National Time Deposit Schemes : Amendments to procedural rules [S.B. Order 07/2020]

National Time Deposit Schemes : Amendments to procedural rules [S.B. Order 07/2020]

National Time Deposit Schemes : Amendments to procedural rules [S.B. Order 07/2020]

S.B. Order 07/2020

F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi-110001
Dated :- 14/02/2020

To,

All Head of Circles,
Addl. Director General, APS, New Delhi

Subject :- Amendments to procedural rules relating to National Time Deposit Schemes in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.

Sir/Madam,

The undersigned is directed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual (circulated vide SB Order No.9/2018 dated 17.7.2018).

2. Accordingly, the corrections relating to National Time Deposit Schemes are given below:-

Correction Slips for National Time Deposit Account s in POSB(CBS) Manual

Rule 88(1):- This sub rule to be replaced with below text :-

CATEGORIES OF ACCOUNTS :- (1) There shall be four categories of time deposit accounts, namely, One- year account, Two-year account, Three-year account and Five-year account in which a deposit may be made for a period of one year, two years,three years and five years respectively. From 12.12.2019,the deposit in the account shall be minimum of Rs.1000/- and in multiple of Rs.100/-.

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Rule 88(2):- This sub rule to be replaced with below text:-

88(2) Types of accounts

(i) an account may be opened by-

(a) a single adult;or
(b) upto a maximum of three adults in joint names
(c) a minor who has attained the age of ten years
(d) a guardian on behalf of a minor or a person of unsound mind

(ii) On the basis of mode of operation, Joint Accounts shall be of two types, namely:-

(a) Joint ‘A’ type,to be operated by all the depositors or the surviving depositors jointly.

(b) Joint ‘B’ type,to be operated by any of the depositors or the surviving depositors severally . Rule 91(3):- This sub rule to be replaced with below text:-

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If the date of payment of interest falls on a non-working day,the payment shall be deemed to be due on the working day immediately preceding.No additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder.

Rule 94 :- This rule to be replaced with below text:-

Extension of Account.-

(1) Where a deposit in an account has become due for repayment,the account holder may at his option by making an application to the accounts office in Form-3 may further extend the account for another tenure for which the account was initially opened.

(2) Where an extension is made under sub rule (1), the option for extension shall be exercised as specified in the table below:

S. No. Category of the account Period from date of repayment by which option for extension may be exercised
(1) (2) (3)
1. One-year Six months
2. Two-year Twelve months
3. Three-year Eighteen months
4. Five-year Eighteen months
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(3) Where option of extension of deposit is exercised within the period specified in sub-rule(2), interest applicable to the category of account under the Scheme on the date of maturity of original deposit shall be payable.

(4) The account holder shall be allowed to extend the account as per sub-paragraph (2) only twice after the initial repayment date.

(5) Option to extend the account as per sub-paragraph (1), may be exercised by the account holder at the time of opening of the account also. However, the account holder may revoke the option to extend the account any time before the date of repayment.

national-time-deposit-schemes-amendments-to-procedural-rules-s-b-order-07-2020

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