• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / Postal Order / Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity

Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity

December 20, 2022 pcadmin Leave a Comment

Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity

SB ORDER NO. 25/2022

F. No. FS-13/7/2020-FS-Part(1)
Government of India
Ministry of Communications
Department of Posts

Dak Bhawan, Sansad Marg,
New Delhi-110001.
Date: 16.12.2022

To,

All Heads of Circles/Regions

Subject:– Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity reg.

Sir / Madam,

As part of continuous improvement in making the CBS system robust, incremental changes are implemented to ensure that the risk of misappropriation involved in CBS operations is minimized.

2. In view of the safety of depositors’ hard-earned money and ensuring effective KYC compliance, competent authority has decided to freeze those MIS/SCSS/TD/KVP/NSC/RD accounts which have been matured till 30.09.2019 but not closed.

3. The details of freeze code is as under: –

(i) Freeze reason code: INOP: – Inoperative more than 3 years.

(ii) Cutoff date: -30.09.2019 (i.e. account matured 3 years ago and remains live).

(iii) Schemes identified: – MIS/SCSS/TD/KVP/NSC/RD (matured but not extended)/PPF (matured but not extended)

4. A “Standard Operating Procedure for handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years” to be followed in this regard is enclosed herewith.

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

This issues with the approval of competent authority.

Enclosed: – As above (Annexure)

Yours Sincerely

(Devendra Sharma)
Asstt. Director (SB-II)

ANNEXURE

Standard Operating Procedure for handling of handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years

The following accounts under various National Savings Schemes have been marked as freeze with freeze reason code “INOP: – Inoperative more than 3 years, which already have been matured but not closed within 3 years and cut-off date is taken as 30.09.2019.

2. The details of schemes are as under: –

(i) MIS/SCSS/TD/KVP/NSC/RD (matured but not extended)
(ii) PPF (matured but not extended)

3. As and when account holder approaches the post office concerned for closure of account identified under “INOP: – Inoperative more than 3 years”, the post office concerned shall follow the below mentioned procedure: –

(i) lf any account holder whose account/certificate is found to be Frozen with freeze code “INOP: – Inoperative more than 3 years” attends any Post Office with Certificate or Passbook for closure, the account/certificate holder should be requested to submit the following documents: –

a) Passbook/Certificate

b) KYC Documents (Mobile number, PAN card and Aadhaar or address proof as per rule 6 of Government Savings Promotion General Rules-2018)

c) Account Closure Form (SB-7A): – Account holder should also be requested to submit account closure form, passbook and details of PO Savings Account number or Bank account details along with a cancel cheque/copy of passbook for credit of maturity value into his/her savings account. Depositor(s) signature shall be obtained on acquittance portion of account closure form, so account holder(s) need not to visit post office again and maturity value get credited in his/her PO Savings Account or Bank Account.

(ii) The SPM/Counter PA will first check & confirm the details of depositor and tally signature with Finacle/SS Book/SB-3/AOF and ensure genuineness of the account holder with relevant records.

(iii) If the account stands in Sub Office/Branch Post Office the SPM concerned shall forward the passbook, account closure form, KYC document of account holder to Head Post office concerned for unfreezing and closure of account/certificate concerned.

Procedure at Head Post Office

Note: – For account standing in Head Post Office, similar documents shall be obtained from the account holder and follow the procedure prescribed below.

(iv) After receipt of a case for unfreezing and closure at Head Post Office, designated PA and APM (SB) shall verify the account details of documents received with Finacle. After verification of the genuineness of the case, the account/certificate concerned shall be unfreezed with two Supervisors of HO.

(v) After unfreezing of the account/certificate, Counter PA of Head Post Office, shall proceed for closure of account/certificate. The maturity value shall be credited either in PO Savings Account or Bank Account of the Account holder (Through ECS outward credit).

(vi) After closure of account by counter PA, APM (SB) shall verify closure of account.

(vii) In Head Post Office, a separate register will be maintained for ‘REGISTER FOR CLOSURE of account identified as INOP-Inoperative for more than 3 years. The register shall be maintained in Head Post Office in following proforma: –

Date of receipt of case from Sub OfficeAccount No./ Certificate Registration numberName of Account/ Certificate HolderName of SOL where Account/Certificate StandsDate of openingDate of maturityScheme
1234456
Date of closurePrincipal Amount paidInterest Amount paidMaturity credit details (POSB Account No. or Bank Account No with MICR code)Signature of Counter PASignature of SupervisorSignature of Postmaster
789101112

(viii) After entering closure details in the above register, APM (SB) shall put up a register to Head Postmaster for seen.

(ix) Thereafter, Passbook, Account closure form, KYC document and cancel cheque/copy of the passbook shall be forwarded to SBCO concerned along with other vouchers.

(x) SBCO PA and supervisor while checking vouchers of closed accounts which were identified as INOP-Inoperative for more than 3 years, will check account details with Account Closure Form and copies of KYC documents of Account holder are attached with the voucher. If any shortcoming is noticed, objection should be recorded as per laid down procedure.

(xi) All Visiting/Inspecting Officers, while visiting/inspecting Head Post Offices, should invariable check the prescribed register “REGISTER FOR CLOSURE OF account identified as INOP-Inoperative for more than 3 years” and see that procedure prescribed above is followed scrupulously.

(xii) CEPT shall share fortnightly report with circle CPC (CBS)on details of accounts unfreezed from “INOP-Inoperative for more than 3 years” reason code.

(xiii) Circle shall get the report verified within a week with reference to the “REGISTER FOR CLOSURE OF account identified as INOP-Inoperative for more than 3 years” maintained at the Head Post Office and take appropriate measures in case any discrepancy noticed.

*****

Signed Copy

Filed Under: Postal Order, Small Savngs Scheme

Also Read

Union Budget 2023 : Live Updates

Union Budget 2023 : Live Updates

February 1, 2023 By pcadmin Leave a Comment

Union Budget 2023 : Live Updates 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐛𝐮𝐝𝐠𝐞𝐭 𝐢𝐧 𝐀𝐦𝐫𝐢𝐭 𝐊𝐚𝐚𝐥. Budget focuses on 7 priorities, ‘saptrishi guiding us through Amrit Kaal’ This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn at India at 100. … [Read More...] about Union Budget 2023 : Live Updates

AICPIN for the month of December 2022

AICPIN for the month of December 2022

February 1, 2023 By pcadmin Leave a Comment

AICPIN for the month of December 2022 Consumer Price Index for Industrial Workers for December, 2022 The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling Consumer Price Index for Industrial Workers every month on the basis of retail prices … [Read More...] about AICPIN for the month of December 2022

One Rank One Pension to the Defence Forces Pensioners. orop

One Rank One Pension to the Defence Forces Pensioners.

January 24, 2023 By pcadmin Leave a Comment

One Rank One Pension to the Defence Forces Pensioners. No. 1(1)/2019/D(Pen/Pol)/Vol-IIGovernment of IndiaMinistry of DefenceDepartment of Ex-Servicemen Welfare New Delhi, Dated: 20th January 2023 ToThe Chief of the Defence StaffThe Chief of the Army StaffThe Chief of the Naval StaffThe … [Read More...] about One Rank One Pension to the Defence Forces Pensioners.

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

January 23, 2023 By pcadmin Leave a Comment

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day No.16/3/2023-JCAGovernment of IndiaMinistry of Personnel Public Grievances and Pensions(Department of Personnel and Training)Establishment (JCA) … [Read More...] about Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Linking of CGHS Beneficiary ID with the ABHA ID

Linking of CGHS Beneficiary ID with the ABHA ID

January 20, 2023 By pcadmin Leave a Comment

Linking of CGHS Beneficiary ID with the ABHA ID F.No. 44/67/MCTC/CGHSGovernment of IndiaMinistry of Health & Family WelfareDepartment of Health & Family Welfare Nirman Bhawan, New DelhiDated the January, 2023 OFFICE MEMORANDUM SUBJECT: Linking of CGHS Beneficiary ID with the ABHA … [Read More...] about Linking of CGHS Beneficiary ID with the ABHA ID

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Early Closure of Offices in connection with Republic Day Parade/Beating Retreat Ceremony/At Home Function during January, 2023

Review of CSS Officers (Under Secretary) under FR 56(j) and Rule 48 of CCS (Pension) Rules, 1972

Year-End- Review of DoPT(Ministry of Personnel, Public Grievances & Pensions)-2022

Extension of the LTC block year 2018-21 (extended) for a period of three months

Latest Finmin Orders

Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees – FINMIN

CGEGIS 1980: Table of Benefits of saving funds from Oct to Dec 2022

Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees for 2021-22

FINMIN : Dearness Allowance to Central Government employees effective from 01.07.2022.

Compendium of Instructions regarding grant of Transport Allowance at double the normal rates to persons with disabilities employed in Central Government

Latest Railway Orders

Implementation of Railway Services (Revised Pay) Rules, 2016

Computer Advance Interest Rate 2022-23 for Railway Employees

Eligibility of married disabled child for family pension – Railway Board order

Grant of Leave to Probationary officers: Railway Board

Productivity Linked Bonus to all eligible non-gazetted Railway employees for 2020-2021

Categories

Copyright © 2023