POST OFFICE SAVINGS BANK GENERAL (AMENDMENT) RULES, 2014

NOTIFICATION NO. GSR 219(E) [F.NO.2/7/2012/NS-II], DATED 13-3-2014

In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Bank General Rules, 1981, namely :—

1. (1) These rules may be called the Post Office Savings Bank General (Amendment) Rules, 2014.

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

2. In the Post Office Savings Bank General Rules, 1981, hereinafter referred to as the said rules in rule 2, after clause (v), the following clause shall be inserted, namely:—

(w)

“Post Office with Core Banking Solution platform” means Post Office Savings Bank working on Core Banking Solution software.

3. In the said Rules, in rule 4, after sub-rule (4), the following sub-rule shall be inserted, namely:—

“(5) In case, of an account standing at any Post Office with Core Banking Solution platform, deposit may be made at any other post office with Core Banking Solution platform within the limits prescribed and by paying such fee as may be specified by the Central Government by notification in the official Gazette.

4. In the said rules, in rule 5, in sub-rule (1), after clause (e), the following clause shall be inserted, namely:—

“(i)		(f) in the accounts standing in post offices with Core Banking Solution platform, the deposit may be made by any electronic mode.”
(ii)		for sub-rule (2), the following sub-rule shall be substituted namely:—
		“(2) Each deposit shall be accompanied by a pay-in-slip provided that at any Post Office on Core Banking Solution platform, the deposit shall be accepted by any electronic mode.”

5. In the said rules, in rule 6, sub-rule (3) shall be numbered as clause (i) thereof and after clause (i) as so numbered,

The following clause shall be inserted namely:—

“(ii) In case of an account standing at any post office with Core Banking Solution platform in place, the Post Office Savings Bank shall on the request from the depositor or otherwise may issue Automated Teller Machine or debit card to the savings account holder on payment of such fee as may be specified by the Central Government by notification in the official Gazette” and the account holder having account in Post Offices with Core Banking Solution Platform may also withdraw money by using any electronic mode.”

6. In the said Rules, in rule 8 in sub-rule (i), the following provisos shall be inserted, namely:—

(i)		“Provided that in post offices working on Core Banking Solution platform, a statement of account may be issued in lieu of passbook at the option of the customer on payment of such fees specified by the Central Government by notification in the official Gazette.
		Provided further that balance and transactions shown in the Passbook or statement of account shall be for the information of the depositor.”
(ii)		for sub-rule (4), the following sub-rule shall be substituted, namely :—
		“(4) The passbook shall ordinarily be presented for all withdrawals or deposits made at the counter and in case, deposits or withdrawals are made by using cheque or any electronic mode, the passbook, wherever issued, may be presented to the Post Office Savings Bank as soon as possible thereafter for bringing it up-to-date.”

7. In the said rules, in rule 15, for clause (a), the following clause shall be substituted, namely:—

“(a)

responsible to a depositor for any fraudulent withdrawal by a person obtaining possession of the passbook or Automated Teller Machine or Debit card or a cheque from the cheque book of the depositor or by using any electronic mode of withdrawal.”