NATIONAL SAVINGS SCHEME
RULES, 1992
(Notification
No. GSR 763(E), dated 15th September, 1992)
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, namely:—
1. Short title and commencement:-
(1) These rules may be called the
National Savings Scheme Rules, 1992.
(2) They shall come into force on
the 1st day of October, 1992.
2.
Definitions:-In these rules,
unless the context otherwise requires:—
(a) "Account"
means a savings account opened by a depositor in accordance with the Scheme;
(b) "Act" means the Government
Savings Banks Act, 1873 (5 of 1873);
(c) "Depositor" means:—
(i) an individual, or
(ii) a
Hindu undivided family, or
(iii) an
association of persons or a body of individuals consisting in either case, only
of husband and wife governed by the system of community of property in force in
the State of Goa and the Union Territories of Dadra and Nagar Haveli and Daman and Diu, by
whom, or on whose behalf money, is deposited in an account and deposit means
money so deposited;
(d) "post office" means any Head Post Office, or any
Sub-Post Office which is authorised to open an
account under these rules;
(e) "Scheme"
means the National Savings Scheme as contained in these rules;
(f) "year"
means a year commencing on 1st day of April;
(g) words and expressions used herein and not defined in the
Post Office Savings Banks General Rules, 1981, shall have the meanings
respectively assigned to them in these rules.
3. Application of the Post
Office Savings Banks General Rules, 1981, and the Post Office Savings Account
Rules, 1981:-
The provisions of the Post Office Savings Banks General Rules, 1981, and
the Post Office Savings Account Rules, 1981, so far as may be, apply in
relation to matters for which no provision has been made in these rules.
(1) A separate account shall be
opened in a Post Office by every depositor for each year.
(2) In the case of depositors
being individuals, an account may be opened by:—
(a) A single adult; or
(b) Two adults jointly,
the amount due on the account being payable—
(i) to both jointly or survivor; or
(ii) to either of them
or survivor;
(c) a
guardian on behalf of a minor.
(1) No account shall be opened
with deposit of less than one hundred rupees.
(2) All deposits shall be made in
multiples of one hundred rupees.
(3) The
deposits made by a depositor in the National Savings Scheme, 1987, on or after
the 1st day of April, 1992, but before the 1st day of October, 1992, and in
respect of which he has exercised option under that Scheme to transfer the said
deposits to an account opened by him under this Scheme shall be deemed to be
deposits under this Scheme and all the provisions of this Scheme shall apply
accordingly.
[(4) No deposits shall be made under the
scheme on or after the 1st day of November, 2002.]
[(1)(i) sFor the
period commencing from the [1st day of October, 1992], the 14th day of January, 2000, the interest
at the rate of eleven per cent per annum shall be allowed for a calendar month
on the lowest balance at 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.
[(ii) For the period commencing from the 15th day of January, 2000,
but before the 1st day of March, 2001, the interest at the rate of
ten-and-a-half per cent per annum shall be allowed for a calendar month on the
lowest balance at credit of an account between the lose 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.
[(iii) For the period commencing from the 1st day of March, 2001,
but before the 1st day of March, 2002the interest at the rate of nine per ent per annum shall be allowed for a calendar month on the
lowest balance at 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.
[(iv) For the period commencing from the 1st day of March, 2002 but efore the 1st day of March, 2003, the interest at the rate
of eight-and-a-half per cent per annum shall be allowed for a calendar month on
the lowest balance at credit of an account between the close of the tenth day
and the end of the month sand such interest shall be calculated and credited to
the account at the end of each year.
(v) On and from the 1st day of March, 2003,
the interest at the rate of seven-and-a-half per cent per annum shall be
allowed for a calendar month on the lowest balance at 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) sWhere the interest contains part
of a rupee and if such a part is fifty paise or more,
it shall be increased to one complete rupee and if such part is less than fifty
paise, it shall be ignored.
(1) The interest credited in the
account may be withdrawn at any time the option of the depositor.
(2) The deposits may be withdrawn
after the expiry of four years from the end of the year in which the account
was opened, at the option of the depositor.
(3) The deposits or interest
amount not withdrawn after it becomes due, will continue to earn [interest at the
rate as specified in rule 6] up to the date of its withdrawal.
(1) On opening
an account, the depositor, shall be given a Pass Book bearing the number of his
account, his name, address and entry of is first deposit duly initialled by an authorized official of the Post Office.
(2) The Pass Book shall
ordinarily be presented for all deposits and withdrawals.
The depositor shall present his Pass Book as soon as possible after the
31st day of March every year to the Post Office where his account stands for
addition of interest and confirmation of balance amount at his credit.
Closure of the
account will be permitted on expiry of four years from end of the year in which
the account was opened:
Provided that in the event of death of depositor, account may be closed at
any time after his death and [interest at the rate as specified in rule 6] will be
admissible in such cases also up to the date of withdrawal of the amount.
Where the Central Government is satisfied that the operation of any of the
srovisions of these rules causes undue hardship to the depositor, 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.