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Q&A regarding payment of commission to BPM for deposits in Time Deposit Accounts:
1.What is the Commission rate?
5 year TD : 2%
2&3 year TD : 1%
1 year TD: 0.5%
2.In what conditions incentive will not be applicable?
1. Deposited through a SAS agent.
2. Redeposit in Time Deposit Accounts / Extension of account.
3. If the address of the depositor not falls within the delivery jurisdiction of the Branch Office
3.Incentive applicable for only cash deposit?
No, Incentive will be payable to GDS BPMs for opening of Time Deposit Accounts irrespective of mode of deposit.
4. BPM can apply for incentive on the next day of account opened?
The Branch Postmaster will prepare, on the first of each month, a bill in the prescribed form and submit the same to the Account Office duly invoiced in the Branch office daily account.
5.How many copies of form is to be submitted by BPM
Only one copy of the bill is to be submitted by the GDS BPM
6.Then what is the proof of Account Office for paid & How to ensure and avoid duplicate payments?
The account office (Sub or head office) will keep the record of all the bills passed and paid relating to commission claimed by the GDS BPMs on TD in a register in order to keep a check over the double submission of the bill for the same period by the GDS /BPMs.
Refer: POSB (CBS) MANUAL
(Corrected up to 31.12.2021) Appendix X.
Form proforma: Page number 436 of POSB (CBS) MANUAL
(Corrected up to 31.12.2021)
Register proforma: Page number 438 of POSB (CBS) MANUAL
(Corrected up to 31.12.2021)
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