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पो$टमा$टर/बंधक के ह$ता0र
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NOTIFICATION
New Delhi, the 12th December, 2019
G.S.R. 922(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, namely:-
1. Short title and commencement.-(1) This Scheme may be called the National Savings Time Deposit
Scheme, 2019.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. Definitions.-(1) In this Scheme, unless the context otherwise requires,-
(a) “account” means an account opened under this Scheme;
(b) “account holder” means an individual in whose name the account is held;
(c) “Act” means The Government Savings Promotion Act, 1873 (5 of 1873);
(d) “Form” means forms appended to this Scheme;
(e) “General Rules” means the Government Savings Promotion General Rules, 2018;
(f) “year” means a period of twelve months commencing on the date of deposit in an account.
(2) Words and expressions used herein but not defined shall have the meaning respectively assigned to
them in the Act and in the General Rules.
3. Categories of accounts.- There shall be four categories of time deposit accounts, namely, One-year
account, Two-year account, Three-year account and Five-year account in which a deposit may be made for a
period of one year, two years, three years and five years respectively.
4. Type of Accounts.- (1) On an application to the accounts office in Form-1, an account can be opened by
the following-
(i) a single adult;
(ii) upto a maximum of three adults in joint names;
(iii) a minor who has attained the age of ten years;
(iv) a guardian on behalf of a minor or a person of unsound mind.
(2) An individual may have more than one account in his name or jointly with another.
5. Deposit and repayment.- (1) There shall be only one deposit of not less than one thousand rupees and any
sum in multiples of one hundred rupees in an account.
(2) The deposit shall be repayable after the expiry of a period of one year, two years, three years or five
years, as the case may be. Deposit in the account may be repaid to the account holder on an application in
Form-2 submitted to the accounts office.
6. Extension of Account.-(1) Where a deposit in an account has become due for repayment, the account
holder may at his option by making an application to the accounts office in Form-3, may further extend the
account for another tenure for which the account was initially opened.
(2) Where an extension is made under sub-paragraph (1), the option for extension shall be exercised as
specified in the table below:
TABLE
S. No. Category of the account Period from date of repayment by which option for
extension may be exercised.
170 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

(1) (2) 3
1. One-year Six months
2. Two-year Twelve months
3. Three-year Eighteen months
4. Five-year Eighteen months

(3) Where option of extension of deposit is exercised within the period specified in sub- paragraph (2),
interest applicable to the category of account under the Scheme on the date of repayment shall be payable.
(4) The account holder shall be allowed to extend the account as per sub-paragraph (2) only twice after
the initial repayment date.
(5) Option to extend the account as per sub-paragraph (1), may be exercised by the account holder at the
time of opening of the account also. However, the account holder may revoke the option to extend the account
any time before the date of repayment.
7. Rate of Interest.- (1) The rate of interest as specified in the table below shall be applicable to the deposits
under the Scheme.
S.No. Category of account Rate of interest (per cent. per annum)

(1) (2) (3)

1. One-year 6.9

2. Two-year 6.9
3. Three-year 6.9
4. Five-year 7.7

(2) Interest shall be compounded on quarterly basis and payable to the account holder at the end of each
year during the period of deposit.
(3) Where the interest contains part of a rupee and if such part is fifty paisa or more, it shall be rounded
off to one complete rupee and if such part is less than fifty paisa, it shall be ignored.
(4) The rate applicable on the date of opening of the account shall apply till maturity.
(5) The interest shall be payable annually and the year shall be reckoned from the date on which the
account is opened.
(6) If the date of payment of interest falls on a non-working day, the payment shall be deemed to be due
on the working day immediately preceding.
(7) No additional interest shall be payable on the amount of interest that has become due for payment but
not withdrawn by the account holder.
(8) The annual interest may be credited to the savings account of the account holder at his option.
8. Premature closure of account.- Premature closure of an account shall be allowed on an application by the
account holder in Form-4, subject to the following conditions, namely:-
(a) no deposit shall be withdrawn before the expiry of six months from the date of deposit;
(b) where a deposit in a one-year, two-year, three-year or five-year account is withdrawn prematurely after six
months, but before the expiry of one year from the date of deposit, interest shall be payable to the account
holder at the rate applicable to Post Office Savings Account for the completed months;
¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 171

(c) where a deposit in a two-year, three-year or five-year account is withdrawn prematurely after the expiry of
one year from the date of deposit, interest on such deposit shall be payable to the account holder for the
completed years and months, commencing on the date of deposit and ending with the date of withdrawal, and
such interest shall be calculated at the rate which shall be less by two per cent. points than the rate specified
for a deposit of one-year, two-year or three-year, as the case may be and interest for the completed year shall
be calculated on quarterly compounding basis in accordance with the provisions of paragraph 7, and for any
part of a year, interest shall be payable as per provision of sub-paragraph (b):
Provided that if a five year Time Deposit account is closed after four years from the date of deposit,
rate admissible for three-year Time Deposit account shall be applicable for calculation of interest under this
paragraph;
(d) any interest already paid on the deposit under paragraph 7 shall be recovered from the amount of
repayment of deposit and the interest payable under this paragraph.
9. Pledging of an account.- (1) An Account may be pledged or transferred as security, on an application made by
the depositor in Form-5 supported with acceptance letter from the pledgee.
(2) Transfer of an account under this paragraph may be made to-
(a) the President of India or the Governor of a State in his official capacity;
(b) the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;
(c) a public or private corporation or a Government company;
(d) a local authority; or
(e) a housing finance company approved by the National Housing Bank and notified by the Central
Government:

Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be
permitted under this paragraph unless the guardian of the minor or the person of unsound mind, as the case may
be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the
transfer is for the benefit of the minor or the person of unsound mind.

(3) When any account is transferred as security under sub-paragraph (1), the authorised officer shall make the
following endorsement in the record of the Account, including the Savings Certificate, namely:-

“Transferred as security to …..” .

(4) Except as otherwise provided in this scheme, the transferee of an account under this paragraph shall, until
it is re-transferred back under sub-paragraph (5), be deemed to be the depositor.
(5) An account transferred under this paragraph may, on written authority of the transferee, be transferred
back with the previous sanction in writing of the authorised officer and when any such retransfer is made, the
authorised officer of the accounts office shall make the following endorsement in the record of the account,
including Certificate, namely:-

“transferred back to……”.

(6) A blind or a person with physical infirmity making him incapable of operating the account may pledge his
deposit through any literate individual whom he authorises for this purpose.

10. Payment on the death of the account holder.-(1) In the event of death of the depositor of a single account
or of all the depositors in a joint account, the deposit in the account shall be payable to the nominee or legal
heir(s) as the case may be.
(2) If there are two or more surviving nominees, the deposit in the account shall be paid in the proportion as
specified by the depositor while making the nomination, and if no such proportion or share is specified, then in
equal proportion to all the surviving nominees.
(3) If any nominee dies, his specified share in the amount of deposit shall be distributed among the surviving
nominees in the same proportion as their specified shares.
172 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

(4) Where the surviving nominee is a minor, the payment shall be made to a person appointed by the
depositor to receive such payment and, if no such person has been appointed, to the guardian of the minor.
(5) Where there are not more than three surviving nominees or legal heirs, they may, at their option,
continue the account and receive the amount of deposit alongwith interest in the manner provided for in this
Scheme, as if they had opened the account themselves if they are otherwise eligible to make deposit under this
Scheme.
(6) Where the account is not continued under sub-paragraph (5), it shall be closed and the amount of
deposit outstanding in the account shall be repaid with interest and such interest shall be allowed for the period
for which the deposit has remained in the accounts office and the rate of such interest shall be paid as under.
(i) as specified under paragraph 7, for completed years not exceeding the period for which the deposit was
made; and
(ii) for any period thereafter in completed months at the rate applicable to the Post Office Savings Account
from time to time.
(7) On the death of one or two of the account holders in a joint account, the surviving account holder or
holders, if any, shall be treated as the owner or owners of the account and such account holder or holders may
continue the account or close the account in the manner specified under sub-paragraph (5) and (6).
11. Application of General Rules.- The provisions of the General Rules shall, so far as may be, apply in
relation to the matters for which no provision has been made in this Scheme.
12. Power to relax.-Where the Central Government is satisfied that the operation of any of the provisions
of this scheme causes undue hardship to an account holder, it may, by order for reasons to be recorded in
writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.
[F. No. 2/2/2018 NS (Pt.I)]
RAJAT KUMAR MISHRA, Jt. Secy.

FORM - 1
[See sub-paragraph (1) of paragraph 4]
(Application for opening an account)
To
Paste photograph
The Postmaster/Manager of applicant/s
…………………………………………………
…………………………………………………

Sir,

I/We ………………………..(account holder(s)/guardian) hereby apply for opening of an account

under National Savings Time Deposit Scheme for 1/2/3/5 years in your Post Office/Bank.
I/We tender herewith Rs……………………../-
(Rs…………………………………………………………………………….) in cash/Cheque/DD.
No………………… date………. as initial deposit. My/our particulars are as under:-

1. Name of First Depositor

……………………………………………………………
Husband/Father /mother’s name or Guardian appointed by Court
……………………………………………………………
Date of Birth ……… ..……… ………………
(DD / MM / YYYY )
¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 173

(In words)………………………………………
2. Name of Second Depositor
……………………………………………………………
Husband/Father /mother’s name
……………………………………………………………
Date of Birth ……… ..……… ………………
(DD / MM / YYYY )
(In words)………………………………………
3. Name of Third Depositor
……………………………………………………………
Husband/Father /mother’s name
……………………………………………………………
Date of Birth ……… ..……… ………………
(DD / MM / YYYY )
(In words)………………………………………
4. Name of minor/person of unsound mind account holder
……………………………………………………………
Father /mother/guardian’s name
……………………………………………………………
Date of Birth ……… ..……… ………………
(DD / MM / YYYY )
(In words)………………………………………
5. Aadhaar Number of account holder(s)
…………………………………………………………..
6. Permanent Account Number
(PAN) of account holder(s)
…………………………………………………………..
7. Present Address ………………………………………………………….
………………………………………………………
Permanent Address
………………………………………………………….

………………………………………………………….
8. Contact details Telephone Number……………………………..
Mobile Number…………………………………..
Email ID……………………………………………..

9. Types of Account Single or Joint or through guardian for minor or

person of unsound mind or blind or differently
abled through authorised person.

10. (*)Details of date of birth of minor

……………………………………………………….
(Applicable in case of minor account)

a) Certificate No.
……………………………………………………………………..
b) Date of Issue
…………………………………………………………………….
c) Issuing authority
…………………………………………………………………….
174 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

11. (*) Name of Guardian (Natural/Legal)

…………………………………………………………
(In case the account is opened on behalf of a
Minor/person of unsound mind)

12. Details of other KYC documents attached 1. Proof of identification

………………………………………………………
2. Address proof
………………………………………………………

The following documents are accepted as valid documents for the purpose of identification and
address proof: 1. Passport 2. Driving license 3. Voter’s ID card 4. Job card issued by NREGA signed
by the State Government officer 5. Letter issued by the National Population Register containing
details of name and address;

13. The operation of the account will be:- (a) By all the holders together or the surviving
holder/s.
(In case of joint account) (b) By either of the holder/s, or the surviving
depositor/s,

14. My/our specimen signatures

1………………………… 2……………………………. 3.,……………………………
(Name)…………………………………………………………
1…………………… 2……………………………..3……………………………..
(Name)…………………………………………………………
1……………………….. 2…………………………… 3……………………………..
(Name)…………………………………………………………
1……………………….. 2…………………………… 3……………………………..
(Name)…………………………………………………………
I hereby undertake to abide by the scheme provisions and Government Savings Promotion rules-
2018 applicable on the Scheme and amendments issued thereto from time to time.

Signature or thumb impression of account holder(s)/guardian

Date:…………………

Nomination
16. I/we…………………………………………..hereby nominate the person(s) mentioned below to whom to
the exclusion of all other persons in the event of my death the amount standing to my credit in National
Savings Time Deposit Scheme for 1/2/3/5 years at the time of my death would be payable.
S.No. Name(s) of the Full address (s) Aadhaar number Date of birth Share of Nature of
nominee(s) and of of nominee entitlement entitlement
relationship nominee(optional) in case of
Trustee or
minor
owner
¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 175

1
2

As the nominee(s) at Serial No.(s)…………………………………….specified above is/are minor(s), I

appoint
Shri/Smt/Kumari………………………………………………..S/o,D/o,W/o…………………………………
………………………………………..Address…………………………………………………………………
…………………………………………………………………………………………….to receive the sum due
under the said account in the event of my death during the minority of the nominee(s).
1. Signature of witness…………………………………….
Name & Address……………………………………………..
2. Signature of witness…………………………………….
Name & Address……………………………………………..

Signature or thumb impression of account holder(s)/guardian

Place:
Date:
For use of Post Office/Bank
The account has been opened in the name of…………………………………on……………………..with
initial deposit of Rs……………………………………….under…………………………………………(name
of the scheme) vide Account No.__________________________ dated______________________________.
Customer identification Number………………………………..
Nomination has been registered vide No……………………………………..dated……………………………

Signature and seal of competent authority.

FORM - 2
[See sub-paragraph (2) of paragraph 5]
(Application for closure of account)

Name of Post Office/Bank__________________________

Date___________________
Account Number___________________________
176 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

1. I/we hereby submit pass book/deposit receipt and apply for closure of my/our above mentioned
account matured on_________________.

2. Please Credit the amount of eligible balance in my matured account to my SB Account

no.________________________ standing at______________________(Name of Account office).
or
Please issue a Demand Draft/account payee cheque
or
Please pay in cash (applicable if the amount is below permissible limit).
*Certified, that the amount held in the account is required for the use of ………………………………
who is alive and still a minor.

Signature or thumb impression of account holder(s)/guardian

(Thumb impression should be attested by a person known to accounts office)

Payment Order
(For office use only)
Date ................................
Payment detail
Principal amount Rs.____________________________________________

(+) Interest due Rs. _____________________________________________

(-) Recovery of overpaid interest Rs._______________________________________________________

Deduction if any Rs_____________________________________________

Total Amount due Rs_____________________________________________

Pay Rs.____________________(in figurers)_____________________________________(in

words)

Place:
Date :

Signature of Postmaster/Manager
Acquittance
(to be filled by depositor)

Received Rs ._____________(In figures)______________________ (in words) By cash/cheque/DD bearing

no…………………………………….dated…………………./by transfer to Account No...............................

Place:
Date : Signature/thumb impression of account holder(s)/guardian
¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 177

FORM - 3
[See sub-paragraph (1) of paragraph 6]
(Application for extension of account)
To,
The Postmaster/Manager
…………………………………………………
…………………………………………………

Sir,
1. I/We________________________________________am/are depositor of Account
Number_____________________under National Savings Time Deposit Scheme for 1/2/3/5 years in your
office. The said account was opened on___________________and has/will mature on_______________for
payment. We hereby request for extension of the account for a further period of ______ year(s) (as per rule
10/11 of Scheme rule) from the date of maturity of the above said account.
2. I/We have understood the terms and conditions applicable to the account during the period of
extension under the said scheme as amended from time to time and shall abide by them.

Place:
Date: Signature of the account holder(s)/guardian

(Name and address)

----------------------------------------------------------------------------------------------------
For the use of Accounts Office
The account no………………………. which was opened on …………….. with Rs………………….
(Rupees………………………………………………..) under__________________(Name of scheme) and
matured on ……………………, has been extended for a period of ______ years with effect from
……………….. to ………………….under rule..............of the.....................scheme.
Necessary entries have been made in the records and pass book/deposit receipt/ statement of account.
Place:
Date: Signature of Postmaster/Manager
Seal

FORM - 4
[See paragraph 8]
(Application for premature closure of account)

To,
The Postmaster/Manager
…………………………………………………
178 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

…………………………………………………

Sir,

1. I/we wish to prematurely close my/our Account No________________________ having balance of

____________________(Rupees______________________ Only) opened under National Savings Time
Deposit Scheme for 1/2/3/5 years and request you to pay the amount after deduction of applicable penalty as
per details given below:-

Please credit the amount to my SB Account no.________________________ standing

at___________________________________(Name of Account office).
or
Please issue a Demand Draft/account payee cheque
or
Please pay in cash (applicable if the amount is below permissible limit)

3. I/We hereby declare that the conditions under which the account can be closed before maturity under
the National Savings Time Deposit Scheme for 1/2/3/5 years have been complied with.
*Certified that the amount held in the account is required for the use of ……………………………who is
alive and still a minor.

Date:-______________ Signature or thumb impression of account holder(s)/guardian

-----------------------------------------------------------------------------------
(Thumb impression of the depositor should be attested by a person known to the accounts office)

For office use only

Payment detail

Eligible balance in Account ` ._______________________________________

less penalty amount `._____________________________________________
Total amount to be paid ` .________________________________(In figures)
(In words)________________________________________________________

Date Stamp Signature of Postmaster/Manager

--------------------------------------------------------------------------------------

Acquittance

(to be filled by account holder/ messenger)

Received Rs ._____________(In figures)______________________ (in words) By cash/cheque/DD bearing
No.)__________________dated_____________/by transfer to Account
No______________________________________________.

Place:
Date: Signature/thumb impression of account holder(s)/guardian
¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 179

FORM - 5
[See sub-paragraph (1) of paragraph 9]
(Application for pledging of account)

To
The Postmaster/Manager
………………………………………
Sir,

1. I/We …………………………………………………..…. am/are required to deposit an amount of

Rs. ……………………………. as security with …………………………………… (official designation of
the gazetted officer of the Government or name of the Reserve Bank of India or a Scheduled Bank,
Cooperative Bank, Registered Cooperative Society, Corporation, A Government Company or Local
Authority). I/We therefore request you to transfer the deposit in Account Number_____________________
under National Savings Time Deposit Scheme for 1/2/3/5 years as security in favour of
……………………………………………………………… (Official Designation of the Officer or name of
the Branch, etc. to whom the Account is being pledged as security.)

2. I/We agree that the account(s) can be encashed by the pledgee when the security has been forfeited.
Nomination vide registration number.............................in the account stands cancelled.
Particulars of Account

Account number Date Name of account office Amount

The authority mentioned above has agreed to accept the pledge. A pledge acceptance duly signed by the
competent authority as pledgee is attached.

Dated : …………… Signature of account holder(s)/guardian

Address ...........……………………………
For office use only
Account number__________________ has been pledged vide registration
no....................................dated....................... and necessary entries have been marked in the record.
Passbook/deposit receipt/statement of account has also been marked with pledge and returned to the account
holder.
Signature of Post Master/Manager
Seal
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.