Small Savings Scheme

Basic Savings Account can be opened under Post Office Savings Account Scheme 2019

Basic Savings Account can be opened in Post Office Savings Account Scheme 2019. the Post Office Savings Account (Amendment) Scheme 2021

MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 9th April, 2021

G.S.R.257(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the Post Office Savings Account Scheme, 2019, namely:-

1. Short title and commencement.-

(1) This Scheme may be called the Post Office Savings Account (Amendment) Scheme, 2021.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Post Office Savings Account Scheme, 2019,-

(i) in paragraph 3, after sub-paragraph (2), the following sub-paragraphs shall be inserted, namely:-

“(3) Notwithstanding anything contained in sub-paragraphs (1) and (2), the beneficiaries of this Scheme may open and operate Basic Savings Account and the particulars required for opening of such an account are specified in the Table below, namely :-

Type of Account

Who may open the account

Deposit required for opening of account

Number of accounts that can be opened

Type of deposits that can be made into the account

Minimum balance to be maintained in the account

Who may operate the account

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Basic Savings Account

(i) Registered adult member of any Government Welfare Scheme;

(ii) Guardian of a minor whose name is registered for any Government Benefit

Nil

One

Any Government benefit or any other deposit under the scheme

Nil

(i) An individual adult whose name is registered for any Government Welfare Scheme;

(ii) guardian of any minor whose name is registered under any Government Welfare Scheme

(4) Any Basic Savings Account opened/under the Post Office Savings Account Rules,1981 shall remain operational.”;

(ii) in paragraph 4, in sub-paragraph (6), for the words “one hundred rupees”, the words and brackets “fifty rupees (inclusive of Goods and Services Tax)” shall be substituted.

[F.No.14/8/2019-NS (Pt.I)]

RAJAT KUMAR MISHRA, Addl.Secy.

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G. S. R. 921 (E), dated the 12th December, 2019.

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