NOTIFICATION NO. GSR 222(E) , DATED 13-3-2014
In exercise of the powers conferral by Section 15 of the Government Savings Bank 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, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Post Office Time Deposit Rules, 1981—
(i) in Rule 6, sub-rule (3), after clause (b), the following clause shall be inserted, namely:—
“(c) where a deposit in an account standing at the post office working on Core Banking platform become due for repayment, the account shall be automatically renewed from the date of maturity for the same period for which it was opened initially and the deposit shall be eligible for rate of interest ‘ applicable on the date of renewal.”
in rule 8,—
(a) clause (a) shall be omitted;
(b) for clause (aa), the following clause shall be substituted, namely:—
(aa) Where a deposit in 1-year, 2-year, 3-year or 5-year account is withdrawn prematurely before the expiry of 1 year from date of deposit, interest at the rate applicable to post office savings account from time to time shall be payable to the depositor.”