Daily Bytes 4. Guidelines for regularaisation of accounts opened in deviation of Rules

 Team’s Daily Bytes 4

SB ORDER 05 /2024 dtd 21.08.2024 –

Guidelines for regularaisation of accounts opened in deviation of Rules

 

01.  This is an important order as for as Savings Branch is concerned as it involves the procedure for regularaisation of accounts opened against the standing rules on the mentioned subject.

02.  As the MoF is the ultimatum on framing rules and regulations  of savings Bank accounts, the power for regularization of irregular small savings accounts is vested with MoF only.

03.  This is very important SB Order as in the social media / Print media the original content was misinterpreted  and even our staff are also get confused.

04.  The irregularly opened accounts thus identified will be sent to Directorate for regularaisation of the accounts.

05.  In total, the irregular accounts are brought under 6 categories as discussed below.

 

1a) 2 NSS87 accounts opened prior to 02.04.1990.

 

a)     First account will get the interest @ NSS87 upto 30.09.2024.

b)     Second account will get SBROI+2 % upto 30.09.2024.

c)     These interest will be paid if the deposits are well within the applicable limit.

d)     If the deposits of a particular year exceeds the allowed maximum then excess without interest will be refunded.

e)     Important Point : From 01.10.2024 NSS accounts will not earn any interest.