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​

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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)

The post Re-investment of maturity value of National Small Savings Scheme in the same or in other National Small Savings Schemes appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

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.