INVP_005 - Taxpublishers.in

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The Tax Publishers Post Office Savings Bank Account 1. Duration No time limit. 2. Who can open an account (a) a single adult; (b) two adults jointly; (c) a guardian on behalf of a minor; (d) a guardian on behalf of a person of unsound mind; (e) a minor who has attained the age of ten years, in his own name: It is provided that only one account can be opened by an individual as a single account: It is provided further that an account under clause (e) can only be opened if an account under clause (c) does not exist in the name of the minor or vice versa. 3. Share in joint account The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Post Office Savings Bank Account

1. Duration

No time limit.

2. Who can open an account

(a) a single adult;

(b) two adults jointly;

(d) a guardian on behalf of a person of unsound mind;

(e) a minor who has attained the age of ten years, in his own name:

It is provided that only one account can be opened by an individual as a single account:

It is provided further that an account under clause (e) can only be opened if an account under clause (c) does not exist in the name of the minor or vice versa.

3. Share in joint account

The share of an individual in the balance in a joint account shall be in equal proportion. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account and he may continue the account in accordance with the provisions of this Scheme provided another single account is not held in his name. In case a single account exists in the name of the surviving holder, the account shall have to be closed.