than one account, and different nominations are made in respect of the accounts, the benefit of payment under this rule shall be admissible to the nominees in respect of earlier accounts which qualify for payment.
(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 Savings Bank where the account is held, not later than one year from the date of death of such depositor. A death certificate or a certified copy thereof should attached with such application. The claim will be sanctioned by the relevant Head Savings Bank after verification from the Office of Head of the Postal Circle concerned 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.

14. Withdrawal:-(1) Subject to the provisions of sub-rules (2) to (7), where an account has not become a discontinued account under sub-rule (2) of Rule -7, one withdrawal not exceeding fifty per cent of the deposits made in the account may be allowed after the account has been in operation for at least one year and twelve monthly deposits have been made in the account.

(5): In the case of repayment in equal monthly installments the amount of each installment shall be a multiple of five rupees and the number of installments 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 or 11. The interest at the rate specified in sub-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 along with the last installment of repayment of the amount withdrawn or in the month next following the month in which the last installment of the amount withdrawn is repaid.
(6): During the maturity period of an account or its extension under sub rule (1) of rule-7 or sub-rule (1) of the rule-10, the monthly installment of repayment of withdrawal, if any, shall be payable along with the monthly deposits. If an account is continued beyond the maturity period without any fresh deposits under sub-rule (1) of rule-11, monthly installments of repayment of 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 repaid 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 him or to his nominee or legal heir, as the case may be, on the closure of the account.

14A. Mode of Payments:-All transactions of recoveries, withdrawals, repayments, etc. under these rules shall be rounded off to the nearest rupee and for this purpose any amount of 50 paise or more shall be treated as one rupee and any amount less than 50 paise shall be ignored.

15. Procedure on the minor attaining majority: -(1) A minor on whose behalf an account ha s been opened may on his attaining majority.

(a): continue the account for full maturity period or maturity period as extended under sub-rule
(1): of rule-7 or for a further period under rule -10 or rule-11, as the case may be; or
(b): if he does not continue the acc ount any longer, claim proportionate amount as specified in sub-rule (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 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 by/to me and that I accept the said rules and all such amendments thereto as may be issued from time to time as binding on me”.

16. Repeal and Saving:-(1) The Post Office (Recurring Deposits) Rules 1970 are hereby 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 corresponding provisions of these rules or the Post Office Savings Bank General Rules, 1981.

T A B L E-1 [See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1 ^st October, 1976 but before 1^st 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	958.90
Two years	1177.20
Three years	1416.60
Four years	1679.20
Five years	1967.30

Note 1:-The amount repayable on account of any other denomination shall be proportionate to the amount specified above.

Note 2:-In the case of an account opened before 1^st October, 1976, the amount repayable shall be in the

same proportion to the amount repayable on account of similar denomination opened on or after 1October, 1976 but before 1^st October, 1979, as the maturity value under sub-rule (1) of rule -9 of the former account is to that of latter account.

T A B L E-2

[See Rule 10]

Amount, inclusive of interest repayable on an account opened on or after 1^st October, 1979 but before 1^st April, 1982 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	986.O0
Two years	1215.80
Three years	1469.60
Four years	1750.10
Five years	2060.10

Note 1:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E-3

[See Rule 11]

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	883.70
Two years	914.60
Three years	1003.30
Four years	1100.70

Five years

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 1^st October, 1976, the amount repayable shall be in the

T A B L E-4

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1 ^st October, 1979 but before 1^st April, 1982 and continued without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	859.80
Two years	950.10
Three years	1049.80
Four years	1160.10
Five years	1281.90

Note 1:-The amount repayable on account of any other denomination shall be proportionate to the amount specified above. Note 2:-Tables 5 to 10 not printed as these are redundant now.

T A B L E -11

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1^st April, 1982 but before 1^st March, 1983 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	998.40
Two years	1232.90
Three years	1492.70
Four years	1780.40
Five years	2099.10

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -12

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1^st April, 1982 but before 1^st March, 1983 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for Which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	871.50
Two years	965.40
Three years	1069.50
Four years	1184.70
Five years	1312.40

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -13

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1^st March, 1983 but before 1^stApril, 1987 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	1030.70
Two years	1280.20
Three years	1559.30
Four years	1871.30
Five years	2220.20

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -14

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1^stMarch, 1983 but before 1^st April, 1987 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for Which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	903.20
Two years	1010.00
Three years	1129.50
Four years	1263.20
Five years	1412.60

Note 1:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above . Note 2 :-Tables 15&16 not printed as these are redundant now.

T A B L E -17

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1^stApril, 1987 but before 1^st April, 1991 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	1019.30
Two years	1263.50
Three years	1535.70
Four years	1839.00
Five years	2177.10

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -18

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1^stApril, 1987 but before 1^st April, 1991 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	892.00
Two years	994.30
Three years	1108.20
Four years	1235.30
Five years	1376.80

Note 1:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above. Note 2 :- Table No. 19 not printed as this is redundant now.

T A B L E -20

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1^stApril, 1991 but before 1^stOctober, 1991 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	Amount (Rs.) repayable on an account Rs.10 denomination 1036.20
Two years	1288.30
Three years	1570.60
Four years	1886.80
Five years	2241.00

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -21

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1^stApril, 1991 but before 1 ^stOctober, 1991 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 comple ted years for which the account is continued. One year	Amount (Rs.) repayable on an account Rs.10 denomination 908.50
Two years	1017.60
Three years	1139.80
Four years	1276.60
Five years	1429.90

Note:-The amount repayable on an account of any othe r denomination shall be proportionate to the amount specified above.

T A B L E -22

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 1^stOctober, 1991 but before 2^ndSeptember, 1993 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	1107.00
Two years	1393.20
Three years	1720.10
Four years	2093.30
Five years	2519.60

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -23

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 1^stOctober, 1991 but before 2^ndSeptember, 1993 and continued, without any fresh deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year Two years	977.90 1116.80
Three years	1275.40
Four years	1456.50
Five years	1663.30

Note 1:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above. Note 2:-Table No. 24 & 25 not printed as these are redundant now.

T A B L E -26

[See Rule 10]

Amount, inclusive of interest, repayable on an account opened on or after 2^ndSeptember, 1993 but before 1^st January, 1999 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	1070.90
Two years	1339.50
Three years	1643.30
Four years	1986.90
Five years	2375.60

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -27

[See Rule 11]

Amount, inclusive of interest, repayable on an account opened on or after 2^nd September, 1993 but before 1^st January, 1999 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	942.55
Two years	1066.00
Three years	1205.60
Four years	1363.60
Five years	1542.20

Note 1:-The amount repa yable on an account of any other denomination shall be proportionate to the amount specified above. Note 2 :- Table No. 28 not printed as this is redundant now.

T A B L E -29

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 1^stJanuary, 1999 but before 15^th January, 2000 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	1036.20
Two years	1288.30
Three years	1570.60
Four years	1886.80
Five years	2241.00

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -30

[See Rule 11]

Amount, inclusive of interest, payable on an account opened on or after 1^stJanuary, 1999 but before 15^th January, 2000 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	908.50
Two years	1017.60
Three years	1139.80
Four years	1276.60
Five years	1429.90

Note 1:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above. Note 2 :- Table No. 31 not printed as this is redundant now.

T A B L E -32

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 15^th January, 2000 but before 1^st March, 2001 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	Amount (Rs.) repayable on an account Rs.10 denomination 1002.80
Two years	1239.30
Three years	1501.65
Four years	1792.60
Five years	2115.35

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -33

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 15^th January, 2000 but before 1^st March, 2001 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7:

Number of completed years for which the account is continued	Amount (Rs.) repayable on an account Rs.10 denomination
One year	875.85
Two years	971.50
Three years	1077.55
Four years	1195.25
Five years	1325.80

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -34

[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 15^th January, 2000 but before 1 ^st March, 2001.

No. of deposits made	Amount (Rs) for denomination of Rs.10	No. of deposits made	Amount (Rs) for denomination of Rs. 10
1 to 11	The deposits made	36	420.75
12	125.30	37	434.30
13	136.20	38	448.00
14	147.15	39	461.75
15	158.20	40	475.65
16	169.30	41	489.70
17 18	180.50 191.75	42 43	503.80 518.05
19	203.10	44	532.40
20	214.50	45	546.90
21	226.00	46	561.50
22 23	237.55 249.20	47 48	576.25 597.35
24	263.65	49	612.60
25	275.70	50	628.00
26	287.85	51	643.55
27	300.05	52	659.20
28	312.35	53	675.05
29	324.75	54	691.00
30	337.25	55	707.05
31	349.85	56	723.25
32	362.50	57	739.65
33	375.30	58	756.15
34	388.15	59	772.80
35	401.10	60	789.60

Note : - The amount shall be proportionate for other denominations. 38

T A B L E -35

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2001 but before 1^st March, 2002 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.	Amount (Rs.) repayable on an account Rs.10 denom ination
One year	955.10
Two years	1170.00
Three years	1404.85
Four years Five years	1661.60 1942.20

Note:-The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E-36

[See Rule 11]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2001 but before 1^st March, 2002 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	829.15
Two years Three years	906.30 990.70
Four years	1082.90
Five years	1183.70

Note: -The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -37

[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 1^st March, 2001 but before 1^st March, 2002.

No. of deposits made 1 to 11	Amount (Rs) for denomination of Rs.10 The deposits made	deposits made 36	Amount (Rs. for denomination of Rs. 10 414.15
12	124.95	37	427.35
13	135.80	38	440.60
14	146.70	39	453.95
15	157.65	40	467.40
16	168.70	41	480.95
17	179.85	42	494.60
18	191.00	43	508.35
19	202.25	44	522.20
20	213.55	45	536.20
21	224.95	46	550.25
22	236.40	47	564.40
23	247.95	48	578.70
24	260.90	49	593.10
25	272.70	50	607.55
26	284.60	51	622.15
27	296.55	52	636.85

28	308.55	53	651.70
29	320.65	54	666.60
30	332.85	55	681.65
31	345.15	56	696.80
32	337.50	57	712.05
33	369.90	58	727.45
34	382.45	59	742.90
35	395.05	60	758.53

Note : -The amount shall be proportionate for other denominations. 39

T A B L E -38

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2002 but before 1^st March, 2003 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	939.80
Two years	1147.90
Three years	1374.25
Four years Five years	1620.50 1888.30

Note: -The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -39

[See Rule 11]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2002 but before 1^st March, 2003 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account is continued.	Amount (R s.) repayable on an account Rs.10 denomination
One year	814.15
Two years Three years	885.00 963.35
Four years	1047.85
Five years	1139.80

Note: -The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -40

[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 1^st March, 2002 but before 1^st March, 2003.

No. of deposits made	Amount (Rs) for denomination of Rs.10	of deposits	Amount (Rs) for denomination of Rs.10
1 to 11	The deposits made	36	409.30
12	124.80	37	422.20
13	135.60	38	435.15
14	146.45	39	448.15
15	157.40	40	461.30
16	168.40	41	474.85
17	179.50	42	487.85
18	190.65	43	501.25
19	201.85	44	514.70
20	213.10	45	528.30
21	224.45	46	542.00
22	235.85	47	555.75
23	247.35	48	572.60
24	259.55	49	586.70
25	271.25	50	600.90
26	282.95	51	615.20
27	294.80	52	629.60

28	306.70	53	644.10
29	318.65	54	658.70
30	330.70	55	673.40
31	342.80	56	688.20
32	355.00	57	703.15
33	367.25	58	718.15
34	379.60	59	733.25
35	392.05	60	748.49

Note : - The amount shall be proportionate for other denominations. 40

T A B L E -41

[See Rule 10]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2003 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.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	910.08
Two years	1105.24
Three years	1315.45
Four years Five years	1541.87 1785.76

Note: -The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -42

[See Rule 11]

Amount, inclusive of interest, payable on an account opened on or after 1^st March, 2003 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account is continued.	Amount (Rs.) repayable on an account Rs.10 denomination
One year	785.12
Two years	845.69
Three years	910.92
Four years	981.18
Five years	1056.87

Note: -The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

T A B L E -43

[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 1^st March, 2003.

No. of deposits made	Amount (Rs) for denomination of Rs.10	of deposits	Amount (Rs) for denomination of Rs.10
1 to 11	The deposits made	36	402.95
12	124.12	37	415.43
13 14	134.81 145.56	38 39	427.98 440.61
15	156.37	40	453.32
16	167.23	41	466.10
17	178.15	42	478.96
18 19	189.13 200.16	43 44	491.90 504.91
20	211.25	45	518.00
21	222.39	46	531.18
22	233.60	47	544.43
23	244.86	48	560.69
24	256.85	49	574.24
25	268.29	50	587.86
26	279.79	51	601.58
27	291.35	52	615.38
28	302.97	53	629.26

29	314.66	54	643.23
30	326.41	55	657.29
31	338.22	56	671.43
32	350.10	57	685.67
33	362.04	58	699.99
34	374.04	59	714.40
35	386.11	60	728.90

Note : - The amount shall be proportionate for other denominations. 41

CHAPTER – 7 THE POST OFFICE TIME DEPOSIT RULES, 1981 GSR 664 (E): -In exercise of the powers conferred by Section-15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Governme nt hereby makes the following rules, namely:

1. Short title and commencement: -(1) These rules may be called the Post Office Time Deposit Rules, 1981.

(2) They shall come into force on the 1^st day of April 1982.

2. Definitions:-In these rules, unless the context otherwise requires:

(a): ‘Account’ means a Time Deposit Account; Note1: -Clauses (aa), (ab) and (ac) deleted w.e.f. 1.4.1995. Note2: -Clause (ad) deleted w.e.f. 13.5.2005.
(b): ‘Year’ means a year commencing on the date of deposit in an account.

(c) Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981 have the meanings respectively assigned to them in those rules.

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.

Types of Accounts and matters connected therewith:

There shall be four kinds of accounts, namely 1-year account, 2- year account, 3-year account and 5-year account in which a deposit can be made for a period of one year, two years, three years and five years respectively.
The types of accounts, which may be opened, the persons by whom such accounts may be opened and other matters connected therewith shall be as specified in the Table below, namely:
A-type, that is to say, payable to both jointly or survivor.
B-type, that is to say, Two adults payable to either of the depositors or survivors

Type of account	Who may open	Number of accounts that may be opened	Who may operate the account
A. INDIVIDUAL ACCOUNTS 1. Single Account	(a) A person who has attained the age of majority and who is of sound mind (hereinafter referred to as an adult) (b) A minor who has attained the age of 10 years. (c) A guardian on behalf of a minor. (d) (i) A guardian of a person of unsound mind. (ii) Superintendent of Mental Hospital where a person of unsound mind is confined.	One or more accounts. 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	The adult. An illiterate, blind or otherwise physically handicapped adult may operate on his account through a literate agent nominated by him for the purpose. The minor The guardian during the minority of the minor and thereafter, the ex-minor. The guardian. The Superintendent of Mental Hospital
2. Joint Account	Two adults	One or more accounts	Both the depositors

One or more accounts

jointly

Both the depositors jointly

Note 1:-Prior to 1.4.1995, the account could be opened by a banking company (excluding cooperatives) company, a corporation, an association, institution, a body register as a society under any law for the time being in force (excluding cooperatives) , a firm registered under the Indian Partnership Act, 1932 (9 of 1932) and a local authority.

Note 2:-Non-Resident Indians are not eligible to open Time Deposit Account, provided that if a resident who opened the Time Deposit Account, subsequently becomes Non Resident Indians during the currency of the maturity period, may continue such account till its maturity on a Non Repatriation Basis.

Note 3:-The Opening of new accounts under the headings ‘Group Accounts’, Institutional Accounts and miscellaneous Accounts have been discontinued w.e.f. 13.5.2005 vide MOF (DEA) Notification No. GSR 287 (E) dated 13.5.2005. If any such account have been opened on or after 13.5.2005, these may be closed immediately and deposits repaid without interest to the depositors. The existing accounts under these headings opened prior to 13.5.2005 shall continue till maturity and withdrawals from the accounts shall be allowed in accordance with the said rules. No extension will be allowed after maturity.

5. Deposit and Repayment:-(1) There shall be only one deposit in an account. The deposit shall be in multiple of two hundred rupees. There is no maximum limit for the amount of deposit in an account.

(2): The 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.
(4): The amount of repayment of a deposit and payment of interest on a deposit shall be entered in the passbook over the signature of the Postmaster.

6. Re-deposit:-(1) Where a deposit in an account has become due for repayment, the depositor may re-deposit the amount in a new account to be opened, 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 date of withdrawal of the original subject.
(3): (a) Where the redeposit 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 deposit.

T A B L E

Period elapsed between the date of maturity and the date of re-deposit	Minimum period of re-deposit
1.	2.
1. 6 months or less	1 Year
2. More than 6 months and upto 12 months	2 Years
3. More than 12 months and upto 18 months	3 Years
4. More than 18 months	5 Years

(b) In the case of 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-deposit shall be deemed to be the date preceding the date of withdrawal of the original deposit by thirty months.

7. Interest:-(1) The deposit shall carry interest at the rate specified in the Tables below and such interest shall be payable at the end of each year in the period of deposit;

Provided that in the case of a deposit made before 23^rd 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 22^nd July, 1974 and the rates of interest specified in Table-A below shall be applicable for any remaining period of deposit commencing from the 23^rd July, 1974.

(2) Where the interest contains part of a rupee and if such part is 50 paise or more, it shall be rounded off to one complete rupee and if such part is less than 50 paise, it shall be ignored.

T A B L E-A [For deposits made before the 1 ^st March, 1978]

Period of deposit	Rate of interest per annum
1 Year	8 per cent
2 Years	8.5 per cent
3 Years 5 Years	9 per cent 10 per cent

T A B L E-B [For deposits made on after the 1^st March, 1978 but before the 1^st October, 1979]

Period of deposit	Rate of interest per annum
1 Year	7 per cent
2 Years	7.5 per cent
3 Years	8 per cent
5 Years	10 per cent

T A B L E-C [For deposits made on after the 1^st October, 1979 but before the 2 ^nd March, 1981]

Period of deposit	Rate of interest per annum
1 Year	8 per cent
2 Years	8.5 per cent
3 Years	9 per cent
5 Years	10.5 per cent

T A B L E-D [For deposits made on after the 2 ^nd March, 1981 but before the 1^st April, 1982]

Period of deposit	Rate of interest per annum
1 Year	8.5 per cent
2 Years	9 per cent
3 Years	10.5 per cent
5 Years	10.5 per cent

T A B L E-E [For deposits made on after the 1 ^st April, 1982 but before the 1^st March, 1983]

Period of deposit	Rate of interest per annum
1 Year 2 Years	9 per cent 9.75 per cent

3 Years		10.5 per cent
5 Years		10.5 per cent
	T A B L E -F

[For deposits made on after 1^st March, 1983 the but before the 10^th May, 1985]

Period of deposit	Rate of interest per annum
1 Year	9 per cent
2 Years	9.75 per cent
3 Years	10.5 per cent
5 Years	11.5 per cent

T A B L E-G [For deposits made on after the 10^th May, 1985 but before the 1 ^st April, 1987]

Period of deposit	Rate of interest per annum
1 Year	9.5 per cent

POST OFFICE SAVINGS BANK MANUAL VOLUME – III

THE GOVERNMENT SAVINGS BANKS ACT, 1873 (5 OF 1873)

PRELIMINARY