SB Order No.12/2015
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
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)- regardingSir/Madam,
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.
(Kawal Jit Singh)
Assistant Director (SB-II)
OPEN SAVINGS ACCOUNT IN A CBS POST OFFICE TO AVAIL ALL
BENEFlTS/ 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.
(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:- India Post