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Post Office Savings Account Scheme and National Savings (Monthly Income Account) Scheme – GSPR

admin — Mon, 31 Jul 2023 03:43:15 +0000

SB Order No. 16/2023

F. No 113-03/ 2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi – 110001
Dated: 18.07.2023

All Head of Circles/ Regions

Subject: Circulation of amendments in Government Savings Promotion General Rules (GSPR), Post Office Savings Account Scheme and National Savings (Monthly Income Account) Scheme – Reg.

Madam/ Sir,

The undersigned is directed to forward the copy of the Gazette notifications dated 03.07.2023 issued by Department of Economic Affairs, Ministry of Finance in connection with the amendments in rules related to National (Small) Savings Schemes.

(i). G.S.R.488(E) – Government Savings Promotion General (Amendment) Rules, 2023

(ii). G.S.R.489(E) – Post Office Savings Account (Amendment) Scheme, 2023

(iii). G.S.R.490(E) – National Savings (Monthly Income Account) (Fourth Amendment) Scheme, 2023

2. The following amendments have been notified in the above said notifications.

(I). Amendments in Government Savings Promotion General Rules, 2018 (herein after referred as GSPR 2018)

(a). New rules inserted in GSPR 2018

Sl. No.	Rule No. after which new provision inserted	New Provision
1.	Rule 5 (2) clause (b)	Provided that, in case of account opened on behalf of a minor, recent passport size photograph of the guardian only shall be submitted;
2.	Rule 5 (6)	(7) Change of name or surname may be allowed by the account office by following the procedure laid down by Reserve Bank of India for change of name or surname in Bank Savings Account
3.	Rule 14 (8)	(9) Non-resident Indians shall be eligible to be nominated as nominee subject to the condition that payment to such nominee/s shall be on non-repatriation basis.
4.	Rule 15 (6)	(7) Surviving nominees will have to submit any of the identity documents prescribed in rule 6 of these rules.
5.	Schedule -I (“Forms to be used for operation of an account”) serial number 15	16. GSPR-16 To be issued by transferor Accounts Office
6.	after FORM – 15	FORM-16 (See Rule 13 of Government Saving. Promotion Rules, 2018) To be issued by transferor account office. Specimen of the form is attached herewith).

(b). Rules amended in GSPR 2018

Sl. No	Rule No.	Existing Provision	Amended Provision
1.	Rule 8 (3)	Single Account cannot be subsequently converted into a Joint Account or vice versa.	An account opened as a Single Account cannot be subsequently converted into a Joint Account or vice versa:Provided that, conversion of Joint Account into single account shall be allowed only in case of a single surviving Joint Account holder.” .
2.	Rule 10 (4)	In the event of death of the guardian, the succeeding guardian shall be eligible to operate the account of the Minor or the person of unsound mind, as the case may be	In the event of death of guardian or on order from any Court of Law in any case of change in the guardian, the succeeding guardian shall be eligible to operate the account of the minor or the person of unsound mind as the case may be.”

3	Rule 13 (3)(i)	Account Opening Form	Account Opening Form or Certificate of non-availability of account opening form by the Account Office and in such cases all the information appearing in account opening form shall be verified by the transferor Accounts Office.
4.	Rule 13 (3) (vii)	Pay Order or Demand Draft in respect of the balance at the credit of the Account.	Pay Order or Demand Draft in respect of the balance at the credit of the account in favour of transferee Accounts Office.

5	Rule 15 (6)	Ifa depositor dies and there is no nomination in force at the time of his death, and probate of his will or letters of administration of his estate or a succession certificate as granted in the Indian Succession Act, 1925 (39 of 1925) is not produced within six months from the death of the depositor to the authorized officer of the Accounts Office where the account stands, then,-	If a depositor dies and there is no nomination in force at the time of his death, and the probate of his will or letters of administration of estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925), or legal heir certificate issued by the revenue authority not below the rank of Tahsildar having jurisdiction, is not produced within six months from the date of death of the depositor to the Authorised Officer of the Accounts Office where the account stands, then,
		(i) if the eligible amount in the account does not exceed Rs. 5 lakh, the authorized officer of the Accounts Office or the authority specified by the Institution to which the Accounts Office belongs, may pay the same to any person appearing to him as the rightful claimant and to his satisfaction to be entitled to receive the amount or to administer the estate of the deceased, on an application in Form-11 accompanied by the following documents; namely:- (a) Death certificate, (b) Pass Book or deposit receipt/ statement of account in original,(c) Affidavit in Form-13, (d) Letter of disclaimer in Form-14,(e) Bond of Indemnity m Forrn-15	(i) if the eligible amount in the account does not exceed Rupees five lakh, the Authorised Officer of the Accounts Office or the authority specified by the Government Savings Bank to which the Accounts Office belongs, for reasons to be recorded in writing, may pay the same to any person appearing to him as the rightful claimant and to his satisfaction to be entitled to receive the amount or to administer the estate of the deceased, on an application in Form 11 accompanied by the following documents; namely:- (a) Death certificate of the account holder; (b) Passbook or deposit receipt or statement of account in original; (c) Affidavit in Form-13; (d) Letter of disclaimer in Form-14; (e) Bond of Indemnity in Form-15; and (f) Identity proof of the legal heir; Provided further that, in case of any dispute raised before the Accounts Office and before the payment of claim, the amount shall be paid by the Accounts Office to the claimant on submission of a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925) issued by the Court only along with the following documents; namely: –(a) Claim form; (b) Pass book or deposit receipt or statement of account in original; (c) Death certificate of the account holder; and (d) Identity proof of the legal heir.
		(ii) if the eligible amount in a deceased account is above Rs. 5 lakh, the amount shall be paid by the Accounts office to the claimant on submission of ‘Succession Certificate’ issued by the court along with the following documents; namely:-(a) Claim form, (b) Pass Book or deposit receipt or statement of account in original, (c) Death certificate of the account holder.	(ii) if the eligible amount in a deceased account is above Rupees five lakh, the amount shall be paid by the Accounts office to the claimant on submission of the probate of his will or letters of administration of estate or a succession certificate granted under the Indian Succession Act, 1925 (39 of l925) issued by the Court, or legal heir certificate issued by the revenue authority not below the rank of Tahsildar having jurisdiction along with the following documents; namely:- (a) Claim form; (b) Passbook or deposit receipt or statement of account in original; (c) Death certificate of the account holder; and (d) Identity proof of the Iegal heir;Provided further that, in case of any dispute raised before the Accounts Office and before the payment of claim, the amount shall be paid by the Accounts Office to the claimant on submission of a succession certificate granted under the Indian Succession Act, 1925 (39 of 1925) issued by the court only along with the following documents; namely:- (a) Claim form; (b) Passbook or deposit receipt or statement of account in original; (c) Death certificate of the account holder; and (d) Identity proof of the legal heir

Rule 24 (1), clause (a).

opening of Accounts, accepting deposits, making payments, closing and transferring accounts under these rules and maintaining records thereof;

Opening of Accounts, accepting deposits, making payments of interest and maturity or prematurity proceeds, disbursal of loan or withdrawal, closing and transferring accounts in conformity to these and scheme provisions and maintaining records thereof;”

(II). Amendments in Post Office Savings Account Scheme, 2019

*Sl No.*	*Rule No.*	*Existing Provision*	*Amended Provision*
1.	Rule 3 (1) clause (b)	two adults jointly	up to a maximum of three adults in joint names
2.	Rule 4 (3)	Withdrawals from the account for not less than fifty rupees may be made by presenting pass book along with Form-2 duly filled in and signed. Withdrawals from the account may also be made subject to the availability of balance above minimum prescribed limit by way of cheque or electronic means.	Withdrawals from the account for not less than fifty rupees may be made by presenting passbook along with application for loan or withdrawal in Form-3 of the Government Savings Promotion General Rules, 2018 duly filled in and signed. Withdrawals from the account may also be made subject availability of balance above to the minimum prescribed limit by way of cheque or electronic means

Rule 5 (5)

In the event of death of an account holder, the interest in his account shall be paid only in the end of the month preceeding the month in which the account is closed.

In the event of death of an account holder, the interest in his account shall be paid only till the end of the month preceeding the month in which the account is closed.

(III). Amendments in National Savings (Monthly Income Account) Scheme, 2019

S No.	*Rule No.*	*Existing Provision*	*Amended Provision*
1.	Rule 4 (3)	Deposits in all the accounts taken together for an individual shall not exceed four lakh fifty thousand rupees in a single account and nine lakh rupees in a joint account.	Deposits in all the accounts taken together for an individual shall not exceed nine lakh rupees in a single account and fifteen lakh rupees in a joint account.

4. Necessary changes are being made in Finacle and till such time, the above provisions are to be complied and handled by the post offices procedurally.

5. It is requested to circulate it to all concerned for information, guidance, and necessary actions.

6. This is issued with the approval of the Competent Authority.

Encl: As Above

FORM-16
(See Rule 13 of Government Savings Promotion Rules, 2018)

To be issued by transferor account office

To
The Branch Manager / Post Master
_ _ _ _ _ _ _ (Name of Account Office)
_ _ _ _ _ _ _ (Address)

Subject:- Transfer of _ _ _ _ _ _ _ _ (Name of Scheme) account number _ _ _ _ _ _ _ in the name of _ _ _ _ _ _ _ (Name of account holder/s).

Sir,
It ts certified that the account opening form for account No. _ _ _ _ _ _ of _ _ _ _ _ _ (Name of Scheme) was maintained by this office with the following details:

1. Name of Account holder;
2. Name of Joint Holder(s) if any;
3. Address;
4. Scheme Name;
5. Account Number;
6. Date of opening;
7. Date of extension/s, opted by the account holder; and
8. Name of nominee/s

It is further certified that the account opening form is not traceable and the transferee account office may obtain new account opening form along with prescribed identification document.

Yours faithfully,

(Branch Manager/ Post Master)
Name of Bank/ Post Office

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e-Passbook facility for National Small Savings Schemes account holders – DoP

admin — Thu, 13 Oct 2022 06:15:15 +0000

National Small Savings Schemes

e-Passbook facility w.e.f. 12.10.2022 provide simplified and enhanced digital facilities to National Small Savings Schemes account holders

SB Order No. 19/2022

F. No. FS-13/7/2020 -FS
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi – 110001
Dated: 12.10.2022

To,

All Head of Circles/Regions

Subject: Introduction of e-Passbook facility for National (Small) Savings Schemes account holders.

Sir/Madam,

The competent authority has decided to introduce e-Passbook facility w.e.f. 12.10.2022 in order to provide simplified and enhanced digital facilities to National (Small) Savings Schemes account holders.

2. With introduction of the facility, Post Office Small Savings customers will be able to access the account details anytime, anywhere and without the need of having Net Banking or the Mobile Banking access. e-Passbook facility can be accessed by an account holder through the registered mobile number. The service will be available free of cost.

3. Facilities available under e-Passbook will be as follows:

(i) Balance Inquiry:	In this option, user can view balance of all National Savings Scheme accounts.
(ii) Mini Statement:	Mini statement will be available for PO Savings Account (POSA), Sukanya Samriddhi Account (SSA) and Public Provident Fund Account (PPF) to start with and will be extended to other schemes in a phased manner. Last 10 transactions will be displayed and mini statement can be downloaded in pdf format.
(iii) Full Statement:	Full statement will be made available in a phased manner. Customer will be able to generate account statement for specified date range.

4. The link for e-Passbook is made available on India Post website (at link Post Office Saving Schemes) and IPPB website www.ippbonline.com. The facility will also be made available in PostInfo App subsequently. Account holders may follow the process outlined below to use this facility:

Department of Posts – Dearness Allowance to Central Government employees – Revised Rates effective from 01.07.2022 PDF

Click on e-Passbook link provided on www. indiapost.gov.in or www. ippbonline.com.

Enter mobile number and CAPTCHA -> Login -> Enter OTP -> Submit
Select e-Passbook
Select Scheme Type, Enter account number, registered mobile number and CAPTCHA -> Continue -> Enter OTP -> Verify
Select option
(a) Balance Enquiry
(b) Mini Statement
(c) Full Statement
Balance or Mini Statement or Full Statement will be displayed based on the service chosen by customer. Mini Statement and Full Statement can also be downloaded if required.

Note: If the entered mobile number is not linked with the account, system will throw appropriate error message. In such cases account holders are requested to link mobile number to their accounts by visiting the post office where the account stands.

Post office Bank IFSC code for NEFT and RTGS

5. It is requested to circulate this to all concerned for information, guidance and necessary action. Adequate promotion of this functionality is to be done and the same may also be placed on notice board of the post office(s).

6. Hindi version will be issued in due course.

7. This is issued with the approval of the Competent Authority.

Yours Faithfully

(Devendra Sharma)
Assistant Director (SB-II)

Download Introduction of e-Passbook facility for National (Small) Savings Schemes account holders PDF

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Post office small savings schemes revision of interest rates table w.e.f. 1st July 2021

admin — Sat, 03 Jul 2021 07:16:19 +0000

Post office interest rates table 2021

SB Order No 17/2021

F.No 113-03/2017-SB (Pt.l)
Govt. of India
Ministry of Communications
Department of Posts (F.S. Division)

Dak Bhawan, New Delhi -110001
Dated: 01.07.2021

All Head of Circles/Regions

Subject: Revision of interest rates for National (Small) Savings Schemes w.e.f. 01.07.2021

Sir/Madam

The undersigned is directed to say that vide O.M. no.1/4/2019-NS dated 30.06.2021 (copy enclosed), Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) has informed that the rate of interest on various National (Small) Savings Schemes for the second quarter of the financial year 2021-22 starting from 1st July 2021 and ending on 30th September 2021 shall remain unchanged from the current interest rates applicable for the first quarter (1st April 2021 to 30th June 2021).

The details of interest rates are indicated below for ready reference:

SL No.	National Savings Scheme	Rate of interest w.e.f. 01.04.2021 to 30.06.2021 (%)	Rate of interest w.e.f 01.07.2021 to 30.09.2021 (%) (unchanged )	Compounding Frequency *
01.	Post Office Savings Account	4.0	4.0	Annually
02.	1 Year Time Deposit	5.5	5.5	Quarterly
03.	2 Year Time Deposit	5.5	5.5	Quarterly
04.	3 Year Time Deposit	5.5	5.5	Quarterly
05.	5 Year Time Deposit	6.7	6.7	Quarterly
06.	5 Year Recurring Deposit Scheme	5.8	5.8	Quarterly
07.	Senior Citizen Savings Scheme	7.4	7.4	Quarterly and Paid
08.	Monthly Income Account	6.6	6.6	Monthly and paid
09.	National Savings Certificate (VIII Issue)	6.8	6.8	Annually
10.	Public Provident Fund Scheme	7.1	7.1	Annually
11.	Kisan Vikas Patra	6.9 (will mature in 124 months)	6.9 (will mature in 124 months)	Annually
12.	Sukanya Samriddhi Account Scheme	7.6	7.6	Annually

It is requested to circulate it to all concerned for information and necessary guidance It may also be placed on the notice board of all Post Offices in a public area.
This issues with the approval of Competent Authority.

DoP – Revision of interest rates for National Small Savings Schemes w.e.f. Jan 01st 2021

Yours Faithfully,

Sd/-
(Devendra Sharma)
Assistant Director (SB-II)

Download Post office interest rates table July 2021 PDF

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Re-investment of maturity value of National Small Savings Scheme in the same or in other National Small Savings Schemes

admin — Thu, 24 Jun 2021 15:53:08 +0000

Postal Small Savings Schemes – DoP

No.107-01/2020-SB
Government of India
Ministry of Communications
Department of Posts
(F S Division)

Dak Bhawan, Sansad Marg,
NewDelhi-110001,
Dated: 21.06.2021

To,
All Head of Circles/Regions

Subject: Regarding re-investment of maturity value of National (Small) Savings Scheme in the same or in other National (Small) Savings Schemes.

Sir/Madam,

This office is receiving lot of queries/ representations from SAS agents regarding re-investment of maturity value of any of the National Savings Schemes for opening/ purchase of new account/ certificate.

To avoid any confusion amongst agents/ field units, the competent authority has decided to reiterate the provisions available for re-investment of maturity value of any National (Small) Savings Schemes for opening of new account/ purchase of certificate either by account holder directly or through SAS agents.

The procedure for reinvestment is given below:-

1. For re-investment of full maturity value or part thereof either by account holder directly or through SAS agent, the account/certificate holder has to either maintain or open a new Post Off ice Savings Account in the post office.

2. Procedure of reinvestment by account holder (Direct Reinvestment)

i) If an account holder wants to re-invest the maturity value of his/her National (Small) Savings Scheme either in full or part thereof, he/she shall submit account closure form (SB-7A) for the matured account, passbook and withdrawal form(SB-7) or POSE cheque of his/her Post Office Savings Account at concerned post office. Further he/she shall submit the Account Opening Form (AOF) with pay-in-slip for the new account to be opened.
ii) If he/she has not provided his KYC documents as per provisions available in GSPR-2018 and KYC guidelines issued from time to time, he/she shall also submit updated KYC documents along with above documents.
iii) In acquittance portion of account closure form (SB-7A) or backside of preprinted KVP/NSC, account holder shall write “Credit maturity value into my Post Office Savings Account No. ………………” and sign.
iv) In acquittance portion of withdrawal form (SB-7) of Post Office Savings Account or on the backside of POSE cheque, account holder shall write ‘For Reinvestment in scheme in lieu of closed A/c No. ………….. for Rs. ……………… and sign’.
v) The counter PA of post office shall check documents received and if all documents are in order, follow the procedure as prescribed in the rules for closure of an existing account and transfer maturity value into the account holder’s Post Office Savings Account.
vi) Supervisor shall verify the closure of account.
vii) After closure of account, counter PA shall open new account under account holder/minor CIF and during account opening, funding of amount mentioned in withdrawal form(SB-7) or POSE Cheque shall be done from account holder’s Post Office Savings Account.
viii) Supervisor shall verify the new account opening and funding of account.
ix) Counter PA shall provide passbook of the new account opened to the account holder.

Note: (i) The re-investment can be made either for the amount equal to or less amount and up to maturity value credited.

(ii) The reinvestment can only be made under same CIF and in the name of account holder/ one of the joint holders/ minor under the guardianship of the account holder i.e. The account holder (s) of the matured account shall be the sole account holder or one of the joint account holders or the guardian of the minor / person of unsound mind as the case may be, of the new account opened under reinvestment.

3. Procedure of reinvestment through SA S agent

In SAS agency rules/existing procedure, re-investment of maturity value through withdrawal form (SB-7) is allowed. However new investment under SAS agency rules is allowed only through Cash (up to Rs.20,000) or By cheque.

i) The agent will issue authorized agent receipt of the documents mentioned below from the Authorized Agent Receipt Book (Cheque) with suitable remarks and hand it over to the account holder as prescribed in the SAS Agency rules. Particulars of the matured deposit/certificates which are to be reinvested will be written in place of cheque number on the receipt.
ii) Where account holder desires to re-invest his/her maturity value through SAS agent in any of (TD/MIS/KVP/NSC) schemes, the account holder shall handover the following documents to SAS agent after obtaining one copy of Authorized Agent Receipt
- a) Passbook/ Certificate (KVP/NSC) matured.
- b) Account Closure Form (SB-7A)
- c) Account Opening Form (AOF) of new scheme with pay-in-slip
- d) Withdrawal Form (SB-7) along with passbook or POSE Cheque of PO Savings Account.
  
  Note: If KYC documents have not submitted by the depositor earlier as prescribed in GSPR-2018 and KYC guidelines issued from time to time, he/she shall also submit required KYC documents.
iii) In acquittance portion of account closure form (SB-7A) or backside of preprinted KVP/NSC, account holder shall write ‘Credit maturity value in to my Post Office Savings Account No. ………………” and sign.
iv) In acquittance portion of withdrawal form (SB-7) of Post Office Savings Account or on the backside of POSE cheque, account holder shall write ‘For Re- investment in scheme in lieu of closed A/c No. ………….. for Rs. ……………… through the agent………………………… (name of agent and C.A. number) and sign.
v) The counter PA of post office shall check documents received and if all documents are in order, follow the procedure as prescribed in the rules for closure of an existing account and transfer maturity value into the account holder’s Post Office Savings Account.
vi) Supervisor shall verify the closure of account.
vii) After closure of account, counter PA shall open new account under account holder/minor CIF and during account opening, funding of amount mentioned in Withdrawal Form (SB-7) or POSE Cheque shall be done by transfer from account holder’s Post Office Savings Account.
viii) Select agency code of the concerned agent during account opening.
ix) Supervisor shall verify the new account opening and funding of account.
x) Counter PA shall handover the passbook of new account opened, cancelled passbook of closed account and authorized agent receipt duly affix date stamp to the SAS agent.
xi) SAS agent will handover passbooks of new account, cancelled passbook of closed account to the account holder and take back account holders copy of Authorized Agent Receipt and paste on agent’s copy of Authorized Agent Receipt.

Note: (i) The reinvestment can be made either for the amount equal to or less amount and up to maturity value credited.

(ii) The re-investment can only be made under same CIF and in the name of account holder/one of the joint holders/ minor under the guardianship of the account holder i.e. The account holder (s) of the matured account shall be the sole account holder or one of the joint account holders or the guardian of the minor I person of unsound mind as the case may be, of the new account opened under reinvestment.

4. It is requested to circulate this amendment to all CBS Post Offices for information, guidance and necessary action.

5. This issues with the approval of DDG (FS)

Yours Sincerely
(Devendra Sharma)
Assistant Director (SB-II)

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