Payment of MIS/SCSS/TD accounts Monthly/Quarterly/Annual interest amount and maturity value of MIS/SCSS/TD/RD/KVP/NSC into account holder‟s Bank Account by CBS Post Offices – Department of Posts Order – SB Order No. 09/2021 – Dated 30.04.2021

SB Order No. 09/2021

F. No. FS-13/7/2020-FS
Govt. of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 30 .04.2021

To,
All Head of Circles/Regions

Subject:- Payment of MIS/SCSS/TD accounts Monthly/Quarterly/Annual interest amount and maturity value of MIS/SCSS/TD/RD/KVP/NSC into account holder‟s Bank Account by CBS Post Offices – Reg.

Sir/Madam,

The provision for payment of interest of MIS/SCSS/TD accounts and credit of maturity value for TDA type of accounts (MIS/SCSS/TD/RD/KVP/NSC) into account holder‟s Bank Account has been implemented in Finacle through ECS Outward Credit functionality.

2. Chennai GPO is identified as Nodal Office for ECS Outward Credit functionality. Interest and Maturity credits through ECS Outward facility

3. The summary of the ECS Outward Credit facility is detailed below:-

(a) Credit of MIS/SCSS/TD Interest into account holders Bank Account:-

(i) Account holder will submit ECS Mandate Form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file the ECS mandate form in a Guard file.

(iv) On Due date of interest payment i.e. MIS/SCSS/TD the interest will be processed and credited in ECS Outward credit Suspense account. Chennai GPO will generate ECS files for uploading to NPCI. Interest will get credited to account holder‟s other Bank Account on D+1 basis.

(b) Credit of MIS/TD/SCSS/KVP/NSC Maturity/Pre-mature closure value into account holder’s Bank Account.

(i) Account holder will submit account closure form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file ECS mandate form in a Guard file.

(iv) Counter PA will close account the account by selecting option “Customer Instruction” in respective scheme‟s closure menu.

(v) Supervisor will verify account closure.

(vi) Supervisor will run HPR menu and print account closure report and handover to account holder as acknowledgement.

(vii) Chennai GPO will generate ECS credit file on next day for all such transactions and upload outward credit files to NPCI.

(viii) The interest and maturity value will be credited in the account holder‟s Bank Account on D+1 basis i.e. Next working day.

(c) Handling of ECS returns due to incorrect account / closed account or other reasons.

(i) Chennai GPO will credit ECS return amount in respective Post Office‟s ECS Outward Suspense Account (SOL ID+0098).

(ii) Respective post office will check ECS Outward Suspense Account (SOL ID+0098) and contact concerned account holder for intimating the ECS returns.

(iii) Respective post office will pay the ECS return amount through cash (below Rs.20,000) or by Cheque/credit into PO Savings Account (Rs.20,000 or more).

(iv) In order to avoid ECS returns for subsequent months, in respect of Interest pay outs, respective Post office will immediately modify the ECS mandate details in account modification menu by collecting new ECS Mandate form.

(v) If customer is unable to provide correct Bank account details, ECS mandate can be modified to No in account modification menu and verified by Supervisor.

4. A detailed „Standard Operating Procedure for Crediting MIS/SCSS/TD Interest and TDA Closures to OTHER BANK ACCOUNTS through ECS” has been prepared and enclosed herewith for information, guidance and necessary action.

5. The non-CBS Post Offices will continue to follow existing process.i.e. this functionality is not applicable in non-CBS Post Offices.

6. It is requested to circulate this amendment to all CBS Post Offices for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area. Adequate promotion of this functionality is to be done to avoid cheque issuance and speedy payment to the depositors.

7. Hindi version will be issued in due course.

8. This issues with the approval of Competent Authority.

Enclosed:- i) Annexure
ii) ECS Mandate Form

Yours faithfully,

(Devendra Sharma)
Assistant Director (SB-II)

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Introduction of “Basic Savings Accounts” under Post Office Savings Account Scheme 2019 to facilitate opening of Zero Balance Accounts by beneficiaries of any Government Welfare Scheme and reduction in account maintenance fee on PO Savings Account – SB Order No. 08/2021 – Dated 30.04.2021

SB Order No. 08/2021

F.No. 113-03/2017-SB(Pt-I)
Govt. of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 30.04.2021

To,
All Heads of Circles / Regions

Subject: – Introduction of “Basic Savings Accounts” under Post Office Savings Account Scheme 2019 to facilitate opening of Zero Balance Accounts by beneficiaries of any Government Welfare Scheme and reduction in account maintenance fee on PO Savings Account – regarding.

*****

Madam / Sir,

The undersigned is directed to say that Ministry of Finance (DEA) vide its O.M. No. 14/10/2021-NS dated 13.04.2021 duly appended notification No. G.S.R. 257(E) dated 09.04.2021 has incorporated another category of PO Savings Account called “Basic Savings Account” under new inserted paragraph 3 of Post Office Savings Account Scheme 2019 and reduction in Account Maintenance Fee on PO Savings Account. Copy of notification is attached.

2. Account Maintenance Fee prescribed in rule 4(6) of Post Office Savings Account Scheme 2019 has been revised from Rs. 100 (One hundred rupees) to Rs. 50 (Fifty) inclusive of GST. Account Maintenance Fee will not be applicable on Basic Savings Account.

3. Basic Savings Account has been restored through aforesaid gazette notification. The procedure to be followed for opening and operating these accounts is given below :-

i) A registered adult member of any Government Welfare Scheme can open Basic Savings Account at any Post Office including GDS Branch Post Offices.

ii) A guardian of a minor whose name is registered for any Government Welfare Scheme can also open Basic Savings Account on behalf of minor.

iii) Only one Basic Savings Account can be opened by the beneficiary and guardian of beneficiary.

iv) Any Government benefit and any other deposit can be made in these accounts.

v) Basic Savings Account will be governed by Post Office Savings Account Scheme 2019 & Government Savings Promotion General Rules,2018.

vi) Only a single account can be opened under Basic Savings Account.

vii) The depositor who desires to open Basic Savings Account under this category has to provide copy of letter/card issued by a competent authority of any State or Central Government Department mentioning name of beneficiary under any welfare scheme, copy of letter/ Aadhaar card issued by UIDAI, Account Opening Form & KYC form.

viii) The postmaster concerned will compare copy of this document with the original under his/her dated signatures.

ix) While opening Basic Savings Accounts, scheme code and registration / enrolment / reference number of the beneficiary contained in letter/card issued by competent authority of any State of Central Government or letter/card number and date should be entered in the field provided for entering Job Card No. in Finacle/Sanchay Post and Aadhaar no. of the beneficiary.

x) All other formalities applicable to PO Savings Account i.e. Specimen Signature, issue of PR in GDS Branch Post Offices, issue of passbook etc. should be followed.

xi) Interest will be calculated and credited in Basic Savings Accounts by following the normal procedure laid down for PO Savings Account.

xii) All existing Basic Savings Account will also be incorporated and treated as Basic Savings Account.

xiii) Other facilities like Cheque Book, ATM Card, eBanking, mBanking may be availed by Basic Savings Account holders, subject to fulfillment of eligibility conditions for these services. For the purpose minimum balance of Rs. 500 is to be maintained by account holder and Basic Savings Accounts may be converted in to PO Savings Account.

4. Where circle received proposal from State Government for bulk account opening under any Governments Welfare Scheme, Circle may proceed for bulk account opening after taking list of beneficiaries, AOF, KYC form, Aadhaar from respective State Government/Beneficieries.

5.This is issued with the approval of DDG (FS).

Encl: As above

Your’s Faithfully,

(Devendra Sharma)
Asst. Director (SB-II)

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