THE NATIONAL SAVINGS SCHEME RULES
(Notification
No. GSR 335(E), dated 30th March, 1987)
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 commencements:-
(1) These rules may be called the National
Savings Scheme Rules, 1987.
(2)
They shall come into force on the 1st day of April, 1987.
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 territory of Dadra and Nagar Haveli and the Union
territory of 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 but defined in the Post Office Savings
Bank GeneralRules, 1981, shall have the meanings respectively assigned to them
in these rules.
3. Application of the Post
Office Savings Bank General Rules, 1981, and the Post Office Savings Account
Rules, 1981:-
The provisions of the Post Office Savings Bank 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.
A depositor may open not more than one account under the Scheme.
(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 total deposits in a year shall not exceed forty thousand
rupees.]
(4) Withdrawal
will be permitted only once in a year, provided that the amount of such
withdrawal shall not exceed the balance at the end of the fourth preceding
financial year, less withdrawals, if any, already made.
(5) No deposits shall be made under the Scheme on or after the 1st
day of October, 1992:
Provided that the deposits made on
or after 1st day of April, 1992, and before the 1st day of October, 1992, may
either be withdrawn by the depositor or transferred at his option, to the
account opened by him under the National Savings Scheme, 1992.]
(1) All deposits made in accordance
with the Scheme shall bear interest at such rate as may be notifiedby the
Central Government in the Official Gazette from time to time:
[Provided that where the deposits made
on or after the 1st day of April, 1992, and before the 1st day of October,
1992, are withdrawn in accordance with the provisions of sub-rule (5) of rule
5, the interest on such withdrawal shall be at the rate of 5.5 per cent per
annum and where the depositor opts to transfer the said deposits to the account
opened by him under the National Savings Scheme, 1992, the interest on such
deposit shall be at the rate of 11 per cent per annum.]
(2) The interest notified under sub-rule (1) 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.]
(3) Where the
interest contains part of a rupee and if such 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) On opening an account, the
depositor shall be given a Pass Book bearing the number of his account, his
name, address and entry of his first deposit duly initialled by an authorised
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 at his credit.
Closure of the account will be permitted on expiry of three years from end
of the year in which the last deposit was made, provided that in the event of
death of account holder, account may be closed at any time after his death.
Where the Central Government is satisfied that the operation of any of the
provisions 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.