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Section 19: Closure of account

government saving promotion general rules, 2018Central Rules · 1873

(1) The closure of an account shall be permitted on its maturity:

Provided that pre-mature closure of an account may be permitted if provided for in the Savings Scheme and subject to the conditions specified therein.

(2) Payment of eligible balance under sub-rule (1) shall be made, at the option of depositors or guardian or nominee or legal heir, as the case may be, through any of the following means; namely:-

(a) by transfer to the Savings Bank account of the payee,

(b) by a crossed cheque,

(c) by cash, if the amount is below the limit prescribed in this regard under the Income Tax Act, 1961.

(3) Pre-mature closure of an account shall be permissible as per the provisions of the Savings Scheme.

Where this provision sits

Actgovernment saving promotion general rules, 2018
Section19
Marginal noteClosure of account
JurisdictionCentral
StatusIn force as published by the source

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