SB Order No. 11 /2007 : Amendment to Rule 4 of Post Office Saving Account Rule 1981 regarding opening of Pension Account

SB ORDER NO. 11 /2007 

No.113-10/2004-SB(Pt) 

Government of India 

Ministry of Communications & IT 

Department of Posts 

Dak Bhawan, Sansad Marg, 

New Delhi-110001,Dated: 20.7.2007 

To IMMEDEATE 

All Heads of Circles/Regions 

Addl. Director General, APS, New Delhi. 

Subject:- Amendment to Rule 4 of Post Office Saving Account Rule 1981 regarding opening of Pension Account. 

Sir / Madam, 

This office is receiving number of references for allowing opening of Pension Account by joint holders. The matter was referred to Min. of Finance. 

Now, item 3 of the table below Rule 4 (Pension Account) of Post Office Saving Account Rules 1981 has been amended by MOF vide its notification dated 11.7.2007 issued vide File No. 2/5/2006-NS-II. Copy of this amendment is enclosed. 

2. As a result of this amendment, a pensioner can now open pension account either individually or jointly with his or her spouse in whose favour an authorization for family pension exists in the Pension Payment Order. In case of withdrawal from joint pension account, either of the joint account holders can make withdrawals.

3. At present, the retired employees of Railways, Telecom and Postal departments can draw pension through pension accounts opened for this purpose. With this amendment, this restriction has been withdrawn. Now, retired employee of any govt. department can draw pension through pension account. For this purpose, the department concerned will have to approach this office for acceptance of terms and conditions as laid down for Railways and Telecom departments.

4. The existing Railway, Telecom and Postal pensioners can also convert their existing pension account into joint account. For this, the procedure laid down for conversion of single saving account into joint saving account may be followed with the exception that the concerned Postmaster/Sub Postmaster will verify the name of joint holder (spouse) mentioned in revised SB- with that of PPO and ensure that the this joint holder is the authorized person to draw family pension as mentioned in the PPO.

5. It is requested that this may kindly be brought to the notice of all post  offices immediately for  information, guidance and necessary action. 

6. This issues with the approval of DDG(FS) 

Yours faithfully, 

(Kawal Jit Singh) 

Assistant Superintendent Posts (SB&CC) 

Copy to:-

1.           CGM(BD&M) for publicity of para 3 of this order.

2.           Director of Audit (P&T), Delhi.

3.           All Directors/Dy. Directors of Accounts, Postal

4.           Director, Postal Staff College, Ghaziabad.

5.           All Directors, Postal Training Centres.

6.           DDG(PG)/DDG(VIG)/DDG(Estt.)

7.           ADG(BS)/ADG(Pension)/ADG(CB)

8.           AD PG/Inspection/PF/Vigilance/Postal Accounts Section

9.           All Accounts Officers ICO(SB)

10.        All recognized Staff Unions and Associations.

11.        Min. of Finance (DEA) NS-II section, North Block, New Delhi.

12.        PS to Member (I&FS)