SB Order No. 01/2023

No. 113-02/2019-SB
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan New Delhi-110001
Dated: 09/01/2023.

To,

All Head of Circles/Regions,

Subject: – Regarding quick settlement of deceased claim cases of National Savings Schemes.

Sir/Madam,
This is with reference to SB Order No. 31/2020 dated 28/08/2020, Addendum to SB Order No. 31/2020 dated 16/09/2020 and 36/2020 dated 06/11/2020 in which revised procedure and timeline for settlement of deceased claim cases were circulated. Further, instructions on speedy settlement of deceased claim cases were issued vide this office even letter no. dated 26.07.2022.

2. It has been observed that many post offices are not following prescribed procedures and timeline for settlement of deceased claim cases. The common irregularities noticed are mentioned below: –

• a) Although issuance of a separate sanction memo by the Head Post Offices/Sub Post Offices (operative offices) has been discontinued w.e.f. 01.01.2011 vide SB Order No. 25/2010 dated 25.12.2010, still a separate sanction memo is being issued at the post office level (HO/SO).
• b) Sending sanction memo to claimant through Registered post by the Head Post Offices/Sub Post Offices.
• c) Verification of claim cases through PRI (P)/SDI (P).
• d) Abnormal delay in settlement of deceased claim cases.

3. It is emphasized that the procedures prescribed in SB Order No. 31/2020 and 36/2020 have to be re-iterated to the field units. Post offices shall have to ensure settlement of deceased claim cases within the timeline prescribed. Further, Head Post Offices/Sub Post Offices should be sensitized to adhere the following guidelines for timely settlement of deceased claim cases: –

• (a) At the time of receipt of deceased claim case/ KYC documents, the KYC document(s) of claimant shall be verified with the original KYC documents.
• (b) If signature of witnesses is available on copy of the KYC documents, physical presence of witnesses is not required.
• (c) The claimant(s) should be sensitized to provide his/her Bank Account/ PO Savings Account detail at the time of submission of decease claim case for transfer of payment and obtain Account Detail/signature on acquittance portion, so that nominee(s)/claimant(s) need not visit post office again to get the payment through cheque.
• (d) No separate sanction memo is to be issued by Sub Post Office/Head Post Office for settlement of deceased claim cases. SPM/PM shall sanction the claim on the second part of Form-11 which 1s prescribed as ‘For Office Use Only’.
• (e) Once a deceased claim case is received with complete documents, further verification through PRI (P)/SDI (P) is not required.
• (g) All post offices shall ensure settlement of deceased claim cases as per prescribed timeline/norms i.e. one working day where nomination exists and seven working days in other cases.

This issues with the approval of the competent authority.

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

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F. No. FS-16/24/ 2020 -FS- Part(1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan,
New Delhi -110001
Dated: 18/07/2022

To,

All Head of Circles/Regions.

Subject: Regarding sensitizing investors about National Savings Schemes.

Sir/Madam,

It has observed that many POSB account holders are not fully aware about safety of their accounts/ investments, facilities available in National Savings Schemes or rules applicable in National Savings Schemes. This leads to misuse of their investments/ accounts by some miscreants/ fraudsters or non-availing of various facilities.

2. Keeping in view the safety of depositors’ hard-earned money and spreading awareness amongst the investors, detailed safety guidelines for investors of National Savings Schemes have been prepared. The same is enclosed in English and Hindi for reference. Circles may add more instructions in view of local conditions.

3. It is requested to circulate these instructions to all post offices and the same may be placed on Notice Board/counters as well. Circles may also translate these instructions in regional language wherever applicable.

4, This is issued with the approval of the Competent Authority.

Yours Faithfully

Enclosed: As above

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

DOWNLOAD SAFETY GUIDELINES FOR INVESTORS OF NATIONAL SAVINGS SCHEMES PDF

SAFETY GUIDELINES FOR INVESTORS OF NATIONAL SAVINGS SCHEMES

• To know details and interest rates of National (Small) Savings Schemes kindly visit https://www.indiapost.gov.in/
• An account for any of the National (Small) Savings Schemes can be opened by Indian resident by himself/herself by visiting the Post Office in person along-with KYC documents (PAN card and identity proof such as Aadhaar or address proof).
• Mobile number, PAN number or Form-60/61 and Nomination are mandatory for opening of new account and in all existing account. If these are not updated in your account/CIF, kindly get these updated through post office concerned immediately.
• ATM Card/Cheque Book/Aadhaar Seeding/e-banking/m-banking facilities are available for PO Savings Account, can be availed by submitting prescribed form at post office concerned. Through e-banking, account holder can deposit online in SB/RD/PPF/ SSA schemes and open and close RD/TD account online. For more details kindly read FAQ available at https://ebanking.indiapost.gov.in
• Depositor can also credit amount in SB, PPF and SSA accounts from their Account in any other bank or PO Savings Account to other bank Bank Account using NEFT/RTGS services of POSB. IFSC code of POSB is IPOS0000DOP.
• Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their Bank account by submitting mandate form along with copy of first page of bank passbook or cancelled cheque.
• Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their PO Savings Account or auto credit RD deposit from PO Savings Account by submitting form (SB-83) at post office concerned.
• Depositors can get maturity value of accounts/certificates in their Bank Account by submitting copy of first page of passbook or cancelled cheque along-with account closure form
• After receipt of passbook, depositor can check balance of his/her account using ‘Interactive Voice Response (IVR)’ facility by calling through the registered mobile number at Indiapost toll-free number 18002666868.
• Blocking of ATM card facility can also be availed through toll free number 18002666868.
• SMS is sent to registered mobile number of account holder. Kindly check whether SMS is received for accounts opened and for every transaction. Present limit for SMS issuance on transactions initiated at counter is ₹ 1000 and above for debit(withdrawal) transactions and ₹ 2000 and above for Credit (Deposit) transactions.
• In case of any suspicious transaction SMS/Alert is received, kindly contact concerned Post Office/Divisional Office immediately.
• Keep passbook/cheque/ATM in personal safe custody. In case of any misuse by using account holder’s passbook/cheque/ATM/ signed withdrawal form the responsibility vests with the depositor.

Post Office Savings Schemes

• Post Office Savings Account (SB)​​​​​
• ​National Savings Recurring Deposit Account (RD)​​
• ​ ​National Savings Time Deposit Account (TD)
• ​National Savings Monthly Income Account (MIS)
• ​Senior Citizens Savings Scheme Account (SCSS)​
• ​​Public Provident Fund Account (PPF )​
• ​Sukanya Samriddhi Account (SSA)​
• ​National Savings Certificates (VIIIth Issue) (NSC)
• ​Kisan Vikas Patra (KVP)
• ​PM CARES for Children Scheme, 2021
• ​​​​Interest rates (New)​
• ​How to avail services
• ​​​Schedule of Fee​

The post Safety guidelines for investors of National Savings Schemes – DoP appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

SB Order No. 38/2020

e.F.No 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 31.12.2020

To,

All Head of Circles/Regions

Subject: Revision of interest rates for National (Small) Savings Schemes w.e.f. 01.01.2021

Sir/Madam,

The undersigned is directed to say that vide memorandum No. 1/4/2019-NS dated 30.12.2020 (copy enclosed), Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2020-21 (starting from 1st January, 2021 and ending on 31st March, 2021) shall remain unchanged from those notified for the third quarter of Financial Year 2020-21 (01st October, 2020 to 31st December, 2020). The details are indicated below for ready reference:

2. It is requested to circulate it to all concerned for information and necessary guidance. Same may also be placed on the notice board of all Post Offices in public area.

3. This issues with the approval of Competent Authority.

Yours Faithfully,

(Devendra Sharma)
Assistant Director (SB-II)

Copy to:-
1. Sr. PPS to Secretary (Posts)
2. PS to Director General Postal Services.

Source: dea.gov.in

The post DoP – Revision of interest rates for National Small Savings Schemes w.e.f. Jan 01st 2021 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

S.B. Order 17/2020

e.F.No.25-08/2012-Fs(CBS) (Pt.l)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi
Dated: 11.08.2020

ADDENDUM – II

To,

All Head of circles/ Regions,

Subject : Incorporation of Aadhaar Seeding provision in common /modified Account Opening Form to be used in National Savings Schemes for CBS and non CBS Post Offices -Regarding.

Sir/Madam,

Kindly refer to the SB Order No. 17/2020, issued vide this office letter No. 25/08/2072-FS (CBS) dated 15.04.2020 followed by Addendum to 58 Order 17/2020 dated 10.06.2020 on the subject cited above.

Also check: DoP – Guidelines for protection and safety of Divyangjan Disabilities employees during COVID-19

2. In order to facilitate the POSB Account holder to avail DBT benefits in their Post Office Savings Account, the competent authority has decided to incorporate column for Aadhaar Seeding in “Application for Opening of Account /Purchase of Certificate” form for benefits of the depositors and ease of operation.
3. Revised “Application for Account opening/ Purchase of certificate” Form along with Aadhaar Seeding mandate Form is enclosed for information and further necessary action.
4. It is requested to circulate this SB Order along with copy of Forms enclosed to all concerned for information and necessary action. The same may also be placed on the notice boards of the Post Offices in public area.

This issues with approval of the Competent Authority.

(Devendra Sharma)
Assistant Director (SB)

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e-F.No. FS-11/1/2020-FS
Govt. of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi-110001
Dated: 29.05.2020

To,

All Head of Circles/Regions

Subject : Regarding relaxation in provisions in National Savings Schemes.

Madam/Sir,

The undersigned is directed to Say that vide memorandum no. 14/1/2020-NS dated 11.05.2020 & 15.05.2020 . Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed the followings in view of the prevailing COVID-19 situation:-

(A) Subscribers of RD Account who Could not deposit the advance installments to get the benefit of rebate during the lock down period May deposit the same up to 30.06.2020. The rebate admissible as per the scheme provisions will be available at the time of deposit of advance installments.

Also check: Rate of interest on various National Small Savings Schemes with effect from 1st January 2020

(B) Subscribers of the RD account may deposit the installment of May, 2020 in their RD Account till 30 June. 2020 and no revival fee (Default) shall be charged.

(C) If the account is to be continued as per Paragraph 7(2) of RD Scheme, 1981 or Paragraph 6(2) of RD Scheme, 2019 the same shall be done by the depositor till 30th June, 2020 by submitting the pending monthly installments. In such case, no default fee shall be charged for the period of March, April and May, 2020,

2. Accordingly necessary amendments are being made in Finacle. Non-CBS Post Offices should also take necessary action accordingly as per the above instructions.

3. It is requested to circulate it to all concerned for information and necessary action. The same may also be placed on the notice board of the all Post Offices in public areas.

4. This issues with the approval of Competent Authority.

Also read: National Savings Certificates Scheme 2019 – Gazette Notification

Yours Faithfully,
(Devendra Shanna )
Assistant Director (SB)

The post Relaxation in provisions in National Savings Schemes – Department of Posts appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

SB Order No. 02/2020

F.No 109-27/2019-SB
Govt. of India Ministry of Communication
Department of Posts (F.S. Division)

Dak Bhawan, New Delhi-110001
Dated: 09.01.2020

To,

All Head of Circles / Regions
Addl. Director General, APS, New Delhi

Subject :- Deduction of TDS in respect of Cash Withdrawal above Rs. 1 Crore by an account holder of National Savings Schemes regarding .

Sir / Madam,

The undersigned is directed to inform that Government of India has inserted Section 194 N in the Income Tax Act, 1961, through Finance Act (No.2) 2019 for deduction of TDS @2% on cash withdrawals in excess of Rs. 1 crore in a year, from 1.9.20 19, and the new provision mentioned in Section 194 N is applicable from the financial year 2019·20. Text of the new Section is reproduced below :-

Payment of certain amounts in cash.

194 N. Every person, being,-

• a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
• a co-operative society engaged in carrying on the business of banking; or
• a post office,

Also check: National Savings Certificates Scheme 2019 – Gazette Notification

who is re possible for paying any sum, or, as the case may be, aggregate of sums, in ca h, in excess of one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum , deduct an amount equal to two per cent of sum exceeding one crore rupees, as income tax:

Provided that nothing contained in this sub-section shall apply to any payment made to,

• the Government;
• any banking company or co-operative society engaged in carrying on the business of banking or a post office.
• any business correspondent of banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India Act, 1934 ( 2 of 1934);
• any white label automated teller machine operator of a banking company or co­ operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51of 2007);
• such other person or class of persons, which the Central Government may, be notification in the Official Gazette, specify in consultation with the Reserve Bank of India ;

Further Clarification issued by CBDT on 30.8.2019
(extract from press release of CBDT dated 30.08.2019)

“…..The CBDT, having considered the concerns of the people, hereby clarifies that section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under Section 194N. However, since the threshold of Rs. 1crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N shall be counted from 1st April, 20 19. Hence, if a person has already withdrawn Rs. 1crore or more in cash up to 31st August , 2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, the 2% TDS shall apply on all subsequent cash withdrawals made on or after 1st September, 2019.”

Also read: National Small Savings Schemes 2020 interest rate

2. With this amendment, now TDS @2% will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/ her all type of Small Savings Schemes Accounts / Certificates taken together, from 1.4.2019 onwards. However, for the current financial year (2019-20) as per clarification issued by CBDT, TDS will be deducted on cash withdrawals taken on or after 1.9.2019, even if cash withdrawals are taken in excess of Rs.1 Crore from 1.4.2019 to 31.8.2019. The TDS @ 2% is to be deducted on all subsequent cash withdrawal (from 01.09.2019) to be taken by a customer who has taken cash withdraw als in excess of Rs. lcrore during 2019-20 in his/ her all accounts.

3. Necessary changes in FINACLE will be done in due course to automatically deduct TDS at the time of such cash withdrawal. Till these changes are done, CEPT Team will inform details of such Account Holders in the first week of every month to the respective CPC which will inform the concerned Post Office to deduct TDS @2%. Post Offices have to ensure that PAN number of such account holder are invariably taken and fed in Finacle. TDS so deducted should be accounted under Section 194N and incorporated in TDS return of HO (for HO and its SOs). Account holder should be informed of such deduction at the time of cash withdrawal.

4. It is requested to circulate this amendment to all concerned for information and guidance and necessary action.

5. This issues with the approval of Competent Authority.

Yours Faithfully,
(Devendra Sharma)
Assistant Director (SB)

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