SENIOR CITIZENS SAVINGS SCHEME RULES, 2004
(1) These rules may be called the Senior Citizens Savings Scheme Rules, 2004.
(2) They shall come into force on the 2nd day of August, 2004.
In these rules, unless the context otherwise requires:-
(a) Account means a savings account opened by the depositor in accordance with the provisions of these rules;
(b) Act means the Government Savings Banks Act, 1873 ( 5 of 1873);
(c) deposit means the money deposited in an account under the provisions of these rules;
(d) Depositor means an individual -
(i) who has attained the age of 60 years or above on the date of opening of an account under the provisions of these rules, and by whom, or on whose behalf, money is deposited in an account under these rules, or
1[(ii) who has attained the age of 55 years or more but less than 60 years, and who has retired
(1) Any depositor may open an account at any deposit office by making an application in FORM -A alongwith the amount of deposit as per the pay-in-slip in FORM-D, duly filled in, alongwith age proof.
(2) A depositor may operate more than one account under these rules subject to the condition that the deposits in all accounts taken together shall not exceed the maximum limit as specified under rule
9[***]
(3) A depositor may open the account in individual capacity or jointly with spouse.
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9. Omitted by Notification No. GSR390(E) dated 24.05.2007 prior to omission
"Provided that more than one account shall not be opened in t
(1) There shall be only one deposit in the account in multiple of one thousand rupees not exceeding rupees fifteen lakh.
3[Provided that deposits by depositors under sub-rule (ii) of rule 2, shall be restricted to the retirement benefits received by them or rupees fifteen lakh, whichever is lower.
Explanation:- For the purposes of this sub-rule, "retirement benefits" means any payment due to the depositor on account of retirement whether on superannuation or otherwise and includes Provident Fund dues, retirement/superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings linked Insurance Scheme payable by employer to the employee on retirement, retirement-cum-withdrawal benefit under the Employees' Family Pension Scheme and ex-gratia payments under a voluntary retirement or a special
(1) The deposit under these rules may be made:
(a) in cash, if the amount of deposit is less than rupees one lakh.
(b) by cheque or demand draft drawn in favour of the depositor and endorsed in favour of the deposit office, or in favour of the deposit office.
(2) Where a deposit is made by cheque or demand draft, the date of deposit under these rules shall be the date of encashment of the cheque or demand draft.
(3) Where a deposit is made by means of an outstation cheque or demand draft, collection charges at the prescribed rate shall be payable along with the deposit and the date of realisatio n of the cheque or demand draft shall be the date of deposit.
(1) The depositor may at the time of opening of the account under these rules, nominate a person or persons who, in the event of death of the depositor, shall be entitled to payment due on the account.
(2) If such nomination is not made at the time of opening of the account, it may be made by the depositor at any time after the opening of the account but before its closure, by an application in FORM-C, accompanied by the pass book to the deposit office.
(3) The nomination made by the depositor may be cancelled or varied by a fresh nomination in FORMC to the deposit office in which the account stands.
(4) Nomination facility shall be available in the case of joint account also. However, in such case, the joint holder will be the first person entitled to receive the amount payable in the even
(2)Interest shall be payable from the date of deposit to 31st March/30th June/30th September/31st December as the case may be, in the first instance and thereafter, interest shall be payable on 31st March, 30th June, 30th September and 31st December.
(3) In case any of the dates of interest payment, specified under sub-rule (2), fall on a Sunday or a holiday, the previous working day shall be deemed to be the due date for the purpose of interest payment.
(4) If so authorised, interest payable on the due dates as specified in sub rule (2), shall be credited to the depositors savings account in the deposit office in which the account exists subject to the condition that by so credit of the interest amount, the maximum 4[limit of balance], if any, in the savings account, is not exceeded.
(5) I
(1) The deposit made at the time of opening of account shall be paid by the deposit office at which the account stands to the depositor on or after expiry of five years from the date of the opening of the account on production of the pass book accompanied by a written application (withdrawal form) in FORM-E.
(2) In case the depositor does not close the account on maturity as specified under sub-rule (1), and also does not extend the account under sub-rule (3) of rule 4, the account shall be treated as matured and the depositor will be entitled to close the account at a ny time subject to the condition that post maturity interest as prescribed under sub-rule (9) of rule 7, shall only be admissible for the period beyond maturity.
10[(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on a
(1) Notwithstanding anything contained in sub-rule (2) of rule 4, on an application in FORM-E, in this regard, the depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions, namely:-
(a) In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and a half per cent of the deposit shall be deducted and the balance paid to the depositor.
(b) In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one per cent of the deposit shall be deducted and the balance paid to the depositor.
(2) The depositor
(1) On opening of an account, the depositor shall be given a pass book immediately, alongwit h the depositors copy of the pay-in-slip (Form-D) duly stamped and signed by the deposit office in token of having received the amount of deposit. The pass book shall bear the date of opening of account, the number of the account, the depositors name, photograph(also name and photograph of the spouse in case of joint account) and address, the amount deposited, the quarterly interest payable alongwith due dates of payment, the date on which the deposit will be due for final payment, the name(s) of the nominee(s) and agents name, agency code number, date and validity, in case the account has been introduced through an agent:
Provided that if the deposit is made by means of a cheque or a demand draft, the pass book shall be given to the depositor only on the date of deposit after encashment o
8[A depositor may apply in Form-G, enclosing the pass-book thereto, for transfer of his account from one deposit office to another: Provided that where the deposit is rupees one lakh or above, a transfer fee of rupees five per lakh of deposit for the first transfer and rupees ten per lakh of deposit for the second and subsequent transfers shall be payable].
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8. Substituted by Notification No. GSR176(E) dated 23.03.2006 for the following:
A depositor may apply on FORM-G, enclosing the pass book there to, for transfer of his account from one deposit office to another in case of change of residence:
Provided that where the deposit is rupees one lakh or above, a transfer fee of rupees five per lakh of deposit shall be paya
Whenever it comes to notice that an account has been opened in contravention of these rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor.
(1) The Non Resident Indians are not eligible to open an account under these rules:
Provided that if a depositor who subsequently becomes a Non-Resident Indian during the currency of the account under these rules, the account may continue till its maturity on a non-repatriation basis and the account shall be marked as a Non-Resident account:
Provided further that the account continued under the above proviso, shall not be extended for any further period as provided under sub-rule (3) of rule 4.
(2) Hindu Undivided Family is also not eligible to open an account under these rules.
Where the Central Government is satisfied that the operation of any of the provisions of these rules, causes undue hardship to the depositor, it may, by order, for reaso
(See clause (d) of rule 2 and sub rule (1) of rule 3) Serial No..
APPLICATION FOR OPENING OF AN ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
To
Paste here a copy of
The Postmaster/Incharge
(name of the Deposit office)
recent
. photograph.
. (Joint Photograph of both the
Depositor & Spouse in case of a joint account)
*Name of Agent (in case of the account introduced through agent).
Agency Code No . Dated Valid upto.
(See sub-rule (3) of rule 4) Serial No..
APPLICATION FOR EXTENSION OF AN ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
To
The Postmaster/Incharge,
(name of the Deposit office)
.
.
Subject: Application for extension of an account for three years, with effect from.(date/month/year).
Sir,
1. I, , son/daughter/wife of , a depositor of account No . ..,, (hereinafter referred to as the said account) hereby apply for continuation of the account under the Senior Citizens Savings Scheme, 2004 (hereinafter referred to as the s
(See rule 6) Serial No..
APPLICATION FOR NOMINATION/CHANGE/CANCELLATION OF NOMINATION UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
To
The Postmaster/Incharge,
(name of the Deposit office)
.
.
Subject: Application for Nomination or Change/Cancellation of Nomination. Sir,
1.* I,hereby nominate the following person / persons, mentioned below, to whom, to the exclusion of all other persons, in the event of my death the amount standing to my credit in the account Nowould be payable in accordance with the provisions contained in rule 6 of Senior Citizens Savings Scheme Rules, 2
(See sub-rule (1) of rule 3 and rule 10) Serial No..
PAY IN SLIP FOR DEPOSITS UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
Counterfoil (1) Counterfoil (2)
Depositors copy Deposit Offices copy
Name of Deposit Office Name of Deposit Office
Name of depositor. Name of depositor.
Address: Address:
Fathers/Husbands name: Fathers / Husbands Name:
*Name of Agent (in case of account introduced through *Name of Agent (in case of account introduced through
agent) with agency code No., date and validity agent) with agency code
(See sub rule (1) of rule 8 and rule 9) Serial No..
APPLICATION FOR CLOSURE OF AN ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
To
The Postmaster/Incharge,
(name of the Deposit office)
.
Subject: Application for withdrawal/closure of account.
Sir,
1. I,,son/daughter/wife of resident of , and depositor of account No. .... (hereinafter referred to as the said account) hereby apply for closure of the said account with immediate effect. The interest of Rs. and deposit of Rs..TOTAL(INTEREST+DEPOSIT) Rs.. (Rupees ), *after adjustment of overpaid interest and/or deductio
(See sub-rules (3) and (4) of rule 8) Serial No..
APPLICATION FOR CLOSURE OF ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004 BY SPOUSE(JOINT HOLDER) / NOMINEE(S)/LEGAL HEIRS
To
The Postmaster/Incharge,
(name of the Deposit office)
.
Subject: Application for withdrawal /closure of account.
Sir, I/WE* the spouse (Joint holder) / nominee(s) /legal heirs of late. , the depositor to the Senior Citizens Savings Scheme, 2004 account No.. wish to withdraw the entire amount standing to the credit of the deceased in the said account.
Please find enclosed:-
&nbs
ANNEXURE-I TO FORM -F
(Letter of indemnity)
To
The Postmaster / Incharge,
(Name of the deposit office)
In consideration of your payment or agreeing to pay me /
us .. [Name(s) of Legal heir(s)] the sum of Rs (Rupees ..) standing in the account Nounder SENIOR CITIZENS SAVINGS SCHEME, 2004 with your office in the name of . without production of letters of administration or a succession certificate to the estate of the deceased(name of the depositor), I/We and we .. (sureties) do hereby for ourselves and our heirs, legal representatives, executors and administrators jointly and severally undertake and agree to indemnify you and your successors and assigns against
To
The Postmaster / Incharge,
(Name of the deposit office)
I / We.Husband of / wife of late.. aged.. aged.. aged.. sons/daughters of the said late resident of.do hereby declare and solemnly affirm as under :-
(1) That I / we am/are the only heir(s) of the deceased.who died at..
on. I / We alone represent the estate of Shri/Smt
(2) That the deceased..did not leave any will and therefore I / we are the only successor(s) to
the estate of the said deceased.
1.
2.
3.
&nb
(Letter of disclaimer on Affidavit)
To
The Postmaster / Incharge,
(Name of the deposit office)
I / We (i) .Husband of / wife of ... Resident of..
(ii) . son/daughter of .
(iii) son/daughter of .
do hereby declare and solemnly affirm as follows :-
(1) That Shri/Smt.died intestate on. leaving behind us..his/her only heirs.
(2) That we..heirs of our late father/mother for ourselves and on behalf of our heirs, executors, representatives and assigns to hereby relinquish our claims to the balance of Rswhich may be credited to the
FORM G
(See rule 11) Serial No..
APPLICATION FOR TRANSFER OF ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
To
The Postmaster/Incharge,
(name of the Deposit office)
.
Subject: Application for Transfer of account to another Deposit office.
Sir,
1. I, , son/daughter/wife of , Resident of , a depositor of account No. ...hereby apply for TRANSFER OF MY ACCOUNT Nowith a deposit, of Rs(Rupees ) under the Senior Citizens Savings Scheme, 2004 to.. ..(Name and full address of the transferee deposit office)
&
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