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Date: 2017-01-19 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 5 of 1873

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Ministry of Finance amends the Post Office Time Deposit Rules of 1981. It allows for the opening of accounts in authorized public and private sector commercial banks in addition to post offices. The rules are effective from the date of publication in the Official Gazette, January 19, 2017. Key Points / Main Content: * **Amendments to Post Office Time Deposit Rules:** * The rules are called the Post Office Time Deposit Amendment Rules, 2016. * The words "Post Office" are replaced with "National Savings" in rule 1, subrule 1. * **Definition of Bank and Post Office:** * "Bank" means any branch of a public or private sector commercial bank authorized by the Government to open accounts under these rules. * "Post office" means any post office in India doing savings bank work and authorized to open an account under these rules. * **Account Opening:** * Accounts under these rules can be opened in a post office or a bank. Impact Analysis: * **Central Government:** * Impact: Responsible for authorizing banks to open accounts under these rules. * Action Required: Ensure proper authorization and oversight of participating banks. * **Post Offices:** * Impact: Continue to operate accounts under the amended rules, now branded as "National Savings." * Action Required: Update systems and procedures to reflect the name change and comply with the new regulations. * **Banks (Public and Private Sector):** * Impact: Authorized banks can now open accounts under these rules, expanding the reach of the scheme. * Action Required: Seek authorization, establish necessary infrastructure, and train staff to manage these accounts. * **Account Holders/General Public:** * Impact: Increased accessibility to time deposit accounts through banks in addition to post offices. * Action Required: Can choose to open accounts at either post offices or authorized banks.

Key Entities Referenced

Ministry of Finance: The ministry responsible for the notification. Department of Economic Affairs: A department under the Ministry of Finance. New Delhi: The location where the notification was issued. New Delhi, Delhi Government Savings Banks Act, 1873: The act under which the powers are conferred to make the rules. Central Government: The governing authority making the rules. Post Office Time Deposit Rules, 1981: The rules being amended by this notification. Post Office Time Deposit Amendment Rules, 2016: The name of the amended rules. Prashant Goyal: The Joint Secretary who signed the notification.
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jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (i) PART II—Section 3—Sub-section (i) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 46] ubZ fnYyh] c`gLifrokj] tuojh 19] 2017@ikS"k 29] 1938 No. 46] NEW DELHI, THURSDAY, JANUARY 19, 2017/PAUSA 29, 1938 िव(cid:7275) म(cid:7074)ं ालय (आ(cid:7414)थक काय (cid:6981)िवभाग) अिधसचू ना नई (cid:7408)द(cid:7016)ली, 18 जनवरी, 2017 सा.का.िन 51(अ)—के(cid:7008) (cid:7076)ीय सरकार सरकारी बचत बक(cid:7289) अिधिनयम, 1873 (1873 का 5) क(cid:7409) धारा 15 (cid:7367)ारा (cid:7079)द(cid:7004)त शि(cid:6989)त य(cid:7298) का (cid:7079)योग करत े (cid:7263)ए डाकघर साविध जमा िनयम, 1981 का और सशं ोधन करने के िलए िन(cid:7013)न िलिखत िनयम बनाती ह,ै अथात(cid:6981) :- 1. (1) इन िनयम(cid:7298) का संि(cid:6979)(cid:7009)त नाम डाकघर साविध जमा (संशोधन) िनयम, 2016 ह।ै (2) य ेराजप(cid:7074) म (cid:7286)(cid:7079)काशन क(cid:7409) तारीख स ेलागू ह(cid:7298)गे। 2. डाकघर साविध जमा िनयम, 1981 म,(cid:7286) - (i)(cid:32) िनयम 1, उप-िनयम (1) म,(cid:7286) ''डाकघर'' श(cid:7011)द के (cid:7021)थ ान पर ''रा(cid:7020)(cid:7069) ीय बचत'' श(cid:7011)द रखे जाएगं े; (ii)(cid:32) िनयम 2 म (cid:7286)खंड (1) के प(cid:7019) चात, िन(cid:7013) निलिखत खंड (cid:7079)ित(cid:7021)थ ािपत (cid:7408)कए जाएंग,े अथा(cid:6981)त:- “(कड.) 'ब(cid:7289)क' स ेइन िनयम(cid:7298) के अधीन खाता खोलन ेके िलए सरकार (cid:7367)ारा (cid:7079)ािधकृत साव(cid:6981)जिनक (cid:6979)े(cid:7074) अथवा िनजी (cid:6979)े(cid:7074) के वािणि(cid:6996)य क बक(cid:7289) क(cid:7409) कोई शाखा अिभ(cid:7079)ते ह;ै 317 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (कच) ''डाकघर'' भारत म (cid:7286) बचत बक(cid:7289) काय(cid:6981) करने वाले डाकघर और इन िनयम(cid:7298) के अतं ग(cid:6981)त खाता खोलन े के िलए (cid:7079)ािधकृत डाकघर अिभ(cid:7079)ते ह;ै” (iii)(cid:32) िनयम 4 म,(cid:7286) उप-िनयम (2) के प(cid:7019) चात, िन(cid:7013)न िलिखत उप-िनयम (cid:7079)ित(cid:7021)थ ािपत (cid:7408)कया जाएगा; अथा(cid:6981)त:- (3) इन िनयम(cid:7298) के अधीन डाकघर अथवा ब(cid:7289)क म (cid:7286)खाता खोला जाएगा। [फा. सं. 1/04/2016-एनएस-।।] (cid:7079)शातं गोयल, संयु(cid:6989)त सिचव (cid:7407)ट(cid:7009) पणी: मलू िनयम सा.का.िन. 664(अ), तारीख 17 (cid:7408)दसंबर, 1981 को (cid:7079)कािशत (cid:7408)कया गया था और त(cid:7004)प (cid:7019)च ात इस े सा.का.िन. 300(अ), तारीख 1 अ(cid:7079)ैल, 1982, सा.का.िन. 257(अ), तारीख 11 माच,(cid:6981) 1983, सा.का.िन. 502(अ), तारीख 9 जुलाई, 1984, सा.का.िन. 418(अ), तारीख 10 मई, 1985, सा.का.िन. 193(अ), तारीख 12 फरवरी, 1986, सा.का.िन. 362(अ), तारीख 1 अ(cid:7079)लै , 1987, सा.का.िन. 1005(अ), तारीख 23 (cid:7408)दसंबर, 1987, सा.का.िन. 353(अ), तारीख 18 माच,(cid:6981) 1988, सा.का.िन. 507(अ), तारीख 23 मई, 1990, सा.का.िन. 191(अ), तारीख 27 माच(cid:6981), 1991, सा.का.िन. 580(अ), तारीख 12 िसतंबर, 1991, सा.का.िन. 727(अ), तारीख 6 (cid:7408)दसंबर, 1991, सा.का.िन. 431(अ), तारीख 24 अ(cid:7079)ैल, 1992, सा.का.िन. 586(अ), तारीख 2 िसतंबर, 1993, सा.का.िन. 118(अ), तारीख 8 माच,(cid:6981) 1995, सा.का.िन. 5(अ), तारीख 1 जनवरी, 1999, सा.का.िन. 43(अ), तारीख 15 जनवरी, 2000, सा.का.िन. 151(अ), तारीख 1 माच,(cid:6981) 2001, सा.का.िन. 159(अ), तारीख 1 माच,(cid:6981) 2002, सा.का.िन. 174(अ), तारीख 1 माच,(cid:6981) 2003, सा.का.िन. 589(अ), तारीख 25 जुलाई , 2003, सा.का.िन. 286(अ), तारीख 13 मई, 2005, सा.का.िन. 479(अ), तारीख 26 जून, 2008, सा.का.िन. 742(अ), तारीख 4 अ(cid:6989)त ूबर, 2011, सा.का.िन. 846(अ), तारीख 25 नवंबर, 2011, सा.का.िन. 323(अ), तारीख 25 अ(cid:7079)ैल, 2012, सा.का.िन. 400 (अ), तारीख 25 जून, 2013, सा.का.िन. 222(अ), तारीख 13 माच,(cid:6981) 2014, सा.का.िन. 490 (अ), तारीख 11 जुलाई, 2014, सा.का.िन. 356(अ) तारीख 29 माच,(cid:6981) 2016 और सा.का.िन. 941(अ) तारीख 30 िसतंबर, 2016 (cid:7367)ारा संशोिधत (cid:7408)कया गया था। MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th January, 2017 G.S.R. 51(E).—In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:- 1.(cid:32) (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2.(cid:32) In the Post Office Time Deposit Rules, 1981, - (i)(cid:32) in rule 1, sub-rule (1), for the words “Post Office”, the words, “National Savings” shall be substituted; (ii)(cid:32) in rule 2, after clause (a), the following clause shall be inserted, namely:- “(ae) “Bank” means any branch of a public sector or private sector commercial bank authorised by the Government to open an account under these rules; (af) “post office” means any post office in India doing savings bank work and authorised to open an account under these rules;” ;¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 (iii)(cid:32) in rule 4, after the sub-rule (2), the following sub-rule shall be inserted, namely:- “(3) The account under these rules shall be opened in post office or bank.” [F. No. 1/04/2016-NS-II] PRASHANT GOYAL, Jt. Secy. Note : The Principal rules were published (cid:118)(cid:105)(cid:101)(cid:32)(cid:100) G.S.R. 664(E), dated the 17th December, 1981, and subsequently amended vide: - G.S.R. 300(E), dated the 1st April, 1982, G.S.R. 257(E), dated the 11th March, 1983, G.S.R. 502(E), dated the 9th July, 1984, G.S.R. 418(E), dated the 10th May, 1985, G.S.R. 193(E), dated the 12th February, 1986, G.S.R. 362(E), dated the 1st April, 1987, G.S.R. 1005(E), dated the 23rd December, 1987, G.S.R. 353(E), dated the 18th March, 1988, G.S.R. 507(E), dated the 23rd May, 1990, G.S.R. 191(E), dated the 27th March, 1991, G.S.R. 580(E), dated the 12th September, 1991, G.S.R. 727(E), dated the 6th December, 1991, G.S.R. 431(E), dated the 24th April, 1992, G.S.R. 586(E), dated the 2nd September, 1993, G.S.R. 118(E), dated the 8th March, 1995, G.S.R. 5(E), dated the 1st January, 1999, G.S.R. 43(E), dated the 15th January, 2000, G.S.R. 151(E), dated the 1st March, 2001, G.S.R. 159(E), dated the 1st March, 2002, G.S.R. 174(E), dated the 1st March, 2003, G.S.R. 589(E), dated the 25th July, 2003, G.S.R. 286(E), dated the 13th May, 2005, G.S.R. 479(E), dated the 26th June, 2008, G.S.R. 742(E), dated the 4th October, 2011, G.S.R. 846(E), dated the 25th No vember, 2011, G.S.R. 323(E), dated the 25th April, 2012, G.S.R. 400 ( E), dated the 25th June, 2013, G.S.R. 222( E), dated the 13th March, 2014, G.S.R. 490 (E), dated the 11th July, 2014, G.S.R. 356 (E) dated the 29th March, 2016 and G.S.R. 941(E), dated the 30th September, 2016. (cid:32) Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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