30th June retirees case - Supreme Court passed comments- noncompliance costs as well as interest may be imposed.

 GURU’S DAILY INSIGHTS

22. When Passbook is necessary in CBS Post Offices

 

Ø  Passbook should be presented by customers for all withdrawals / transfer done using withdrawal form (SB-7)

 

Ø  In case of withdrawal / transfer using POSB Cheque and at the time of deposit transactions, Passbook is not mandatory.

 

Ø  The passbook shall ordinarily be presented for all the withdrawals or deposits made at the counter and in case deposits or withdrawals are made by using cheque or any electronic mode, the passbook, wherever issued, may be presented at any CBS Post office at-least once in six months for bringing it up to date.

 

 

Ø  If an illiterate depositor attends any post office for deposit/withdrawal, presentation of Passbook is mandatory.

 

 

Ø  If depositor whose account stands at any GDS Branch Post Office attends any CBS Post Office for deposit/withdrawal, presentation of Passbook is mandatory.