Circulation of amendments in Government Savings Promotion General Rules (GSPR), Post Office Savings Account Scheme and National Savings (Monthly Income Account) Scheme
The Government of India, Ministry of Communications, Department of Posts (Financial Services Division), issued a circular (F. No 113-03/2017-SB(Pt.1)) dated 18.07.2023 addressed to all Head of Circles/Regions. The circular pertains to the circulation of amendments in various savings schemes.
The amendments are in connection with the National (Small) Savings Schemes and have been published in the Gazette notifications dated 03.07.2023 by the Department of Economic Affairs, Ministry of Finance.
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi – 110001
Dated: 18.07.2023
To
All Head of Circles/ Regions
Subject: Circulation of amendments in Government Savings Promotion General Rules (GSPR), Post Office Savings Account Scheme and National Savings (Monthly Income Account) Scheme – Reg.
Madam/ Sir,
The undersigned is directed to forward the copy of the Gazette notifications dated 03.07.2023 issued by Department of Economic Affairs, Ministry of Finance in connection with the amendments in rules related to National (Small) Savings Schemes.
(i). G.S.R.488(E) – Government Savings Promotion General (Amendment) Rules, 2023
(ii). G.S.R.489(E) -Post Office Savings Account (Amendment) Scheme, 2023
(iii). G.S.R.490(E) – National Savings (Monthly Income Account) (Fourth Amendment) Scheme, 2023
2. The following amendments have been notified in the above said notifications.
(I). Amendments in Government Savings Promotion General Rules, 2018 (herein after referred as GSPR 2018)
(a). New rules inserted in GSPR 2018
| Sl. No. | Rule No. after which new provision inserted | New Provision |
|---|---|---|
| 1 | Rule 5 (2) clause (b) | Provided that, in case of account opened on behalf of a minor, recent passport size photograph of the guardian only shall be submitted; |
| 2 | Rule 5 (6) | (7) Change of name or surname may be allowed by the account office by following the procedure laid down by Reserve Bank of India for change of name or surname in Bank Savings Account |
| 3 | Rule 14 (8) | (9) Non-resident Indians shall be eligible to be nominated as nominee subject to the condition that payment to such nominee/s shall be on non-repatriation basis. |
| 4 | Rule 15 (6) | (7) Surviving nominees will have to submit any of the identity documents prescribed in rule 6 of these rules. |
| 5 | Schedule-I (“Forms to be used for operation of an account”) serial number 15 | 16. GSPR-16 To be issued by transferor Accounts Office |
| 6 | after FORM – 15 | FORM-16 (See Rule 13 of Government Saving. Promotion Rules, 2018) To be issued by transferor account office. Specimen of the form is attached herewith). |