P.O. S.B. Manual Vol. III - India Post

amount of initial subscription which shall be in integral multiples of Rs.5.(2) On receipt of an application under sub-paragraph (1), the Accounts Office shall ope n anaccount in the name of the subscriber and issue a passbook to him, wherein all amount of deposits,withdrawals, loans and repayment thereof together with interest due shall be entered over the signatureof the Accounts Officer with the date stamp.(3) The subscriber shall deposit his subscription with the Accounts Office with challan inForm B, or as near thereto as possible. The counterfoil of the challan shall be returned to the depositorby the Accounts Office, duly evidenced by receipt. In the case of deposits made by cheque or draft orpay order, the Accounts Office may issue a paper token to the depositor pending realization of theproceeds.70(4) Every subscription shall be made in cash or crossed cheque or draft or pay order in favourof the Accounts Office at the place at which that office is situated.(5) Where a deposit is made by means of an outstation cheque or instrument, collectioncharges at the prescribed rate shall be payable alongwith the deposit and the date of realization of theamount shall be the date of deposit.5. Number of subscription: The subscription, which shall be in multiples of Rs.5 may, for anyyear, be paid into the account in one lump sum or installments not exceeding twelve in a year.6. Transfer of Account:- A subscriber may apply for transfer of his account from one“Accounts Office” to another “Accounts Office”.7. Issue of duplicate passbook, etc:- (1) In the even of loss or destruction of a passbook issuedby an Accounts Office, the Accounts Office may, on an application made to it in this behalf, and onpayment of rupee one by the subscriber, issue a duplicate thereof to him.(2) Condition of default:- A subscriber who fails to subscribe in any year according to thelimits specified in paragraph 3, may approach the Accounts Office for condonation of the default, onpayment, for each year of default, a fee of Rs. 50 along with arrear subscription of Rs. 500 for each year.8. Interest:- Interest at the rate, notified by the Central Government in the official gazette fromtime to time, shall be allowed for a calendar month on the lowest balance at credit of an account betweenthe close of the fifth day and the end of the month and shall be credited to the account at the end of eachyear.Provided that where the interest to be credited contains a part of a rupee, then, if such part isfifty paise or more, it shall be increased to one complete rupee, and if such part is less than fifty paise, itshall be ignored.Note:- The rates of interest payable on deposits and the balance in PPF Accounts fixed fromtime to time since the introduction of the Scheme are given in the Schedule at the end of the Chapter.9. Withdrawals from the Fund:- (1) Any time after the expiry of five years from the end of theyear in which the initial subscription was made, a subscriber may, if he so desires, apply in Form C or asnear thereto as possible, together with his passbook to the Accounts Office withdrawing from the balanceto his credit, an amount not exceeding fifty per cent of the amount that stood to his credit at the end ofthe fourth year immediately preceding the year of withdrawal or at the end of the preceding year,whichever is lower, less the amount of loan, if any, drawn by him under paragraph 10 and which remainsto be repaid:Provided that not more than one withdrawal shall be permissible during any one year.(2) On receipt of an application under sub paragraph (1) the Accounts Office may , after