Post Office (Monthly Income Account) and Recurring Deposit Amendment Rules, 2012

POST OFFICE (MONTHLY INCOME ACCOUNT) AMENDMENT RULES, 2012 - AMENDMENT IN RULE 8

NOTIFICATION NO.GSR 322(E)

DATED 25-4-2012

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:-

1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office (Monthly Income Account) Rules, 1987,—

(a)  in rule 8, in sub-rule (1), after clause (i), the following clause shall be inserted, namely: -

"(j) 8.5 per cent per annum in respect of deposits made on or after the 1st day of April, 2012.".

POST OFFICE RECURRING DEPOSIT (AMENDMENT) RULES, 2012 - AMENDMENT IN RULES 9, 10 11 AND 12

NOTIFICATION NO.GSR 320(E)

DATED 25-4-2012

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 further to amend the Post Office Recurring Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2012.

(2) They shall deemed to have come into force on the 1st day of April, 2012.

2. In the Post Office Recurring Deposit Rules, 1981 (hereinafter referred to as the said rules), in rule 9,-

(a)  in the Schedule to the said rules,- (i) in sub-rule (1), in clause (a), for the last entry, the following entries shall be substituted, namely:-

(ii) in sub-rule (2), in clause (b), for the last entry, the following entries shall be substituted, namely:-

3. In rule 10 of the said rules, in sub-rule (2), in items (a) and (c), for the words and figures "Tables 1, 2, 11,13, 17, 20, 22, 26, 29, 32, 35, 38, 41 or 44", the figures and words "Tables 1, 2, 11, 13 17, 20, 22, 26, 29, 32, 35, 38, 41,44 or 47" shall be substituted.

4. In rule 11 of the said rules, in sub-rule (2), in items (b) and (c), for the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42 or 45", the words and figures "Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39, 42, 45 or 48" shall be substituted.

5. In rule 12 of the said rules,-

(a)  in sub-rule (1), in item (b), in sub-item (ii), for the words and figures "Tables 5, 6, 7,8, 9, 10,15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46", the words and figures "Tables 5, 6, 7, 8, 9, 10,15, 16,19, 24, 25, 28, 31, 34, 37,40, 43, 46 or 49" shall be substituted.

(b)  in sub-rule (3) and sub-rule (4), for the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46", the words and figures "Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43, 46 or 49" shall be substituted.

6. After Table 46 of the said rules, the following Tables shall be inserted, namely:-

"Table 47

(See Rule 10)

Amount, inclusive of interest, payable on an account opened on or after the 1st day of April, 2012 and continued, with monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

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

Table 48

(See Rule 11)

Amount, inclusive of interest, repayable on an account opened on or after the 1st day of April, 2012 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

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

Table 49

(See Rule 12)

Amount, payable to legal heir or nominee on the death of the depositor in a Five Year Recurring Deposit Account opened on or after the 1st day of April, 2012.

Note: The amounts shall be proportionate for other denominations".