Foreign Exchange Management Act

Post Office Savings Bank General (Amendment) Rules, 2003
Notification No. G.S.R. 586(E), dated 25-7-2003

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 Savings Bank General Rules, 1981, namely :—

1. (1) These rules may be called the Post Office Savings Bank General (Amendment) Rules, 2003.

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

2. In the Post Office Savings Bank General Rules, 1981, —

(i)     rule 3 shall be re-numbered as sub-rule (1);

(ii)    after sub-rule (1) as so re-numbered, the following sub-rule shall be inserted, namely:—

“(2) Non-Resident Indians (NRIs) are not eligible to open an account in a Post Office Savings Bank:

Provided that if a resident who opened an account in any Post Office Savings Bank, subsequently becomes Non-Resident Indian during the currency of maturity period, may continue such account till its maturity on a Non-Repatriation Basis”.