Post Office (Monthly Income Account) Rules, 1987

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....#39;account' means a savings account opened by a depositor in accordance with the provisions of these rules; (b) 'Act' means the Government Savings Bank Act, 1873 (5 of 1873); (c) 'depositor' means a person by whom, or on whose behalf, money is deposited under these rules in an account and "deposit' means the money so deposited; (d) 'post office' means any post office in India doing savings bank work and authorised to open an account under these rules; (e) Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules. 3. Application of the Post Office ....

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....h of the depositor, shall become entitled to payment of amount due on the account. (2) If such nomination is not made at the time of opening account, it may be made by the depositor at any time after the opening of the account, but before its closure by means of an application, accompanied by the pass book to the postmaster of the Post Office. 8. Interest on deposit.-(1) The deposit made under these rules shall bear interest at the date of 12 per cent per annum. (2) The interest shall be payable monthly to the depositor on completion of a month from the date of deposit. (3) If so authorised, interest payable monthly shall be deposited by the post office in the savings account of the depositor held at the post office where deposi....