Section 12(7) in The Post Office Savings Bank General Rules, 1981
(7)Where an account is held by or on behalf of any person as a pledge or by way of security for any purpose, such holding shall not have the effect of cancelling a nomination but the right of the nominee or nominees shall be subject to the right of the person so holding the account.Explanation. - In this rule and rule -13, "Single Account" includes a pension account and security deposit account and "joint account" includes a security deposit account.
