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

 GURU’S DAILY INSIGHT

Whether withdrawal allowed by means of withdrawal form (SB-7) for POSB cheque account ??

} In case of POSB cheque account, withdrawal is allowed only by POSB cheque and not by SB7 withdrawal form
 
} If passbook If depositor of a cheque account wants to withdraw by means of an application for withdrawal, the postmaster should carefully examine the same and after due satisfaction that the withdrawal is genuine may allow the withdrawal
 
} Presentation of passbook by the depositor is mandatory