Section 3: Type of Account

Post Office Savings Scheme 2019Central Rules · 1873

(1) An account may be opened by making an application in Form-1 by the following:-

(a) a single adult;

(b) two adults jointly;

(d) a guardian on behalf of a person of unsound mind;

(e) a minor who has attained the age of ten years, in his own name:

Provided that only one account can be opened by an individual as a single account:

Provided further that an account under clause (e) can only be opened if an account under clause (c) does not exist in the name of the minor or vice versa.

(2) The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed.

Where this provision sits

Act	Post Office Savings Scheme 2019
Section	3
Marginal note	Type of Account
Jurisdiction	Central
Status	In force as published by the source

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