Post Office Savings Bank (POSB) SB Order No.15/2015 – further clarifications to SB Order No.12/2015

Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/‘development of relationship of customers with Post Office Savings Bank (POSB)- further clarifications to SB Order No.12/2015 regarding ,

SB Order No.15/2015

F.No.113-02/2015-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 26 .10.2015

In continuation of SB Order No.12/2015 issued vide this office‘ letter of even number dated 05.10.2015 on the subject, the undersigned is directed to convey that a number of references from Public by mails, letters and phone calls have been received, mentioning that Opening of new Savings Account at CBS Post Office is taking too much time/ even days due to which maturity payments are getting delayed. Post Offices are not issuing cheques to the customers. The competent authority has reviewed the matter parti Culary in the backdrop of issues being reported in CIF Creation and Modification menus of’ Finacle CBS Application and has decided to issue following clarifications:-

1. The objective of the letter dated 05.10.2015 was to’educate the‘customers for availing various. benefits of Post Office Savings Account in CBS Post Office and to develop/maintain relationship with the POSB customers through Savings Account. With this, a customer can ‘ also have a. holistic viewr of all transactions” happening in various accounts/certificates Standing at different post offices in “his/her name. Looking to the benefits of Savings Bank Account, field units may be asked ‘to continue to persue the customers to open savings account for better and sustainable, relationship with POSB. However, in case of extreme exegencies like a Bank or any Institution presenting Certificates after forfeiting security, any depoistor becomes NRI after investment and now wants to take maturity value only, the claim case where there are multiple nominees/legal heirs or any other case where Postamster/Sub Postmaster is satified that depository is genuinely not in a position to open savings account immdietaly may issue cheque for the maturity/prematurity value. Depositors may be made aware that facility of transfer of funds through NEFT/RTGS and use of Post Office Savings Bank ATM cum Debit Card in other Bank’s ATMs will also be provided shortly.

2. In case a depOSitor of RD or LPPF. is also genuinely unable to open Savings Account immediately, then may present cheqUe of other ‘bank for deposit but for future deposits he/She may be requested to open savings account.

3. ‘ For all new investments in any scheme including through. agents, customer should open Savings Account mandatorily with proper KYC documents to start relationship with POSB and then invest in any-of Small Savings Scheme through the same Savings Account. In such cases, if customer wants to invest through Cheque of other. Bank, his/her cheque should be lodged only through his/her savings account and then new account/certificate should be funded, from that savings account by putting cheque credit date as Value Date.

4. . For subsequent deposits by‘ RD, PPF and SSA Accounts, Customers/MPKBY Agents should be suitably informed that from 151: Jan. 2016, all such customers should be asked ‘to submit POSB Cheque only for their subsequent deposit and if they, donot have savings account in any CBS Post Office, they may have to. open Savings Account with cheque Books.

5. All MIS/SCSS/TD Account Holders who open further new account or‘extend the existing accounts, should also be requested to open savings account mandatorily and give standing instruction for credit of interest so that they need not visit post office frequently and Stand in queue, instead they can be issued ATM/Debit Card to Withdraw from ATMS. Existing account holders should also be convinced to open Savings Account for getting monthly/quarterly/yearly interest.

6. It is further reiterated that for all the entries made in Clearing Inward/Outward, ECS Inward/Outward, BO Settlement and Postmaster Repayment Office Account (0340) by the User are to be verified by Supervisor. For these entries, it will be the personal responsibility of that User and Supervisor.

7. It is requested to circulate this order to all CBS Post Offices and non CBS Post Offices may start requesting customers to open Savings Accounts to avail all the benefits once office is migrated to CBS.

Yours faithfully,

(Kawal Jit Singh)

Assistant Directo (SB-II)

Source : http://www.indiapost.gov.in/dop/pdfbind.ashx?id=1677