G.S.R. 915(E). - In exercise of the power conferred by Section 3 of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following scheme, namely:-
(1) In this scheme, unless the context otherwise requires.
(2) Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and in the General Rules.
"Certified that the amount sought to be withdrawn is required for the use and welfare of Shri/Smt./Master/ Kumari............ who is a minor/ a person of unsound mind/ a person incapable of operating his account due to physical infirmity and is alive on this..... the day of......... (month), ...... (year).".
Provided that the repayment may be made either in one lump sum or in instalments.
Provided that where the loan is not repaid, or is repaid only in part, within a period of thirty-six months, interest on the amount of loan outstanding shall be charged at six per cent. per annum instead of at one per cent. per annum with effect from the first day of the month following the month in which the loan was obtained, to the last day of the month in which the loan is finally repaid.
Provided that the amount of loan outstanding, if any, along with interest shall be paid by the account holder before availing the facility of withdrawal under this paragraph:
Provided further that the facility of withdrawal may be availed only once in a year only from the accounts which have not become discontinued.
"Certified that the amount sought to be withdrawn is required for the use and welfare of Shri/Smt./Master/ Kumari................. . who is a minor/ a person of unsound mind/ a person incapable of operating his account due to physical infirmity and is alive on this ..... the day of............. (month), ....... (year).".
Provided that the account holder may make one withdrawal, in each year, of any amount within the balance.
Provided that the balance in the account on the date of maturity shall continue to earn interest upto the end of the month preceeding the month of closure.
Provided that the withdrawal, subject to the ceiling as specified above may be made either in a single or in yearly instalments.
Provided that an account under this Scheme shall not be closed before the expiry of five years from the end of the year in which the account was opened:
Provided further that on such premature closure, interest in the account shall be allowed at a rate which shall be lower by one per cent. than the rate at which interest has been credited in the account from time to time since the date of opening of the account, or the date of extension of the account, as the case may be.