POST OFFICE SAVINGS ACCOUNT RULES, 1981
(1) These rules may be called the Post Office Savings Account Rules, 1981.
(2) They shall come into force on the 1st day of April, 1982.
In these rules, unless the context otherwise requires,--
(a) "account" means a savings account;
13[(b) 'Deposit' means the money deposited by a depositor in an account under these 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 these rules.].
(f) "year" means a year commencing on the 1st day of April;
(g) words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981, have the me
For matters not provided in these rules, the provisions of the Post Office.
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 :--
TABLE
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
&
Notwithstanding anything contained in rules 4 and 5, and with objective of facilitating the payment of wages under the National Rural Employment Guarantee Act, 2005 (42 of 2005) (hereinafter referred to as the NREG Act), the workers employed under the NREG Act may open and operate the types of accounts, deposit required for opening of such account, etc. and other matters connected therewith shall be specified in the Table below, namely:--
TABLE
Type of Account Who may open/ operate the account Deposit required for opening of account Number of accounts that can be opened Type of Deposits that can be made into the account Mode of withd- rawal from the account Minimum balance to be maint- ained in the account Transfe- rability and Closure of Account
Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme. Notwithstanding anything contained in rules 4 and 5, with the objective of facilitating the payment of Pension under the Indira Gandhi National Old Age Pension Scheme, Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme, the Pensioners under the above schemes may open and operate the accounts, deposit sums required for opening of such account, in the manner as specified in the Table below, namely:-
TABLE
Type of Account Who may open/operate the account Deposit require d for opening of account Number of account s that can be opened Type of Deposits that can be made into the account Mode of withdrawal from the account Minimum balance to be maintain ed in the account Transferability and Closure of Ac
(1) No account shall be opened with a deposit of less than twenty rupees.
(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 9[fifty rupees] in an account not having cheque facility or 10[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 11[twenty rupees] may be made by cheque at any Head Savings Bank or Sub-Savings Bank, authoris
(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 the 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 sums of complete rupees and shall be rounded off to the nearest multiple of five paise and for this purpose any amount of 2.5 paise or more shall be treated as five paise and any amount less than 2.5 paise shall be ignored.
(3) No interest shall be allowed on an account for any month in which the balance at credit is below twenty rupees at any time between the tenth and last date of the month.
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The depositor shall present his pass book as soon as possible after the 31st day of March to the Post Office Savings Bank where his account stands, for addition of interest and confirmation of the balance at credit in the account and if the pass book is not so presented by the depositor or collected by him from the Post Office Savings Bank within three months of its presentation, it may entail acceptance by the depositor of balance as appearing in the books of the Post Office Savings Bank as final.
(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) No transaction shall be allowed in respect of a silent account without the prior sanction of the relevant head 'Savings bank'.
(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 prior sanction of the head "Savings bank".
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 for any period for which such ledger is available.
(1) The provisions of the Post Office Savings Bank Rules, 1981, which arc 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.
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