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

3. PensionAccountA pensioner,being a retiredRailway servantor a servant ofPost andTelegraphs.Rs. 1,00,000inclusive ofbalances in singleaccounts, if any,and shares ofbalances in jointaccounts, if any.One(a) The Head SavingsBank or Sub-SavingsBank for,(i) crediting to thePension Account theamount of pensiondue to the pensioner.(1) where the amountrelates to the monthof March, on the firstworking day of April.(2) Where the amountrelates to any othermonth, on the lastworking day of therelevant month; and(ii) for recovering anyamount credited inexcess of the sum towhich the pensionerwas entitled.(b) The pensioner, formaking withdrawals.Note:- The Post Office Saving Account in case of individual Accounts shall be opened after properintroduction of the depositor.4. Sanchayika Accounts: - Keeping in mind the recent amendment to the Government SavingsBank Act, 1873 whereby investment by all juridical persons in various small savings schemes has beendiscontinued with effect from 13 th May, 2006, it has been decided to make the following modificationwith regard to the operation of the ‘Sanchayika’ scheme under which children in schools/colleges areencouraged to save through a savings bank set up in the school/college. In lieu of the present systemwhereby the savings of the students are deposited by the Sanchayika (School/college Savings Bank) in apost office savings account in the name of the Sanchayika itself, fresh account under the scheme may beopened or the existing account may be commuted in the name of the principal/teacher and two studentsnot less than 10 years of age. These accounts will be designated as ‘Sanchayika’ accounts and will beopened and operated by the three individual depositors jointly. In case any of the depositors leave theschool, their name would be substituted by others wit h the authorization of the Principal. The accountwould be supported by a copy of the resolution establishing the Sanchayika as hitherto fore.Note:- Only one Sanchayika account will be opened for each school or college. There will not beany limit of maximum balance in the account. The balances in the account will earn interest at the rateapplicable to individual savings accounts.Note 1:- For the purpose of maximum balance the depositor’s share in the balance of a jointaccount shall be taken as one half or one third of such balance according as the account is held by twoadults or three adults.Note 2:- An account standing in the name of a minor under item 1(b) or (c) of the Table, shall onhis attaining the majority, be treated in all respects an account opened by an adult under item(1)(a) of theTable.Note 3:- Under item 1 (c) or (d) of the Table only one account can be opened in respect of aminor or a person of unsound mind as the case may be.Note 4:- A joint account in the names of two adults may be opened in addition to a singleaccount and pension account held by either or both of the depositors in the same of another Post Office