Monthly Income Account Scheme (MIS) in POSB : Amendments to procedural rules : S.B. Order 06/2020

Monthly Income Account Scheme (MIS) in POSB : Amendments to procedural rules : S.B. Order 06/2020

F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)

S.B. Order 06/2020

Oak Bhawan, New Delhi-110001
Dated :- 14 /02/2020

To,

All Head of Circles,
Add i. Director General, APS, New Delhi

Subject:-Amendments to procedural rules relating to Monthly Income Account Scheme (MIS) in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.

Sir/Madam,

The undersigned is directed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7.2018].

2. Accordingly, the corrections relating to Monthly Income Account Schemes are given below:-

Correction Slips for Monthly Income Account Scheme i n POSB(CBS) Manual

Rule 115(i) :- add following text below this sub rule:-

Provided that from the date of receipt of SB Order 13/2019 dated 18.12.2019, provisions of National Savings (Monthly Income Account ) Scheme 2019 and Government Savings Promotion General Rules 2018 shall be applied on all accounts opened under this scheme.

Rule 115(iii) :- This sub rule should be replaced with below text:-

From date of receipt of SB Order 13/2019 dated 18.12.2019, account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees and there shall be only one deposit in an account.

Rule 115(x) :- This sub rule should be treated as DELETED.

Rule 124(b):- This sub rule should be replaced with below text :-

An account which has matured but not closed, the eligible balance in the account shall continue to earn interest at the rate applicable to the Post Office Savings Account, till the closure of the account.

3. It is requested to circulate these corrections to all concerned for information and guidance and necessary action.

Read also : National Savings (Monthly Income Account) Scheme, 2019 – Gazette Notification

4. This issues with the approval of Competent Authority.

(Devendra Sharma )
Assistant director (SB)

Copy to:-

1.DDG(FS)/DDG(VIG)/AS&FA/DDG(PAF)/DDG(RB)/DDG(Estt.)/ DDG(PG & lnspections)/DDG (PCO/Sr. DDG(PBI)
2. Director of Audit (P&T), Delhi.
3. Resident Audit Officer, Room No.517-B, Oak Bhawan, New Delhi.
4. All Directors/Dy. Directors of Accounts, Postal
5. Director, RAKANPA,Ghaziabad, All Directors, Postal Training Centres.
6. Director PTC Mysore for uploading the SB order on India Post Web Site.
7. Deputy Director (CEPT) O/o CPMG T.N.Circle, Chennai for information.
8. AD / Inspection/PF/Vigilance
9. All recognized unions.
10. MOF(DEA), NS-II,North Block, New Delhi
11. National Savings Institute, 4 Deen Dayal Upadhyay Marg, New Delhi.
12. PS to Member (Banking)
13. PPS to DG Posts.
14. PPS to Secretary Posts.

Source: Click here to view/download the PDF