Post Office Savings Account (Amendment) Rules, 2013 - GSR 323(E) - Income Tax

NOTIFICATION DATED 20-5-2013 GSR 323(E) - 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 Savings Account Rules, 1981, namely: 1.(1) These rules may be called the Post Office Savings Account (Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In Post Office Savings Account Rules, 1981 (hereinafter referred to as the said rules), for rule 4A, following rule shall be substituted, namely :- "4A(1) Basic Saving Account and matters connected therewith. Notwithstanding anything contained in rules 4 and 5, and with the objective of facilitating payment of various Government benefits transferred under different schemes of Central and State Governments, the beneficiaries of any such scheme may open and operate Basic Saving Account and the Deposits required for opening of such account, etc. and other matters connected therewith shall be specified in the Table below, namely: 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 Saving 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 rules. Nil (i) An individual adult whose name is registered for any Government Welfare Scheme. (ii) A guardian of any minor whose name is registered under any Government Welfare Scheme. (2) Any Savings Account opened under rules 4A and 4B as they stood prior to the date commencement of these rules shall be deemed to be a Basic Savings Account under these rules." 3. In the said rules, rule 4B shall be omitted. [F.NO.2/6/2006-NS-II]