Small Savings Schemes of the Government of India which are now called National Savings Schemes are earlier governed by Government Savings Bank Act 1873, Government Savings Certificate Act 1959 and Public Provident Fund Act 1968 (amended from time to time). In 2018, through Finance Act 2018, Government of India repealed Government Savings Certificate Act 1959 and Public Provident Fund Act 1968 and amended Government Savings Bank Act 1873 by including provisions of these two Acts into this Act and renamed it as “ Government Savings Promotion Act 1873 (5 of 1873)”. Now, there is a single Act called “Government Savings Promotion Act 1873 (5 of 1873)” . Similarly, in 2018, Ministry of Finance (DEA), notified Government Savings Promotion General Rules 2018 under the powers given in section 15 of the new Act replacing Savings Bank General Rules 1981. On 12th December 2019, Ministry of Finance (DEA), notified Sukanya Samriddhi Account Scheme, 2019 (replacing SSA Rules 2016), Provident Fund Scheme, 2019 (replacing PPF Rules 1968), Senior Citizens Savings Scheme, 2019(replacing SCSS Rules 2014), National Savings (Monthly Income Account) Scheme, 2019 (replacing Monthly Income Account Rules 1987), National Savings Recurring Deposit Scheme, 2019 (replacing National Savings Recurring Deposit Rules 1981), National Savings Certificates (VIII Issue) Scheme, 2019 (replacing National Savings Certificate VIII Issue Rules 1989), Kisan Vikas Patra Scheme, 2019 (replacing Kisan Vikas Patra Rules 1988 and 2014) , Post Office Savings Account Scheme, 2019 ( replacing Post Office Savings Account Rules 1981), National Savings Time Deposit Scheme, 2019 (replacing National Savings Time Deposit Rules 1981). New Scheme PM Cares For Children 2021 was introduced on 6.10.2021 and Mahila Samman Savings Certificate, 2023 was introduced on 31.03.2023. These rules are statutory rules and any change in these rules is notified by the Government (Ministry of Finance, Department of Economic Affairs, Budget Division) in the official Gazette.
Based on these statutory rules, Department of Posts which is operating these schemes on behalf of Min. of Finance (Department of Economic Affairs) framed its procedural rules in the shape of Post Office Savings Bank Manuals which are used under the authority of Director General Posts. Any changes in the procedural rules are issued in the shape of SB Orders under the powers delegated to Member Postal Services Board handling POSB (for more important changes) and Deputy Director General handling POSB (for other changes).
The Department of Posts had framed three volumes of Post Office Savings Bank Manuals i.e Volume-I (containing procedural rules on Post Office Savings Bank), Volume-II (containing procedural rules on Post Office Savings Certificates) and Volume-III (containing Acts and Statutory Rules introduced in 2006) framed and notified by Min. of Finance. On introduction of Core Banking Platform (CBS), POSB Manual Vol-I and Vol-II were merged in a single manual called POSB(CBS) Manual vide SB Order No.9/2018 dated 17.7.2018 for those Post offices which are working on CBS Platform.
PREFACE
All Acts and other Statutory Rules of different Small Savings Schemes were earlier published by Late Sh. A.N Dureja in his POSSS Part 1 and 1A (for PPF) and last edition was of 2007-08. Department had decided to introduce Acts and Rules in POSB Manual Vol-III and first such book was made available on India Post Web Site www.indiapost.gov.in in the year 2006. Thereafter all the subsequent changes are made available on the India Post web site.
Based on the experience and knowledge on the subject of Small Savings Schemes now called National Savings Schemes, the author had compiled these Acts and Statutory Rules of current schemes with latest changes and all relevant clarifications issued by Min. of Finance and the Department of Posts through various orders in the year 2016 in FIRST EDITION.
After various amendments in the relevant Acts and Rules of National Savings Schemes from the year 2018 onwards, this new SPECIAL EDITION-2024 is being published which include all three old Acts and Statutory Rules of National Savings Schemes applicable till notification of new Government Savings Promotion General Rules 2018 and new scheme Rules notified on 12th December 2019 onwards till April, 2024 with Gazette Notification numbers. In addition to this, in this edition, new chapters relating to discontinued schemes and their interest rate tables are included to make this book more useful for post offices in their day-to-day work as information relating to these old schemes is not available in any other book and interest calculation tables are also not configured in CBS application.
Acts and Rules with Gazette Notification numbers reproduced with latest clarifications are having legal validity in case of any dispute in any Consumer Forum or any Court of Law as these are notified Acts and Rules by Government of India under the statutory powers given in the relevant sections of the Acts passed by Indian Parliament.
Aim of publishing this book is to extend helping hand to the various Postal Authorities and staff working at ground level dealing with POSB work so that they can update their knowledge about latest rules and serve valuable customers in an efficient way. In addition to this, General Public, customers of POSB as well as National Savings Schemes operated by Banks and Bank staff dealing with these schemes may also get benefit from this book.
This Edition is updated till April 2024 and is a complete reference book on National Savings Schemes of Government of India and the author shall be obliged if any error in printing or any other omissions/discrepancies/typing mistakes noticed are pointed out for their rectification. The suggestions for further improvements will be gracefully accepted.
KAWAL JIT SINGH
kawal1962@gmail.com
April, 2024
INDEX
CHAPTER-1 - THE GOVERNMENT SAVINGS BANKS ACT, 1873 11
CHAPTER-1.1 - CHAPTER VIII OF FINANCE ACT 2018 15
CHAPTER-1.2 - AFTER AMENDMENTS THROUGH FINANCE ACT 2018 20
CHAPTER-2 - THE GOVERNMENT SAVINGS CERTIFICATES ACT, 1959 27
CAPTER –3 - THE PUBLIC PROVIDENT FUND ACT, 1968 31
CHAPTER – 4 - THE POST OFFICE SAVINGS BANK GENERAL RULES, 1981 34
CHAPTER-5 - GOVERNMENT SAVINGS PROMOTION GENERAL RULES 2018 43
CHAPTER-6 - THE POST OFFICE SAVINGS ACCOUNTS RULES, 1981 74
CHAPTER-6.1 - POST OFFICE SAVINGS ACCOUNT SCHEME 2019 81
CHAPTER-7 - NATIONAL SAVINGS RECURRING DEPOSIT RULES, 1981 87
CHAPTER-7.1 - NATIONAL SAVINGS RECURRING DEPOSIT SCHEME 2019 119
CHAPTER – 8 - NATIONAL SAVINGS TIME DEPOSIT RULES, 1981 139
CHAPTER-8.1 - NATIONAL SAVINGS TIME DEPOSIT SCHEME 2019 149
CHAPTER-9 - NATIONAL SAVINGS (MONTHLY INCOME ACCOUNT) RULES, 1987 160
CHAPTER-9.1 - NATIONAL SAVINGS (MONTHLY INCOME ACCOUNT) SCHEME 2019 165
CHAPTER – 10 - THE SENIOR CITIZENS SAVINGS SCHEME RULES, 2004 172
CHAPTER-10.1 - SENIOR CITIZENS SAVINGS SCHEME RULES 2019 196
CHAPTER – 11 - PM CARES FOR CHILDREN SCHEME 2021 206
CHAPTER-12 - THE PUBLIC PROVIDENT FUND SCHEME, 1968 212
CHAPTER-12.1 - PUBLIC PROVIDENT FUND SCHEME RULES 2019 237
CHAPTER-13 - SUKANYA SAMRIDDHI ACCOUNT 248
CHAPTER-13.1 - SUKANYA SAMRIDDHI ACCOUNT SCHEME RULES 2019 257
CHAPTER – 14 - THE KISAN VIKAS PATRA RULES, 1988 266
CHAPTER-14.1 - THE KISAN VIKAS PATRA RULES, 2014 280
CHAPTER-14.2 - KISAN VIKAS PATRA SCHEME 2019 294
CHAPTER – 15 - THE NATIONAL SAVINGS CERTIFICATES (VIII-ISSUE) RULES, 1989 306
CHAPTER-15.1 - NATIONAL SAVINGS CERTIFICATES (VIII Issue) SCHEME 2019 331
CHAPTER-16-MAHILA SAMMAN SAVINGS CERTIFICATE, 2023 342
CHAPTER-17 - THE POST OFFICE SAVINGS CERTIFICATES RULES, 1960 354
DISCONTINUED SCHEMES 367
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