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

Sl.Name of authorityLimit (in Rs.)No(i) Time Scale Departmental Sub-Postmasters 1,000(ii) Sub-Postmasters in Lower Selection Grade 2,000(iii) Sub-Postmasters/ Dy Postmasters/ Postmasters in higher 5,000Selection Grade (All Non-Gazetted)(iv) Deputy Chief Postmasters/ Superintendent of Post 20,000Offices/ Deputy Superintendent of Post Offices (AllGazetted Group-B)(v) Chief Postmasters in Head Offices, Senior 50,000Superintendents (All Gazetted Group-A)(vi) Regional Directors/Director (General Post Office) 75,000(All Gazetted Group-A)(vii) Chief Postmasters General/ Postmasters General 1,00,000(Headquarter and Region)13. Premature encashment:- (1) Notwithstanding anything contained in rule 12, a certificatemay be prematurely encashed any time in any of the following circumstances:-(a) On the death of the holder of any of the holders in case of joint holders;(b) On forfeiture by a pledgee being Gazetted Government Officer,(c) When ordered by a court of law.(2) If a certificate is encashed under sub-rule (1) within a period of one year from thedate of the certificate, only the face value of the certificate shall be payable.(3) If a certificate is encashed under sub-rule (1) after expiry of one year but before theexpiry of two years and six months from the date of certificate, face value of the certificate together withsimple interest calculated at the rate applicable form time to time to accounts under Post Office SavingsAccount Rules, 1981, for the complete months for which the certificate has been held.(4) Notwithstanding anything in rule 12 or in sub-rule (1), if a certificate purchased onor after the 1 st April, 1988 is encashed at any time after expiry of two years and six months from thedate of certificate, the amount payable inclusive of interest shall be as specified in the Table below fordenomination of Rs. 1000 and at a proportionate rate for any other denomination.T A B L EPeriod from the date of the certificate to the date of its encashment1. 2 years and 6 months or more but less than 3 years 12802. 3 years or more but less than 3 years and 6 months 13803. 3 years and 6 months or more but less than 4 years 14504. 4 years or more but less than 4 years and 6 months 15905. 4 years and 6 months or more but less than 5 years 16906. 5 years or more but less than 5 years and 6 months 188088Amount payable inclusive ofinterest (in rupees)(5) Notwithstanding anything in rule 12 or in sub-rule (1), if a certificate purchased on or after16 th December, 1991 is encashed at any time after expiry of two years and six months from the date ofcertificate, the amount payable inclusive of interest shall be as specified in the Table below fordenomination of Rs. 1000 and at a proportionate rate for any other denomination namely:-T A B L E