Post Office Savings Bank rule amendment enables provident fund withdrawals and conjoint account operation with relaxed notice requirements. The amendment permits relaxation of the one month notice under rule 44(j) when funds permit, allows twice weekly withdrawals at specified Head Post Offices, enables conjoint accounts to be operated by one or two trustees, provides for lodging securities with treasuries for safe custody, and contemplates adjustments for decimal coinage. Cheque withdrawals are being trialled at the General Post Office, Bombay with a subsequent review, and cheque deposit facilities will be introduced there from the stated commencement date; collection of interest is under consideration.
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Post Office Savings Bank rule amendment enables provident fund withdrawals and conjoint account operation with relaxed notice requirements.
The amendment permits relaxation of the one month notice under rule 44(j) when funds permit, allows twice weekly withdrawals at specified Head Post Offices, enables conjoint accounts to be operated by one or two trustees, provides for lodging securities with treasuries for safe custody, and contemplates adjustments for decimal coinage. Cheque withdrawals are being trialled at the General Post Office, Bombay with a subsequent review, and cheque deposit facilities will be introduced there from the stated commencement date; collection of interest is under consideration.
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