SB Order No.12/2015
F.No.113-02/2015-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001
Date. 05.10.2015
To
All Heads of Circles/Regions
Addi. Director General, APS, New Delhi.
Subject:- Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/development of relationship of Customers with Post Office Savings Bank (POSB)- regarding
The undersigned is directed to say that in view of growing number of CBS
Post Offices and various facilities being provided in the Post Office
Savings Account standing in a CBS Post Office, the competent authority
has taken the following decisions to be implemented from 15.10.2015
(except RD Deposits through MPKBY Agents and Cash Payment of interest
where the date of implementation has been mentioned separately) in all
CBS Post Offices:-
1. . All existing POSB/SC customers of CBS Post Offices who do not have
Savings Account in any of the CBS Post Office should be requested to
open Savings Account in any CBS Post Office to avail all the benefits
mentioned in the enclosed leaflet. Those, who have Savings Accounts but
are not operating the same or have not updated KYCs should be requested
to revive their savings accounts and update KYC status of their Customer
information File (CIF) in Finacle CBS Application to promote/maintain
and continue relationship with POSB.
2. Various FREE benifits being provided in Post Office Savings Account
standing in a CBS Post Office mentioned in the attached leaflet should
be printed in the form of a Poster and placed on the Notice Board and on
all the POSB/SC counters.
3. Whenever any customer attends any CBS Post Office for investment in
any scheme, he/she should be requested to first open Savings Account
with propoer KYC documents to start relationship with POSB (as being
followed by various Banks on CBS) and then invest in any of Small
Savings Scheme
through same Savings Account. in case any customer wants to invest
through other Bank Cheque, his/her cheque should be lodged only through
his/her savings account and then new account/certificate should be
funded from that savings account by putting cheque credit date as Value
Date.
4. All existing customers who are coming to post office either directly
or through SAS/MPKBY agent for any subsequent deposit in any RD/PPF/SSA
Account through other Bank Cheques should be asked to open Savings
Account with cheque book and present POSB Cheque for subsequent deposit
to avail immediate credit instead of waiting for the clearing of other
Bank Cheque or provide
Standing instruction fer automatic debit from their savings account 'and
credit intox‘their RD account. if any customer still insists on deposit
through other bank cheque, his/her cheque should be lodged only through
his/her savings account and further deposit should, be made by debiting
his/her savings account.
5. All MPKBY Agents who are submitting other Bank Cheques pertaining to
some RD depositors should be suitably informed that from 1st Nov.2015,
all such customers should be asked to submit POSB Cheque only for their
subsequent deposit and if they donot have savings account opened in any
CBS Post Office, they have to open Savings Account with cheque Books. In
case of RD Deposits through MPKBY Agents,other bank cheques can be
accepted up to 31.10.2015 only.
6. All Closure Maturity Values/Premature Closure Values/Death 'Claim
values of any Account/Certificate ( if value is RS.20.000/- or above)
should be credited to the Post Office Savings Account of the
Customer/Legal Heir/Nominee only in all CBS Post Offices.
7. in respect of point number 6, no cheque from Postmaster bank Account
should be issued and Postmaster Repayment Office Account number 0340
should not be used for any such purpose with effect from 15.10.2015.
8. Customers/Nominee/legal heirs should be requested to mention Savings
Account Number on the receipt side of SB7/SB7A or Certificates. SBCO/DAP
while cheking of closed Vouchers/discharged certificates of CBS Post
Offices should invariably check this and inform higher Authorities in
case of any discrepancy.
9. Counter PA will enter only Customer/Nominee/legal Heir's Savings
Account standing at any CBS Post Office in the field of Repayment ID In
Finacle.
10. " Before entering Savings Account number, Counter PA and Supervisor
have, to ensure that status of KYC in the CIF is "KYC Documents
Submitted" and the account is not silent.
11. if KYC status of the account is " KYC Document not submitted", fresh
KYC documents are to be taken from the customer/nominee/legal heir and
KYC Form is sent to CPC for scanning/uploading. Counter PA has to enter
KYC document details in ClF and update status to " KYC Documents
Submitted"and Supervisor has to verify the same. Then Savings Account
has to be eneterd as Repayment Account D.
12. if any customer/Nominee/legal heir has no Savings Account in any of
the CBS Post Office. He/She should be politely requested to open a new
Savings Account with Rs.20/- or Rs.500/- (if Cheque Book or ATM card is
required) by Just filling ClF Number and Signature on the AOF (if
customer is ”already having ClF and submitted proper KYC documents). if
customer does not have ClF, then anew account has to be opened as per
normal practice (may be in case of nominee/legal heir).
13. All MIS/SCSS/TD Account Holders who are coming to post office for
taking interest in cash should also be requested to Open savings account
and give standing instruction for credit of interest so that they need
not to visit post Office frequently and stand in long queue; instead
they can be issued ATM/Debit Card to withdraw from ATMs. No cash payment
of interest should be given
from 1.12.2015.
14. it is requested to circulate this order to all CBS Post Offices and
non CBS Post Offices may start requesting customers to open Savings
Accounts to avail all the benefits once office is migrated to CBS.
Your Faithfully
(Kawal Jit Singh)
Assistant Director (SB-II)
OPEN SAVINGS ACCOUNT IN A CBS POST OFFICE TO AVAIL ALI.
BEN EFlTS/ INSTANT ALERTS
1. Instant cash withdrawal and view of all Financial Transactions under one Passbook/Statement.
2. Instant Issue of ATM cum Debit Card FREE of Cost.
3. Instant issue of Cheque Book FREE of cost.
4. No Annual Charge for ATM card and cheque Books are also FREE of cost.
5. No Need to visit Post Office and stand in queue for withdrawal of Interest.
6. Internet Banking/Mobile Banking facilities FREE of cost.
7. instant FREE SMS on cash withdrawal
8.. Instant FREE SMS on Fund Transfer.
9. Instant FREE SMS on RD Deposit.
10. Advance FREE SMS against accounts MlS/TD/SCSS/PPF/Certificates maturing.
11. Deposits/Withdrawals at any CBS Post Office across India FREE of cost
12. Account Closure Facility at any CBS Post Office across India FREE of Cost
.
13. Instant Account Transfer across CBS Post Offices FREE of Cost.
14. Automatic Interest credit of MlS/SCSS/TD across CBS Post Offices FREE of Cost
15. Automatic credit of RD deposits from Savings Accounts across CBS Post Offices in India FREE of Cost.
16. Instant credit of maturity amount of any MlS/TD/SCSS/PPF/SSA/Certificate product FREE of Cost.
17. No Need to wait for Postmaster cheque and deposit it in any other
account or wait for clearing. Credit into Savings Account Saves delay is
getting payment/reinvestment.
18. Passbook can be updated at any CBS Post Office FREE of cost.
19. Cheque issued from POSB Cheque Book is treated at Par by all CBS Post Offices across India.
20. Many more facilities to come.
Note:-
(i) Savings Account can be opened with Rs.20/-. If Cheque Book or ATM Card is required, Account can be opened with Rs.500/-.
(ii) No need to furnish fresh KYC If any type of account/certificate
already opened/purchased after migration of that Post Office to CBS.
(iii) No need to fill whole Account opening Form again if KYCs are
already submitted. Only furnish CIF number and sign the Form with cash
of Rs,20 or Rs.500/- (as the case may be) to open Savings Account in CBS
Post Office.
(iv) Do not forget to get Passbook after opening of Savings Account.
Source: http://www.indiapost.gov.in/dop/pdfbind.ashx?id=1630
