Department of Posts, New Delhi has issued a order for Mandatory use of Savings Account (PO Savings Account or Bank Account) for credit of monthly/quarterly/yearly interest in case of MIS/SCSS/TD accounts. The detail of letter is as can be read below-
SB Order No. 04 /2022
F. No. FS-10/25/2021-FS-DOP
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi-110001
Dated: 02.03.2022
To,
All Head of Circles/Regions
Subject: Mandatory use of Savings Account (PO Savings Account or Bank
Account) for credit of
monthly/quarterly/yearly interest in case of
MIS/SCSS/TD accounts.
Sir/Madam,
It has come to
notice that some MIS/SCSS/TD accounts holders have not linked their savings
account (either PO Savings Account or Bank account) for credit of their
monthly/quarterly/yearly interest and Interest due in these MIS/SCSS/TD
accounts are left unpaid in sundry office account. Further, it has been
observed that many TD account holders are not aware of annual interest payment
of TD Accounts. Also, many depositors of MIS/SCSS/TD accounts are not aware
that undrawn interest shall not earn any interest. 2. MIS/SCSS/TD accounts
holders will be able enjoy the following benefits by linking savings account
(either PO Savings Account or Bank account) for interest payment. a) Interest
credited in savings account will earn additional interest, if interest is not
withdrawn directly from MIS/SCSS/TD Accounts. b) Depositors can withdraw due
interest without visiting the post office and utilise the same through various
electronic means. c) Filling up of multiple withdrawal forms for each
MIS/SCSS/TD account can be avoided. d) Depositors may avail facility of
automatic credit of interest amount from their MIS/SCSS/TD accounts through PO
Savings Account to RD accounts. 3. In order to provide the above benefits to
MIS/SCSS/TD accounts holders, to have better control over POSB operations,
promotion of digital transactions, prevention of money laundering activities
and as a preventive measure to avoid frauds, the competent authority has
decided for mandatory linking of either PO Savings Account or Bank Account for
crediting of interest payment of MIS/SCSS/TD Accounts and to issue the
following guidelines with immediate effect:
a.
CEPT, Chennai will provide a list of those
active MIS/SCSS/TD accounts not linked with savings account (either PO Savings
Account or Bank Account) to all the Circles and CPC (CBS).
b.
Circles should organize special drive to link
savings account (either PO Savings Account or Bank Account) with MIS/SCSS/TD
accounts for interest payment either by issuing request letter or contacting
those account holders.
c.
The account holders shall have the option of
getting interest from MIS/SCSS/TD accounts credited into his Post Office
Savings Account or Bank Account.
d.
In case of Post Office Savings Account, the
account holder shall submit SB-83 Form (Application for availing facility of
automatic transfer (Standing Instruction) for linking of MIS/SCSS/TD accounts
to his PO Savings Account along with his MIS/SCSS/TD accounts passbook for such
an endorsement, and his Post Office Savings Account passbook to the post office
for the purpose of verifying authenticity. Thereafter, post office concerned
shall follow the procedure prescribed in rule 99(2) of POSB CBS Manual. SB-83
form shall be attached with Account Opening Form (SB-AOF). Necessary remarks
should be made in the MIS/SCSS/TD passbook on the last page of the passbook
with signature and stamp.
e.
In case of Bank Account, he shall submit ECS-1
Form (ECS Mandate Form) along with a cancelled cheque or copy of first page of
the passbook of the Bank Account in which he desires to get the interest amount
credited along with his MIS/SCSS/TD account passbook for such an endorsement at
the post office concerned. Thereafter, post office concerned shall follow the
procedure prescribed in rule 99(3) of POSB CBS Manual. SB-83 form shall be
attached with Account Opening Form (SB-AOF). Necessary remark should be made in
the MIS/SCSS/TD passbook on the last page of the passbook with signature and
stamp.
f.
IPPB shall devise a similar fool proof system to
facilitate its customers avail interest credit from MIS/SCSS/TD accounts into
their IPPB Savings Account, and inform the Department so that the same will be
informed to all concerned.
g.
Interest on MIS/SCSS/TD accounts will be
credited only in account holder’s PO Savings Account or Bank Account with
effect from 01.04.2022.
h.
In case an account holder is not able to link
his/her Savings Account with MIS/SCSS/TD accounts up to 31.03.2022 and interest
is credited in MIS/SCSS/TD sundry office accounts, the outstanding interest
should be paid only through credit in PO Savings Account or by Cheque.
i.
INTEREST PAYMENT IN CASH SHALL NOT BE ALLOWED
FROM MIS/SCSS/TD SUNDRY OFFICE ACCOUNT w.e.f. 01.04.2022.
j.
Payment of MIS/SCSS/TD interest through sundry
office accounts (SOL ID+0129, 0130, 0131, 0132, 0335, 0337, 0338) will not be
allowed from other SOLs with immediate effect.
k.
PA / Postmaster concerned shall ensure that no
outstanding interest is pending in MIS/SCSS/TD sundry office account for the
account to be transferred while effecting the transfer of any MIS/SCSS/TD
accounts.
l.
If any outstanding interest is pending in
MIS/SCSS/TD sundry office accounts, the outstanding interest should be paid to
account holder either through credit in PO Savings Account or through Cheque.
Thereafter, account transfer procedure should be initiated.
Note: The
PO Savings Account or Bank Account, in which the interest payment is desired by
the depositor of MIS/SCSS/TD Accounts, can be either single account type of the
depositor(s) or joint account type in which the depositor(s) of MIS/SCSS/TD
Accounts should be one of the depositors or guardians in savings account.
4. It is requested to circulate it to all concerned
for information, guidance and necessary actions. It may also be placed on the
notice board of all post offices in public area.
5. This is issued with the approval of the Director
General Postal Services.
Yours Faithfully
(Devendra Sharma)
Assistant Director (SB-II)
Copy to: - 1. Sr. PPS to Secretary (Posts)
2. PPS to Director General Postal Services.
3. PPS/ PS to Addl. DG (Co-ordination)/Member (Banking)/
Member (O)/ Member (P)/ Member (Planning & HRD)/ Member (PLI)/ Member
(Tech)/AS & FA
4. Addl. Director General, APS, New Delhi
5. Chief General Manager, BD Directorate / Parcel
Directorate / PLI Directorate
6. Sr. Deputy Director General (Vigilance) & CVO /
Sr. DDG (PAF)/All DDsG
7. Director, RAKNPA / CGM, CEPT / Directors of all
PTCs
8. Director General P & T (Audit), Civil Lines,
New Delhi
9. Secretary, Postal Services Board/ All Deputy
Directors General
10. All General Managers (Finance) / Directors Postal
Accounts / DDAP
11. Chief Engineer (Civil), Postal Directorate
12. All Sections of Postal Directorate
13. All recognized Federations / Unions/ Associations
14. GM, CEPT for uploading the order on the India Post
website.
15. MOF (DEA), NS-II, North Block, New Delhi.
16. Joint Director & HOD, ICCW Building, 4
Deendayal Upadhyay Marg, New Delhi110002
17. Director, CEPT, Chennai for necessary configuration in
Finacle accordingly.
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