Post Office Time Deposit Rules, 1981 amended

Dated 18th January, 2017 | Copy of | Notification Sl.5 |

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 further to amend the Post Office Time Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2016.

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

2. In the Post Office Time Deposit Rules, 1981,-

(i) in rule 1, sub-rule (1), for the words “Post Office”, the words, “National Savings” shall be substituted;

(ii) in rule 2, after clause (a), the following clause shall be inserted, namely:-

“(ae) “Bank” means any branch of a public sector or private sector commercial bank authorised by the Government to open an account under these rules;

(af) “post office” means any post office in India doing savings bank work and authorised to open an account under these rules;”;

(iii) in rule 4, after the sub-rule (2), the following sub-rule shall be inserted, namely:-

“(3) The account under these rules shall be opened in post office or bank.”

Sd/-
(Prashant Goyal)
Jt. Secy.

G.S.R.51(E)
F.No.1/04/2016-NS-II
Issued by:
Ministry of Finance
(Department of Economic Affairs)
New Delhi

Note : The Principal rules were published vide G.S.R. 664(E), dated the 17th December, 1981, and subsequently amended vide:- G.S.R.300(E), dated the 1st April, 1982, G.S.R.257(E), dated the 11th March, 1983, G.S.R.502(E), dated the 9th July, 1984, G.S.R.418(E), dated the 10th May, 1985, G.S.R.193(E), dated the 12th February, 1986, G.S.R.362(E), dated the 1st April, 1987, G.S.R.1005(E), dated the 23rd December, 1987, G.S.R.353(E), dated the 18th March, 1988, G.S.R.507(E), dated the 23rd May, 1990, G.S.R.191(E), dated the 27th March, 1991, G.S.R.580(E), dated the 12th September, 1991, G.S.R.727(E), dated the 6th December, 1991, G.S.R.431(E), dated the 24th April, 1992, G.S.R.586(E), dated the 2nd September, 1993, G.S.R.118(E), dated the 8th March, 1995, G.S.R.5(E), dated the 1st January, 1999, G.S.R.43(E), dated the 15th January, 2000, G.S.R.151(E), dated the 1st March, 2001, G.S.R.159(E), dated the 1st March, 2002, G.S.R.174(E), dated the 1st March, 2003, G.S.R.589(E), dated the 25th July, 2003, G.S.R.286(E), dated the 13th May, 2005, G.S.R.479(E), dated the 26th June, 2008, G.S.R.742(E), dated the 4th October, 2011, G.S.R.846(E), dated the 25th November, 2011, G.S.R.323(E), dated the 25th April, 2012, G.S.R.400(E), dated the 25th June, 2013, G.S.R.222(E), dated the 13th March, 2014, G.S.R.490(E), dated the 11th July, 2014, G.S.R.356(E) dated the 29th March, 2016 and G.S.R.941(E), dated the 30th September, 2016.