Post Office Savings Account (Amendment) Scheme, 2021

Last updated: 12 April 2021

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The Post Office Savings Account (Amendment) Scheme, 2021, introduces changes to the existing Post Office Savings Account Scheme, 2019. Key amendments include the introduction of a Basic Savings Account, which can be opened by registered adult members of Government Welfare Schemes or guardians of minors registered for Government Benefits. These accounts require no initial deposit, allow only one account per person, and have no minimum balance requirement. Additionally, the minimum deposit for opening an account has been revised to fifty rupees, inclusive of GST.

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 9th April, 2021

G.S.R. 257(E). - In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the Post Office Savings Account Scheme, 2019 namely:-

1. Short title and commencement.- (1) This Scheme may be called the Post Office Savings Account (Amendment) Scheme, 2021.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Post Office Savings Account Scheme, 2019,-

(i) in paragraph 3, after sub-paragraph (2), the following sub-paragraphs shall be inserted, namely:-

“(3) Notwithstanding anything contained in sub-paragraphs (1) and (2), the beneficiaries of this Scheme may open and operate Basic Savings Account and the particulars required for opening of such an account are specified in the Table below, namely :-

TABLE

Type of Account	Who may open 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	Minimum balance to be maintained in the account	Who may operate the account
(1)	(2)	(3)	(4)	(5)	(6)	(7)
Basic Savings Account.	(i) Registered adult member of any Government Welfare Scheme; (ii) Guardian of a minor whose name is registered for any Government Benefit.	Nil.	One.	Any Government benefit or any other deposit under the scheme.	Nil.	(i) An individual adult whose name is registered for any Government Welfare Scheme; (ii) guardian of any minor whose name is registered under any Government Welfare Scheme.

(4) Any Basic Savings Account opened/under the Post Office Savings Account Rules, 1981 shall remain operational.”;

(ii) in paragraph 4, in sub-paragraph (6), for the words “one hundred rupees”, the words and brackets “fifty rupees (inclusive of Goods and Services Tax)” shall be substituted.

[F. No. 14/8/2019-NS (Pt.I)]

RAJAT KUMAR MISHRA, Addl. Secy.

Note : The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide number G. S. R. 921 (E), dated the 12th December, 2019.

FAQ :

This scheme amends the Post Office Savings Account Scheme, 2019, introducing new provisions and modifications.

A Basic Savings Account has been introduced under this amendment.

Registered adult members of any Government Welfare Scheme or guardians of a minor whose name is registered for any Government Benefit can open this account.

No, there is no deposit required for opening a Basic Savings Account.

There is no minimum balance required to be maintained in a Basic Savings Account.

Yes, the minimum deposit for opening an account has been changed from one hundred rupees to fifty rupees, inclusive of Goods and Services Tax.

Notification No : F. No. 14/8/2019-NS (Pt.I)
Source : http://www.egazette.nic.in/WriteReadData/2021/226477.pdf

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