New Amendment to Post Office Rules: Defence Personnel Can Extend Maturity for Up to Seven Missed Deposits

The Central Government has amended the Post Office (Recurring Deposit) Rules, 1981, under the Government Savings Banks Act, 1873. The amendment introduces provisions for personnel of Defence Services, excluding Civilian Defence Employees. If there are up to seven defaults in monthly deposits, the depositor can extend the maturity period by the number of defaulted months and pay the missed installments during this period. If there are more than seven defaults, the account is considered discontinued, but revival is allowed within two months from the eighth default, subject to payment of interest and defaulted installments.

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