Vide Directorate SB
order No. 5/2014 dated 24.03.2014 the following Changes in Statutory Rules in
the backdrop of implementation of CBS.
1) Deposits and
withdrawals can be done through any electronic mode in CBS Post Offices.
2) Inter Post Office
transaction can be done between CBS Post Office.
3) ATM/Debit Cards can
be issued to Savings Account holders having prescribed minimum balance on the
day of issue of card which will be circulated separately of CBS post offices.
4) In case of deposit
made in RD Account by cheque. Date of credit of cheque into Government Accounts
shall be treated as date of deposit.
5) If next monthly
deposit in RD account opened between 1st and 15th of a month is not deposited
by 15th of following month and next monthly deposit in RD account opened
between 16th and last working day of a month is not deposited by last working
day of the following month , default fee @5 paisa for every 5 rupees shall be
charged .This will be applicable to both CBS and non CBS post offices.
6) If in any RD
account ,there is monthly default(s) the depositor has to first pay the
defaulted monthly deposit with default fee and then he can pay the current
month deposit. This will be applicable for both CBS and non CBS post offices.
7) In CBS post office
,when any TD account is matured , the same TD account will be automatically
renewed for the period for which the account was initially opened.e.g.2 years
TD account will be automatically renewed for 2 years. Interest rate applicable
on the day of maturity will be applied.
8) Lock up period for
six months for premature closure of TD account has been removed and as and when
any TD account is closed before one year, interest @ savings account applicable
from time to time shall be payable. This will be applied for both CBS and Non
CBS post offices.
9) In Case of MIS
accounts standing at CBS post offices. Monthly interest can be credited into
savings account standing at any CBS post office.
10) In Case of SCSS
accounts, quarterly interest shall be payable on 1st working day of April,
July, October and january at any CBS post Office.
11) Quarterly interest
of SCSS accounts of SCSS accounts standing at CBS post offices can be credited
in savings account at any other CBS post office.
12) minimum amount for
opening of PPF account shall be Rs 100/- for all CBS and non CBS post offices.
13) In case NSC VIII
and IX issue ,transfer of certificate from one person to another can be done
only once from date of issue to date of maturity.
14) At the time of
transfer of Certificates from one person to another, old certificate will not
be discharged. name of old holder shall be rounded and name of new holder shall
be written on the old certificate and Purchase application ( in case of non CBS
post offices ) under dated signatures of the authorized Postmaster along with
his designation stamp and date stamp of Post Office.
15) Rule relating to
Conversion of one denomination of certificate to other denomination is deleted.
This may kindly be
circulated to all field units for guidance and necessary action. These changes
should also be placed-on the Public Notice Board of all the post Offices. Post
Office working in Sanchay Post shall continue to follow the existing procedure till
new Patch is deployed in Version 7.5.
This issues with the
approval of DDG(FS)
