Notification No. GSR 220(E), Dated-13-03-2014
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 Savings Account Rules, 1981, namely:—
1. . (1) These rules may be called the Post Office Savings Account (Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Post Office Savings Account Rules, 1981, in Rule 9, for sub-rule (2) the following sub-rule shall be substituted, namely:—
“(2) When payment of interest is not involved and when final withdrawal on closure of an Account is made at Post Offices on Core Banking Solution platform, such withdrawal on closure may be allowed by a Sub-Savings Bank without obtaining the prior sanction of the Head Savings Bank.”