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POST OFFICE SAVINGS BANK MANUAL VOLUME – III ACTS AND RULES OF SAVING SCHEMES (FIRST EDITION) [CORRECTED UPTO 31-12-2006] ISSUED UNDER THE AUTHORITY OF DIRECTOR-GENERAL OF POSTS, INDIA AND SECRETARY TO GOVERNMENT OF INDIA DEPARTMENT OF POST MINISTRY OF COMMUNICATIONS & INFORMATION TECHNOLOGY CONTENTS CHAPTERS Sl. Subject Page No. 1. The Government Savings Banks Act, 1873 1 2. The Government Savings Certificates Act, 1959 5 3. The Public Provident Fund Act, 1968 8 4. The Post Office Savings Bank General Rules, 1981 10 5. The Post Office Savings Accounts Rules, 1986 18 6. The Post Office Recurring Deposit Rules, 1981 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 1 CHAPTER-1 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. 2. 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(Law) Act, 1951 (3 of 1951), relating to such deposits, shall continue to apply thereto as if that law had not been repealed. 3. 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. (b) (i) (ii) (bb) (i) (ii) (c) (d) [Amended vide Finance Act, 2005 dated 13.5.2005] “Government Savings Banks” means a Post Office Savings Bank; or a banking company, or any other company or institution, as the Central Government may, by notification in the Official Gazette, specify for the purpose of this Act; ‘Secretary’ means – 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 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] “Minor” means a person who is not deemed to have attained his majority under the India Majority Act, 1875 (9 of 1875); “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 (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 the nominee is a minor, it shall be lawful for the depositor to appoint in the prescribed manner any person to receive the deposit in the event of his death during the minority of the nominee. 4A. Payment on death of depositor: - (1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee (2) Where the nominee is a minor, the deposit shall be paid - (a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and (b) where there is no such person, to the guardian of the minor for the use of the minor. (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. 3 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 10. 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. 11. 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 14. 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. 15. 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; (g) the fees that may be levied for registration of nominations and for variations or cancellation thereof; 4 (h) (i) the manner in which any person may be appointed for the purpose of sub-section (3) of section 4. 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. 5 CHAPTER-2 THE GOVERNMENT SAVINGS CERTIFICATES ACT, 1959 (46 OF 1959) (18th September, 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 1st 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) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) 12/7/5-year National Savings Certificates 10- year National Plan Certificates 12- year National Plan Savings Certificates 12- year National Defence Certificates 10- year National Savings Certificates (I Issue) 7- year National Savings Certificates (II Issue) 7- year National Savings Certificates (III Issue) 7- year National Savings Certificates (IV Issue) 7- year National Savings Certificates (V Issue) 12- year National Savings Annuity Certificates 5 – National Development Bond 6- year National Savings Certificates (VI Issue) 6- year National Savings Certificates (VII Issue) 10-year Social Security Certificates Indira Vikas Patra Kisan Vikas Patra 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) (c) (d) “Prescribed” means prescribed by rules made under this Act. “Savings Certificate” means a savings certificate to which this act applies. “Transfer” means transfer inter vivos and does not include a transfer by operation of law. 3. 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. 4. 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. 6 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; (b) for the use of minor, if the application for the savings certificate was made by any person other than the minor: (i) to any such person being a parent of a minor or guardian of his property as may be specified in that behalf in the form of application; (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. 7 (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. 9. 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. 10. 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). 11. 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. 12. 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. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for:(a) the form of application for savings certificates and the issue and discharge of such certificates, (a(i) the limit under sub-section (4) of Section-7; (b) the maximum limits of holdings; (c) the conditions as to payments of interest or discount relating to any class of savings certificates and the recovery of any interest paid on amount held in excess of the maximum limits in the same manner as an arrears of land revenue or in any other manner; (d) the transfer and conversion of savings certificate s and the fees to be levied in respect thereof; (e) the replacement of savings certificates mutilated, lost or destroyed and the fees payable in respect thereof; (f) the form of nominations, the manner in which and the conditions to which nominations may be made and the registration of nominations; (g) the manner in which any person may be appointed for the purpose of sub-section (3) of section-6; (h) the variation or cancellation of nominations and the registration of such variations or cancellations; (i) the fees that may be levied for registration, variation or cancellation of nominations; (j) any other matter which has to be or may be prescribed. (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. 8 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. 2. Short title and extent:- (a) This act may be called the Public Provident Fund Act, 1968. (b) It extends to the whole of India. Definitions:- In this Act, unless t he 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