
 Union of India - Act
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 Post Office Savings Account Scheme, 2019
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 UNION OF INDIA
   
 India
 
 Post Office Savings Account Scheme, 2019
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 Rule POST-OFFICE-SAVINGS-ACCOUNT-SCHEME-2019 of 2019
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* Published on 12 December 2019
* Commenced on 12 December 2019
 Post Office Savings Account Scheme, 2019
 
 Published vide Notification No. G.S.R. 921(E) , dated 12.12.2019
 
 Last Updated 14th December, 2019
 
 G.S.R. 921(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, namely:-
 
### 1. Short title and commencement.
(1) This Scheme may be called the Post Office Savings Account Scheme, 2019.
 
(2) It shall come into force on the date of its publication in the Official Gazette.
 
### 2. Definitions.
(1) In this Scheme, unless the context otherwise requires,-
 
(a) "account" means an account opened under this Scheme;
 
(b) "account holder" means an individual in whose name the Account is held;
 
(c) "Act" means the Government Savings Promotion Act, 1873 (5 of 1873);
 
(d) "Form" means forms appended to this Scheme;
 
(e) "General Rules" means the Government Savings Promotion General Rules, 2018;
 
(f) "year" means a period of twelve months commencing on the 1st day of April.
 
(2) Words and expressions used herein but not defined shall have the meanings assigned to them in the Act and in the General Rules.
 
### 3. Type of Account.
(1) An account may be opened by making an application in Form-1 by the following:-
 
(a) a single adult;
 
(b) two adults jointly;
 
(c) a guardian on behalf of a minor;
 
(d) a guardian on behalf of a person of unsound mind;
 
(e) a minor who has attained the age of ten years, in his own name:
 
 Provided that only one account can be opened by an individual as a single account:
 
 Provided further that an account under clause (e)  can only be opened if an account under clause (c) does not exist in the name of the minor or vice versa.
 
(2) The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed.
 
### 4. Deposits and withdrawals.
(1) The account may be opened with a minimum deposit of five hundred rupees and no subsequent deposit shall be accepted for an amount less than ten rupees.
 
(2) There shall be no maximum limit of deposit in an account.
 
(3) Withdrawals from the account for not less than fifty rupees may be made by presenting pass book alongwith Form-2 duly filled in and signed. Withdrawals from the account may also be made subject to the availability of balance above minimum prescribed limit by way of cheque or electronic means.
 
(4) No withdrawal shall be permitted which has the effect of reducing the balance to less than five hundred rupees.
 
(5) In case of an account having a balance of less than five hundred rupees immediately before the commencement of this Scheme, the account holder shall deposit the difference amount within a period of one year from the date of commencement of this Scheme, so as to bring the balance in the account to a minimum of five hundred rupees and the accounts office shall be responsible for advising the account holder through appropriate mode to make the required deposits within the specified date.
 
(6) If the account holder fails to make such deposit within the specified period, an account maintenance fee of one hundred rupees shall be deducted from the account on the last working day of each financial year and after deduction of the account maintenance fee, if the balance in the account becomes nil, the account shall stand automatically closed and the account holder shall be notified accordingly. This provision shall be applicable to all accounts including Silent Account.
 
(7) All deposits and withdrawals shall be made in whole rupees only.
 
### 5. Interest on deposits in an account.
(1) The interest at the rate of four per cent per annum shall be allowed for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month, and such interest shall be calculated and credited in the account at the end of each year.
 
(2) The interest shall be allowed only on sums of whole rupees and shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
 
(3) No interest shall be allowed on an account for any month in which the balance at credit is below five hundred rupees at any time between the tenth and the last day of the month.
 
(4) If an account is closed during a year, interest shall be allowed upto the end of the month preceding the month in which the account is closed.
 
(5) In the event of death of an account holder, the interest in his account shall be paid only in the end of the month preceeding the month in which the account is closed.
 
### 6. Confirmation of balance.
 - A pass book or statement of account of the account holder shall be issued by the accounts office. The account holder may confirm balance in his account by presenting his pass book during office hours.
 
### 7. Issue of cheque book.
 - A cheque book containing ten leaves may be issued to the account holder on an application, free of charge in a year. Subsequent issue of cheque book shall be charged at two rupees per cheque.
 
### 8. Silent Account.
(1) An account in which a deposit or a withdrawal has not taken place for three complete years, shall be treated as a Silent Account and credit of interest in a Silent Account shall not be treated as a transaction.
 
(2) Transaction in a Silent Account shall be allowed only after revival of account. The account can be revived through an application by the account holder and after completion of the due process by the accounts office.
 
### 9. Final withdrawal on closure.
 - The account may be closed at any time by the account holder by surrendering the pass book, unused or partially used cheque book, if any, etc. to the accounts office, along with the application in Form-2 for closure of the account.
 
### 10. Application of General Rules.
 - The provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provision has been made in this Scheme.
 
### 11. Power to relax.
 - Where the Central Government is satisfied that the operation of any of the provision of this Scheme causes undue hardship to an account holder, it may, by order for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.
 
 FORM - 1
 
 [See sub-paragraph (1)  of paragraph 3]
 
 (Application for opening an account)
 
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 To
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 Paste photograph ofapplicant/s
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 | The Postmaster/Manager
 
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 | Sir,
 
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 I/We .............................(account holder(s) /guardian) hereby apply for opening of an account under Post Office Savings Account Scheme in your Post Office/Bank.
 
 I/We tender herewith Rs........................../-(Rs........................................................................................) in cash/Cheque/DD. No..................... date.......... as initial deposit. My/our particulars are as under:-
 
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 1. Name of the First Depositor
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 Husband/Father /mother's name or Guardian appointed
 
 by Court
 
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 Date of Birth
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 ..................
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 (DD /
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 MM /
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 YYYY )
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 (In words).................................
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 2. Name of Second Depositor
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 Husband/Father /mother's name
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 .....................................................................
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 Date of Birth
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 .........
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 ...........
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 ..................
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 (DD /
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 MM /
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 YYYY )
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 (In words).................................
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 3. Name of Third Depositor
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 Husband/Father /mother's name
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 .....................................................................
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 Date of Birth
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 .........
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 (DD /
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 MM /
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 YYYY )
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 (In words).................................
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 4. Name of minor/person of unsound mind account
 
 holder
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 Father /mother/guardian's name
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 Date of Birth
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 .........
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 ...........
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 (DD /
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 MM /
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 YYYY )
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 (In words).................................
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 5. Aadhaar Number of account holder(s) | 
 ....................................................................
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 6. Permanent Account Number (PAN)  of account holder
 
 (s) ....................................................................
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 7. Present Address
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 Permanent Address
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 ...................................................................
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 ...................................................................
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 8. Contact details
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 Telephone Number...........................
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 Mobile Number.................................
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 Email
 
 ID................................................
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 9. Type of Account
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 Single or Joint or through Guardian for minor or
 
 person of unsound mind or blind or differently abled through
 
 authorized person.
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 10. Details of date of Birth of Minor (Applicable
 
 in case of minor account)
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 ................................................................
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 (a)  Certificate No.
 
 ................................................................................
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 (b)  Date of Issue
 
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 (c)  Issuing authority
 
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 11. (\*) Name of Guardian (Natural/Legal) (In case
 
 the account is opened on behalf of a Minor/person of unsound
 
 mind)
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 ...................................................
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 12. Details of other KYC documents attached
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 1. Proof of identification
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 ...................................................
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 2. Address proof
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 The following documents
 
 are accepted as valid documents for the purpose of identification
 
 and address proof:
 
 1. Passport
 
 2. Driving license
 
 3. Voter's ID card
 
 4. Job card issued by
 
 NREGA signed by the State Government officer
 
 5. Letter issued by the National Population
 
 Register containing details of name and address);
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 13. The operation of the
 
 account will be:-
 
 (a)  By all the
 
 holders together or the surviving
 
 (In case of joint
 
 account)
 
 (b)  By either of the holder/s, or the surviving
 
 depositor/s,
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 14. My/our specimen Signatures
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 1. …....................................
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 2.............................................
 
 3. …...............................
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 (Name)  …...........................................
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 1. …....................................
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 2.............................................
 
 3. …...............................
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 (Name)  …...........................................
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 1. …....................................
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 2.............................................
 
 3. …...............................
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 (Name)  …...........................................
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 1. …....................................
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 2.............................................
 
 3. …...............................
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 (Name)  …...........................................
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 I hereby undertake to abide by the scheme provisions and Government Savings Promotion rules-2018 applicable on the Scheme and amendments issued thereto from time to time.
 
 Signature or thumb impression of account holder(s) /guardianDate:.....................
 
 Nomination
 
### 16. I/we..................................................hereby nominate the person(s)  mentioned below to whom to the exclusion of all other persons in the event of my death the amount standing to my credit in Post Office Savings Account Scheme at the time of my death would be payable.
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 S.No.
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 Name(s)  of the nominee(s) and relationship
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 Full address (s) | 
 Aadhaar number of nominee (optional) | 
 Date of birth of nominee in case of minor
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 Share of entitlement
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 Nature of entitlement Trustee or owner
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 As the nominee(s)  at Serial No.(s)...........................................specified above is/are minor(s), I appoint Shri/Smt/Kumari........................................................S/o,D/o,W/o......................................................................................Address.....................................................................................................................................................................................to receive the sum due under the said account in the event of my death during the minority of the nominee(s).
 
### 1. Signature of witness........................................... Name & Address.....................................................
 
### 2. Signature of witness........................................... Name & Address.....................................................
 
 Signature or thumb impression of account holder(s) /guardian
 
 Place:
 
 Date:
 
 For use of Post Office/Bank
 
 The account has been opened in the name of.......................................on..........................with initial deposit of Rs..............................................under.....................................................(name of the scheme) vide Account No.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ dated\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
 
 Customer identification Number......................................
 
 Nomination has been registered videNo............................................dated...............................................
 
 Signature and seal of competent authority.
 
 FORM - 2
 
 [See paragraph 9]
 
 (Application for closure of account)
 
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 Name of Post Office/Bank\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_Account Number\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
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 Date\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
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### 1. I/we hereby submit pass book/deposit receipt and apply for closure of my/our above mentioned account matured on\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. ###
 2. Please Credit the amount of eligible balance in my matured account to my SB Account no.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ standing at\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(Name of Account office).
 or
 
 Please issue a Demand Draft/account payee cheque
 
 or
 
 Please pay in cash (applicable if the amount is below permissible limit).
 
 \*Certified, that the amount held in the account is required for the use of .............................................who is alive and still a minor.
 
 Signature or thumb impression of account holder(s) /guardian(Thumb impression should be attested by a person known to Accounts office)
 
 Payment Order
 
 (For office use only)
 
 Date .........................
 
 Payment detail
 
 Principal amount Rs.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
 
 (+) Interest due Rs. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
 
 (-) Recovery of overpaid interest Rs.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
 
 Deduction if any Rs\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
 
 Total Amount due Rs\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
 
 Pay Rs.\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(in figurers)\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(in words)
 
 Date
 
 Signature of Postmaster/Manager
 
 Acquittance
 
 (to be filled by depositor)
 
 Received Rs .\_\_\_\_\_\_\_\_\_\_\_\_\_(In figures)\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (in words) By cash/cheque/DD bearing no...........................................dated....................../by transfer to Account No...............................
 
 Place:
 
 Date:
 
 Signature/thumb impression of account holder(s) /guardian
 

