Persons who can open an account:-
i An account may be opened by
a) A single adult; or
b) Two adults jointly, the amount due on the account being payable-
i) To both jointly or survivor, or
ii) to either of them or survivor, or

c). A guardian on behalf of a minor or a person of unsound mind; or

d). A minor who has attained the age of ten years, in his own name.
II) A depositor can have more than one account in his name or jointly with another
Maturity Period:
Maturity period of an account shall be five years.

Deposits:
i. The depositor shall make sixty monthly deposits in an account.
ii. The amount of monthly deposit on accounts opened on or after the 1st day of April 1986 shall be a multiple of five rupees, subject to a minimum of ten rupees.
iii. The first monthly deposit shall be made at the time of opening the account and the amount of such deposit shall be due denomination of the account. Each subsequent monthly deposit shall be made before the end of the calendar month and shall be equal to the first deposit.
iv. Where a deposit is made by means of a cheque, pay order or demand draft, the date of its presentation to the Post Office Savings Bank shall be deemed to be the date of deposit.

Defaults in deposits:
i. If there are not more than five defaults in monthly deposits, the depositor may, at his option, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted instalment during the extended period.
ii. If there are more than the five defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of six months from the month of sixth default. Interest at the rate of the ten paise for every five rupees of a defaulted instalment for each month of default shall also be paid alongwith such deposit and an account in which defaulted instalments are so deposited, shall not be treated as discontinued

Repayment on Maturity:
i. a) In the case of an account in which sixty monthly deposits have been made during its maturity period or maturity period as extended, the depositor shall be entitled at the end of such period to receive the amount, inclusive of interest.
b) Amount repayable, inclusive of interest, on account of other denominations shall be proportionate to the amount specified in the Schedule.

ii. a) Where an account has become discontinued or where the defaults in monthly deposit in an account have not been rectified during its maturity period or maturity period as extended the depositor shall be entitled, on the expiry of such period, to receive an amount, inclusive of interest, which shall be in the same proportion to the amount specified in the Schedule below as the number of monthly deposits made in the account bears to sixty:-
b) The amount for an account of any other denomination shall be proportionate to the amount specified in the Schedule.

A.Premature Closure:
The holder of an account may prematurely close the account after one year from the date of opening of the account provided that interest at the rate applicable from time to time to the post office savings account shall be payable on such premature closure of an account.

Accounts continued beyond maturity period:
1.If sixty monthly deposits have been made in an account during its maturity period or maturity period as extended, the depositor may, at his option, continue the account for a further period upto maximum of five years and make monthly deposits during such further period. Each such monthly deposit shall be equal to the first deposit in the account.

Withdrawal:
i. Where an account has not become a discontinued account, withdrawal not exceeding fifty per cent of the deposits made in the account may be allowed after the account has been in operation for at least one year and twelve monthly deposits have been made in the account.
ii. The amount of such withdrawal shall be a multiple of five rupees. It may be repaid, at any time during the continuation of the account, in one lump sum or equal monthly instalments.
iii. In the case of repayment in one lump sum, interest at the rate specified shall be calculated on the amount of withdrawal for full calendar months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid. If the repayment with interest is made on or before the 10th of a month, no interest shall be payable for that month.
iv. Where, for any reason, the amount of withdrawal or a part thereof has not been re-paid, or the interest thereon has not been paid, by the depositor before the closure of the account, any outstanding amount due from him in this behalf shall be recovered from the amount payable to him or to his nominee or legal heir, as the case may be, on the closure of the account.

Procedure on the minor attaining majority:
1. A minor on whose behalf an account has been opened may on his attaining majority-
a) continue the account for full maturity period or maturity period If he does not continue the account any longer, claim proportionate amount as specified the ex-minor shall give a declaration as follows:
"I hereby declare that the Post Office Savings bank General Rules, 1981 and the Post Office Recurring Deposit Rules, 1981 have been read by/to me and that I accept the said rules and all such amendments thereto as may be issued from time to time as binding on me".