SB Order No. 5/2014 : Changes in Statutory Rules in the backdrop of implementation of CBS- regarding.

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)