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Post Office Saving Account Scheme & Rules, 2019

NOTIFICATION No. G.S.R. 921(E) dated 12th December 2019

In exercise of the power conferred by Section 3 of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following scheme, namely:-

POSA 2019 Rule 1. Short title and commencement

POSA 2019 Rule 2. Definitions

(1) In this scheme, unless the context otherwise requires.

(2) Words and the expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

POSA 2019 Rule 3. Type of accounts

(2) The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed.

POSA 2019 Rule 4. Deposits and withdrawals

POSA 2019 Rule 5. Interest on deposits in an account.

POSA 2019 Rule 6. Confirmation of balance

POSA 2019 Rule 7. Issue of cheque book

POSA 2019 Rule 8. Silent Account

POSA 2019 Rule 9. Final withdrawal on closure

POSA 2019 Rule 10. Application of General Rules

POSA 2019 Rule 11. Power to relax

Updated : Dec 16, 2019