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POSB MANUAL VOLUME - 3

POSB MANUAL VOLUME - 3

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Published by: K V Sridharan General Secretary P3 NFPE on Jan 14, 2010
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02/01/2013

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POST OFFICE SAVINGS BANK MANUAL
VOLUME \u2013 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

C O N T E N T S
C H A P T E R S
Sl.
No.
Subject
Page
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(Law) Act, 1951 (3 of 1951), relating to such deposits, shall continue to apply thereto as if that law had not been repealed.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)\u201cDepositor\u201d means a person by whom, or on whose behalf, money has been
heretofore, or shall be hereafter, deposited in a Government Savings Banks, and \u201cdeposit\u201d 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 \u2018a person\u2019 the words \u2018 an individual\u2019 has been substituted.
[Amended vide Finance Act, 2005 dated 13.5.2005]
(b)
\u201cGovernment Savings Banks\u201dmeans -
(i)
a Post Office Savings Bank; or
(ii)
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;
(bb)\u2018Secretary\u2019 means \u2013
(i)

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

(ii)

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]
(c)
\u201cMinor\u201d means a person who is not deemed to have attained his majority under the India
Majority Act, 1875 (9 of 1875);
(d)
\u201cPrescribed\u201dmeans prescribed by rules made under this Act.

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