Section 20: Loans and partial withdrawal

government saving promotion general rules, 2018Central Rules · 1873

(1) Loans and partial withdrawals from an account shall be allowed where permissible under the provisions of a Savings Schemes, and shall be subject to the conditions specified therein.

(2) In case of an account opened on behalf of a minor or a person of unsound mind, loan or partial withdrawal shall be permitted to the guardian on furnishing the following certificate; namely:- “Certified that the amount sought to be withdrawn is required for the use and welfare of Shri/Smt./Master/ Kumari……………………………. who is a minor/ a person of unsound mind/ a person incapable of operating his account due to physical infirmity and is alive on this……the day of…………..(month), ……….(year).”

(3) In case of an account opened by a minor under sub-rule (1) of rule 4, the loan or partial withdrawal shall be permissible to the minor.

(4) A depositor suffering from physical infirmity, including blindness, that renders him incapable of operating his account, may avail the facility of loan or partial withdrawal through an individual authorised by him under rule 11.

Where this provision sits

Act	government saving promotion general rules, 2018
Section	20
Marginal note	Loans and partial withdrawal
Jurisdiction	Central
Status	In force as published by the source

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