Amendment in Rules 9, 10, 11, 12 And Insertion Of Tables 44 To 46 In Post Office Recurring Deposit Rules, 2011, As Per Notification Issued on 25-11-2011

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 Recurring Deposit Rules, 1981, namely:-

1. (1) These rules may be called the Post Office Recurring Deposit (Second Amendment) Rules, 2011.

(2) They shall come into force on the 1st day of December 2011.

2. In the Post Office Recurring Deposit Rules, 1981 (hereinafter referred to as the said rules), in rule 9,-

(a) in the Schedule under clause (a) of sub-rule (1), for the last entry, the following entries shall be substituted, namely:-

  

“From 1.3.2003 to 30.11.2011 (both dates inclusive)

….728.90

  

From 1.12.2011 onwards

….738.62″;

(b) in the Schedule under clause (a) of sub-rule (2), for the last entry, the following entries shall be substituted, namely:-

  

“From 1.3.2003 to 30.11.2011 (both dates inclusive)

….728.90

  

From 1.12.2011 onwards

….738.62″.

3. In rule 10 of the said rules, in sub-rule (2), in items (a) and (c), for the words and figures “Tables 1,2, 11,13, 17, 20, 22, 26, 29, 32, 35, 38 or 41”, the figures and words “Tables 1, 2,11,13 17, 20, 22, 26, 29, 32, 35, 38, 41 or 44” shall be substituted.

4. In rule 11 of the said rules, in sub-rule (2), in items (b) and (c), for the words and figures “Tables 3, 4, 12, 14, 18, 21, 23, 27, 30, 33, 36, 39 or 42”, the words and figures “Tables 3, 4,12,14,18, 21, 23, 27, 30, 33, 36, 39, 42 or 45” shall be substituted.

5. In rule 12 of the said rules,-

(a) in sub-rule (1), in item (b), in sub-item (ii), for the words and figures “Tables 5, 6, 7,8, 9 10,15, 16, 19, 24, 25, 28, 31, 34, 37, 40 or 43”, the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40, 43 or 46” shall be substituted.

(b) in sub-rule (3) and sub-rule (4), for the words and figures “Tables 5, 6, 7,8,9,10,15,16,19, 24, 25, 28, 31, 34, 37, 40 or 43”, the words and figures “Tables 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37,40,43 or 46” shall be substituted.

6. After Table 43 of the said rules, the following Tables shall be inserted, namely:-

“TABLE 44

(See Rule 10)

Amount, inclusive of interest, payable on an account opened on or after the 1st day of December, 2011 and continued, with monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account continued

Amount (Rupees) repayable on an account of Rs. 10 denomination

One year

924.80

Two years

1126.32

Three years

1344.46

Four years

1580.58

Five years

1836.17

Note: The amount repayable on an account of any other denomination shall be proportionate to the amount specified above.

TABLE 45

(See Rule 11)

Amount, inclusive of interest, repayable on an account opened on or after the 1st day of December, 2011 and continued, without any fresh monthly deposits, beyond the maturity period or maturity period as extended under sub-rule (1) of rule 7.

Number of completed years for which the account continued

Amount (Rupees) repayable on an account of Rs. 10 denomination

One year

799.50

Two years

865.41

Three years

936.75

Four years

1013.97

Five years

1097.55

Note: The amount repayable on an account of any other denomination shall be proportionate to the amount specified above,

TABLE 46

(See Rule 12)

Amount, payable to legal heir or nominee on the death of the depositor in a Five Year Recurring Deposit Account opened on or after the 1st day of December, 2011.

Number of deposits made

Amount (Rupee) for denomination of Rs.10

No. of deposits made

Amount (Rupees) for denomination of Rs.10

1 to 11

Deposits made

36

406.44

12

 125.09

37

420.48

13

135.95

38

433.33

14

146.88

39

446.27

15

157.88

40

459.29

16

168.95

41

472.40

17

180.09

42

485.59

18

191.31

43

498.88

19

202.59

44

512.25

20

213.95

45

525.70

21

225.37

46

539.25

22

236.87

47

552.89

23

248.45

48

566.62

24

260.10

49

580.44

25

272.12

50

594.35

26

283.94

51

608.35

27

295.84

52

622.44

28

307.81

53

636.63

29

319.86

54

650.92

30

331.99

55

665.29

31

344.20

56

679.76

32

356.49

57

694.33

33

368.86

58

709.00

34

381.30

59

723.76

35

393.83

60

738.62

Note: The amounts shall be proportionate for other denominations”.

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