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Short title and commencement:-
(1) These
rules may be called the Post Office Savings Account Rules, 1981.
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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 1st
day of April.
(a)
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.
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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.
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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
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Type of Account
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Who may open
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Maximum balance
excluding interest for the current year
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Number of Accounts
that can be opened
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Who may operate the
account
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1
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2
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3
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4
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5
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A.
INDIVIDUAL ACCOUNTS
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1. Single Account
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(a) A person who has
attained the age of majority and who is of sound mind (hereinafter referred
to as an adult)
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Without limit
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Any number of accounts
but not more than one account at one Post Office Savings Bank.
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“(a) The adult: or
(b) An illiterate
adult through a literate agent nominated by him or her: or
(c) A blind or
otherwise physically handicapped adult either directly or through a literate
agent nominated by him or her.”
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(b) A minor who has
attained the age of 10 years.
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Without limit
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One
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The minor
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(c) A guardian on
behalf of a minor
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Without limit
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One on behalf of each
minor
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The guardian during
the minority of the minor and thereafter the ex-minor.
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(d) (i) A guardian of
a person of unsound mind.
(ii) The Superintendent of the Mental
Hospital where a person of unsound mind is confined.
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Without limit
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One on behalf of each
person of unsound mind.
One on behalf of each person
of unsound mind.
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The guardian
The Superintendent of
the Mental Hospital.
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(e) Deleted vide GSR
882(E) dated 3.11.2010 vide MOF(DEA) F.No.7/12/2005-NS-II
Explanatory note from Author:- All Single Savings Account opened by an
authority controlling a Provident Fund, Superannuation Fund or Gratuity Fund
on behalf of its individual members should be closed with interest up to 31.10.2010 and
balance should be refunded to the concerned authority. (SB Order No. 21/2010
dated 26.11.2010)
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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.
(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.
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Two or three adults
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Without limit
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Any number of accounts
but not more than one joint account at one Post Office Savings Bank
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All the depositors or
both the survivors or the sole survivor as the case may be.
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Two or three adults
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Without limit
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Any number of accounts
but not more than one joint account at one Post Office Savings Bank
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One of the depositors
or either of the two survivors or the sole survivor, as the case may be.
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.Pension Account
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A pensioner Individually or jointly with his or her
spouse in whose favour an authorization for family pension exists in the
Pension Payment Order.
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Without limit
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One
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(a) The Head Savings
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.
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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 13th 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 with 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.
“4A Basic Savings Account
and matters connected
therewith:-
Notwithstanding
anything contained in rules 4 and 5, and with the objective of facilitating payment
of various Government benefits transferred under different schemes of Central
and State Governments, the beneficiaries of any such scheme may open and
operate Basic Savings Account, deposit required for opening of such account,
etc. and other matters connected therewith shall be as specified in the Table
below, namely:-
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Type of Account
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Who may open the
account
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Deposit required for
opening of account
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Number of accounts
that can be opened
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Type of deposits that
can be made into the account
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Minimum balance to be
maintained in the account
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Who may operate the
account
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1
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2
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3
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4
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5
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6
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7
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Basic Savings Account
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(i) Registered adult
member of any Government Welfare Scheme.
(ii) Guardian of a
minor whose name is registered for any Government Benefit.
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Nil
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One
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Any Government benefit
or any other deposit under the Rules.
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Nil
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(i) An individual
adult whose name is registered for any Government Welfare scheme.
(ii) A guardian of any
minor whose name is registered under any Government Welfare Scheme.
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Any Savings Accounts opened
Rule 4A or 4B as they stood prior to the date of commencement of these rules
shall be deemed to be a Basic Savings Account under this rule.
Rule 4B deleted
vide MOF(DEA) Notification GSR 323( E) F.No.2/6/2006-NS-II dated 20.5.2013
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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 31st
December, 2005.
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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.
(2)
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.
(3)
No interest shall be allowed on any sum in
excess of the maximum balance specified in column(3) of the Table below rule-4.
(4)
Omitted.
(5)
No interest shall be allowed on a security
deposit account after the expiry of three months from the first day of the
month in which the amount secured has been withdrawn by the pledgee of the
pledgee has authorised repayment of such amount to the pledger, as the case may
be.
(6)
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 31st
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 31st December, 2005 through withdrawal
or refund, shall also be allowed for the month in which the account is closed
on pro-rata basis.
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Confirmation of balance:-
The
depositor shall present his passbook 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 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 presentation it may
entail acceptance by the depositor of balance as appearing in the books of the
Post Office Savings Bank as final.
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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 the 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
automatically closed. The account holder will be notified when the account is
closed.
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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 and when final withdrawal on closure of an account is made at Post
Offices on Core Banking Solution platform, withdrawal on closure may be allowed
by a Sub-Savings Bank without obtaining the prior sanction of the Head Savings
Bank.
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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.
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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.