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

41CHAPTER – 7THE POST OFFICE TIME DEPOSIT RULES, 1981GSR 664 (E): - In exercise of the powers conferred by Section-15 of the Government SavingsBank Act, 1873 (5 of 1873), the Central Governme nt hereby makes the following rules, namely:-1. Short title and commencement: - (1) These rules may be called the Post Office Time DepositRules, 1981.(2) They shall come into force on the 1 st day of April 1982.2. Definitions:- In these rules, unless the context otherwise requires:-(a) ‘Account’ means a Time Deposit Account;Note1: - Clauses (aa), (ab) and (ac) deleted w.e.f. 1.4.1995.Note2: - Clause (ad) deleted w.e.f. 13.5.2005.(b) ‘Year’ means a year commencing on the date of deposit in an account.(c) Words and expressions used herein and not defined but defined in the Post Office SavingsBank General Rules, 1981 and the Post Office Savings Account Rules, 1981 have the meaningsrespectively assigned to them in those rules.3. Application of the Post Office Savings Bank General Rules, 1981:- For matters not providedin these rules, the provisions of the Post Office Savings Bank General Rules, 1981 shall apply.4. Types of Accounts and matters connected therewith:-(1) There shall be four kinds of accounts, namely 1-year account, 2- year account, 3- yearaccount and 5- year account in which a deposit can be made for a period of one year, twoyears, three years and five years respectively.(2) The types of accounts, which may be opened, the persons by whom such accounts may beopened and other matters connected therewith shall be as specified in the Table below,namely:-Type of account Who may open Number of accountsthat may be openedA. INDIVIDUALACCOUNTS1. Single Account (a) A person who hasattained the age ofmajority and who is ofsound mind(hereinafter referred toas an adult)(b) A minor who hasattained the age of 10years.(c) A guardian onbehalf of a minor.(d) (i) A guardian of aperson of unsoundmind.(ii) Superintendent ofMental Hospital wherea person of unsoundmind is confined.One or more accounts.One or more accounts.One or more accountson behalf of eachminor.One or more accountson behalf of eachperson of unsoundmindOne or more accountson behalf of eachperson of unsoundmindWho may operate theaccountThe adult. Anilliterate, blind orotherwise physicallyhandicapped adultmay operate on hisaccount through aliterate agentnominated by himfor the purpose.The minorThe guardian duringthe minority of theminor and thereafter,the ex-minor.The guardian.The Superintendentof Mental Hospital2. Joint Account Two adults One or more accounts Both the depositors