Clarification on Operation of Joint B Type Accounts under National Savings Schemes – SB Order No. 12/2021

Clarification on Operation of Joint B Type Accounts under National Savings Schemes – Department of Posts Order

SB Order No. 12/2021

File No. FS·10/17/2020-FS
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi – 110001
Dated: 22.06.2021

To

All Head of Circles / Regions

Subject: Clarification on Operation of Joint B Type Accounts under National Savings Schemes – Regarding.

Rule 3(1)(i) of Government Savings Promotion General Rules, 2018 dated 05.10.20 18 clearly defines that operation of account means opening of, deposit in, transfer of or withdrawal from an account.

2. Karnataka Circle vide Lr. N o. SB/04/MIS/BG(2)/17-18 dated 27.01.2021 raised that other operations viz. Closure of Account and applying for duplicate passbook are not defined in rules and requested to do the needful.

3. Hence , the matter was taken up with Department of Economic Affairs, Ministry of Finance and it was clarified by  MoF vide  its  OM  No. 1/6/2021-NS dated 14.06.2021 that DOP may infer  that  all kinds  of operations  are allowed by any of the depositors or the surviving depositor severally in case of Joint B Type account and DOP may draft  its own  guidelines  to  avoid  any possible  misuse  of the  account.

View: Reinvestment of maturity value of National (Small) Savings Scheme in the same or in other Schemes: SB Order No. 11/2021

4. Accordingly, the following guidelines in respect of operation  of  Joint  B Type Accounts  are issued.

(i). All the operations of account including closure, issue of duplicate passbook and transfer of account etc shall be  allowed to be carried out by either of the joint depositors or survivor in case of Joint B Type account in respect of  all  the schemes  except  Senior  Citizens  Savings  Scheme  under  National  Savings Schemes.

(ii). In the Application for transfer of account / certificates in case of Non-CBS Post Offices and transfer to Branch Post Offices, the signatures of all the depositors in a Joint Account either “A” type or “B” type, shall be obtained, as there is a need for specimen signatures of all the depositors.

View: Introduction of “Basic Savings Accounts” under Post Office Savings Account Scheme 2019: SB Order No. 08/2021

(iv). In case of request for issue of ATM Card /activation of EB/MB for Joint B Type Savings Account , separate application form (SB-ATM1) shall be obtained from each of the Joint Account Holders.

5. This may be circulated to all the Post Offices for information and necessary actions.

6. This is issued with the approval of the Competent Authority.

(T C VIJAYAN)
Asst. Director (SB-I)