Payment of interest and maturity value of Small Savings Instruments through Savings Account: Ministry of Finance O.M
F. No. 1/3/2017-NS
Ministry of Finance
Department of Economic Affairs
Budget Division
North Block, New Delhi
Dated 23.03.2018
Office Memorandum
Subject: Payment of interest and maturity value of Small Savings Instruments through Savings Account.
The undersigned is directed to refer to this Department‘s OM of even
number dated 03.08.2017 on the subject cited above and to say that it
was earlier agreed that interest and maturity proceeds of Small Savings
Instruments operated by Department of posts shall be credited in Basic
Savings Account opened in Post Office.
2. There have been complaints from depositors on idea of another Basic
Savings. Account. Further, Department of Posts has stated in the meeting
held on 19.03.2018 that the decision of Basic Savings Account is yet to
be implemented. Hence, it is decided to withdraw the permission granted
to Department of Posts vide O.M No. 1/3/2017-NS dated 03.08.2017.
Hence, the interest and maturity proceeds of Small Savirigs Instruments
operated by Department of Posts may be paid to the depositors through
any of the following mode:
- (i) Depositor's Savings Account standing at Post Office
- (ii) Depositor's Savings Account standing at any Commercial Bank
- (iii) Cheque
- (iv) Cash
3. This has the approval of Secretary (Economic Affairs): -
(Rajesh Panwar)
Deputy Director
Tele: 011-23093170
To-
The Deputy Director General (FS)
Department of Posts
Dak Bhawan
Sansad Marg, New Delhi.
The Joint Director & HOD. National Savings Institute, ICCW Building, 4, Deendayal, Upadhya Marg New Delhi.
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