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

 GURU'S DAILY INSIGHTS

Important dates in connection with Entry of annual interest in BO account passbooks and List of Passbooks of accounts which were not received for interest entry

(Rule 60 & 80 of POSB CBS Manual 31.12.2021) 

Every year
On 31st of March	BPMs should collect all SB /SSA passbooks irrespective of whether those were presented for transaction or not and issue SB 28 receipt to Account holders. These passbooks will be sent to Account Office with a list in the proforma given in Rule 49(6) of POSB CBS Manual.
From 1st April to 29th June	a) On 1st April of each Financial Year, interest calculation will happen automatically in Finacle and will be added to all SB/SSA Accounts in Finacle. (Rule 49(1) of POSB CBS Manual).   b) The Account Offices where the Branch Offices are attached, will generate list of BO wise accounts in Finacle using MIS reports – last balance report. As and when BO SB/SSA passbooks are received, Account Office will update passbook with interest entry through Passbook printer. After adding interest, such account should be rounded in red ink in the list manually. (Rule 49(5) of POSB CBS Manual).   c) Difference if any in the balance should be immediately identified and passbook should be sent to Divisional Head for further enquiry. Those passbooks where there is no difference, should be immediately returned to Branch Office. (Rule 49(6) of POSB CBS Manual).   d) While posting BO transactions, if it is noticed that transaction taken place in a SB / SSA passbook after 31st March which is not received for interest, then entry must be made in special error book and BPM to be asked to submit passbook within a week. Copy to be sent to Divisional Office. If passbook not submitted by BPM, the depositor to be addressed by Registered Post   e) To monitor whether Branch Offices have actually sent all the Passbooks to Account Office, a register of SB / SSA Accounts standing open at Branch Offices will be maintained at Account Office in the prescribed format
From 30th June to 15th July	BPMs to collect all SB/SSA passbooks which were not presented for transaction by 30th June of the year and send them to Account Office with a list in duplicate for entry of interest by 15th July latest.
After 20th July	If any SB/SSA passbook is still not received for adding of interest in Account Office, the number of all such accounts should be listed and sent to Sub Divisional Head