Post Office Time Deposit (Second Amendment) Rules, 2011 - Amendment in rules 7 and 8

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..... nment Savings Banks 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 (Second Amendment) Rules, 2011. (2) They shall come into force on the 1st day of December 2011. 2. In the Post Office Time Deposit Rules, 1981:- ( a ) In rule .....

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..... following shall be substituted, namely:- ( aa ) where a deposit in 1-year, 2-year, 3-year or 5-year account is withdrawn prematurely after 6 months but before the expiry of one year from the date of deposit, simple interest at the rate applicable from time to time to post office savings account shall be payable; ( b ) where a deposit in a 2-year, 3-year and 5-year account is withdrawn prematur .....

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