NOTIFICATION NO. GSR 223(E), DATED 13-3-2014
In exercise of the powers conferred 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 Monthly Income Account Rules, 1987, namely:—
1. (1) These rules may be called the Post Office Monthly Income Account (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In Post Office Monthly Income Account Rules, 1987,
(i) rule 6 shall be omitted.
(ii) in rule 8, in sub-rule (3), the following proviso should be inserted namely:—
“Provided that in case the account stands at the post office working on Core Banking platform and if so authorised, interest payable monthly shall be credited by the post office in the savings account of the depositor standing at any such post office or any branch of a bank.”