Government notifies that under Post Office Savings Account Scheme, 2019 what Type of Account can be opened, Who may open the account, Deposit required for opening of account, Number of accounts that can be opened Type of deposits that can be made into the account, Minimum balance to be maintained in the account and Who may operate the account the account under Post Office Savings Account Scheme, 2019 read with Post Office Savings Account (Amendment) Scheme, 2021.

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 9th April, 2021

G.S.R. 257(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the Post Office Savings Account Scheme, 2019 namely:-

1. Short title and commencement.- (1) This Scheme may be called the Post Office Savings Account (Amendment) Scheme, 2021.

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

2. In the Post Office Savings Account Scheme, 2019,-

(i) in paragraph 3, after sub-paragraph (2), the following sub-paragraphs shall be inserted, namely:-

“(3) Notwithstanding anything contained in sub-paragraphs (1) and (2), the beneficiaries of this Scheme may open and operate Basic Savings Account and the particulars required for opening of such an account are specified in the Table below, namely :-

TABLE

Type of Account Who may open the account Deposit required for opening of account Number of accounts that can be opened Type of deposits that can be made into the account Minimum balance to be maintained in the
account
Who may operate the account
(1) (2) (3) (4) (5) (6) (7)
Basic Savings Account. (i) Registered adult member of any Government Welfare Scheme;

(ii) Guardian of a minor whose name is registered for any Government Benefit.

Nil. One. Any Government benefit or any other deposit under the scheme. Nil. (i) An individual adult whose name is registered for any Government Welfare Scheme;

(ii) guardian of any minor whose name is registered under any Government Welfare Scheme.

(4) Any Basic Savings Account opened/under the Post Office Savings Account Rules, 1981 shall remain operational.”;

(ii) in paragraph 4, in sub-paragraph (6), for the words “one hundred rupees”, the words and brackets “fifty rupees (inclusive of Goods and Services Tax)” shall be substituted.

[F. No. 14/8/2019-NS (Pt.I)]

RAJAT KUMAR MISHRA, Addl. Secy.

Note : The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub­section (i) vide number G. S. R. 921 (E), dated the 12th December, 2019.

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