Section 7 in The Post Office Savings Certificates Rules, 1960
7. Calculation of Limits.
- For the purpose of calculating the limit under these rules:(i)the holding of a person in respect of all his certificates including Post Office Cash Certificates, 3 ½ percent 10-year Treasury Savings Deposit Certificates, 4 percent 10- year Treasury Savings Deposit Certificates, 7-year National Savings Certificates (II Issue), Bank series and 7-year National Savings Certificates (III Issue)-Bank series but excluding 10- year National Plan Certificates shall be taken into account;(ii)a certificate purchased by a person on behalf of any other person shall not be counted as his holding but of the person on whose behalf it is purchased;(iii)a certificate transferred as pledge subsists;(iv)one-half of the joint holdings shall be taken to belong to each holder;(v)a certificate purchased by a provident fund on its own account shall not count as the holding of persons who are members of that fund.
