Savings Bank = Study the following for remembrance
1. Any SAS/MPKBY/PPF agent cannot act as an agent or messenger of a depositor for the purpose of withdrawal from his/her saving bank account.
2 . No admissibility of 5% bonus on maturity amount of MIS accounts opened on or after 08.12.2007.
3. The amount of any repayment of deposit or loan together with interest if becomes Rs. 20,000/- or more, it can only be made by account payee cheque or account payee bank draft or by crediting into Savings Bank Account if standing at the same post office.
4. The reinvestment of matured certificates / deposits either in the same scheme or in any other schemes through the Post Office authorized Agents is admissible except in case of redeposit made in TD account.
5. NRIs cannot invest in any of the Small Savings Schemes and Power of Attorney cannot open any account in any of the Small Savings Schemes.
6 A blind/visually-impaired person can open and operate Savings, RD, MIS, TD, SCSS, PPF accounts and also purchase NSC VIIIth Issue or KVPs in his/her name by authorising a literate person.
7. NREGS account is not transferable. It cannot be converted into single or joint at a later stage. No minimum amount is required for opening of Workers wage account.
8. From 16.03.2009, the transferring Head Post offices will dispatch Advice of Transfer (AT) by Service Insured Post for Rs.100/- duly sealed instead of Service Registered Post.
9. The date of credit of cheque in case of RD/PPF account will be the date of Clearing.
10. Postmaster includes Sub-Postmaster, Branch Postmaster, Dy. Postmaster, A.P.M and SPMs in charge of SB Branch should not act as an agent or messenger of a depositor for the purpose of withdrawal from a saving bank account standing open in his office.
11. SB – 5 denotes Pass Book. For each Sub Post office, the Divisional Heads will fix the authorized stock of Pass Book.
12. SB 103 denotes Pay – in – slip. SB 7 denotes Voucher for Withdrawal. SB-7A denotes closure form. The SB 60 denotes LOT.
13. A person holding a power of attorney from the depositor is not permitted to withdraw money from the depositor's account in SB account.
14. If a warrant of payment is lost before its submission Memo of Admission of Payment will be issued.
15. The SB slips (SB 27 ) is used for the SB document sent by the HO to SO.
16. 10 years is the minimum age for opening a single saving account by a minor himself in his name.
17. Only one account can be opened on behalf of one minor by one guardian i.e either mother or father can be opened by a guardian on behalf of a minor.
18. Only once withdrawal can be made from a savings account standing at BO in a day. Any number of times withdrawal can be made from a savings account standing at SO/HO in a day.
19. A sum of Rs 500/- which is the minimum balance should remain in a savings account either with or without cheque account after withdrawal. There is no difference with cheque account or other account.
20. Nomination is compulsory savings account opened in the name of a minor by his guardian.
21. After three consecutive years without any transaction a saving account is treated as silent account. The amount annual interest added in a saving account may not be treated as transaction in that account
22. The office, where A/c Stands issue duplicate passbook of a saving accounts if the required fee is paid by the depositor. (Rs. 50 + GST)
23. The maximum amount of withdrawal that can be given by the BPM without the approval of Account office - Rs.20000
24. The final withdrawal in saving account made through SB 7A only. In joint B saving accounts at the time of transfer and closing all the account holder's signature is required.
25. Saving account of deceased depositor cannot be transferred from one post office to another post office.
26. 4 individuals persons can be nominated by the depositor of a savings account.
27. There is no maximum balance may be deposited to Single/ Joint account.
28. No maximum limit on saving bank accounts from 01 Oct 2011.
29. Minor after attaining majority has to apply for conversion of the account in his name
30. Minor account can be opened by a person under the law in force from time to time as guardian when father and mother both are not alive.
31. A blind or illiterate or physically handicapped adult may open or operate account personally; May operate account through a literate agent nominated by him for the purpose.
32. No subsequent deposit allowed less than Rs 10/- in saving account. No withdrawal is allowed less than Rs 50/- No withdrawal shall be permitted which has the effect reducing the balance to less than 500 in single account
33. No interest shall be allowed on an account for any month in which the balance at credit below five hund fred rupees at any time between the close of the tenth day and end of the month.
34. No interest shall be allowed on an account for any year in which the amount of interest for the year is less than one rupee.
35. In case death of the depositor interest in the account will be allowed till the end of the month preceding the month in which sanction for withdrawal of balance is issued.
36. For other SOL account the maximum amount of withdrawal is Rs.50000/-
37. Cheque collection charges: Rs 30/- for a cheque up to Rs 1000/- Rs 3/- per thousand beyond Rs 1000/-. No collection charges will be charged on outstation cheque of Post office saving bank drawn in post office saving bank.
38. When an account opened in contravention of rules, the account should be closed. The deposit made in the account refunded to the depositor without interest
39. A person can open any number of RD Accounts in one post office
40. Withdrawal will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit. No withdrawal is allowed in discontinued RD accounts. 7.8 % interest will be charged on loan amount. If the repayment with interest is made on or before the 10th of the month, no interest shall be payable for that month
41. If there are more than four monthly defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of two months from the month of fifth default. Discontinued account can be closed after three years
42. Protected saving scheme is admissible in 100 denomination of RD accounts
43. Protected saving scheme: Twenty four months have been elapsed from the date of opening the account and during the said period all the month instalments have been paid into the account without any default and there has been no withdrawal from the account during the period. The age of the depositor or depositors as the case may be, at the time of opening the account was not less than 18 years and not more than 55 years. The legal heir/nominee of the deceased depositor has not made any claim or has not already been given the benefit in respect of any other account under the scheme. The claim applied for within one year of the death of the depositor.
44. Post maturity interest on RD account after extended maturity period shall be paid up to no limit (from 01-01-12).
45. A person can open any number of TD Accounts in one post office.
46. There is no maximum limit of deposit in TD accounts of any type. No subsequent withdrawal allowed in TD accounts before date of maturity. The investment under 5 years TD qualifies for the benefit of Section 80C of the Income tax Act 1961 from 01-04-2007.
47. The amount of maturity inclusive of interest if becomes Rs 20000/- or above shall be paid by either by crossed cheque or by Credit into saving accounts.
48. Pledging of TD account as security in the name of the president of India or Governor of the state in his official capacity or the reserve bank of India or a scheduled bank or a co-operative society.
49. Extension of TD account is given only twice.
50. Minimum limit in opening of MIS account Rs1000/- and in multiple of Rs1000/-.
51. Maximum limit of deposit in MIS account in single and joint is 4.5 lac and 9 lakhs.
52. No withdrawal will be allowed in MIS account the before expiry if maturity period 5 years; No bonus shall be payable.
53. The MIS account can be closed after expiry of one year. The MIS account closed after one year but before three years 2 % deduction will be made on initial deposit. The MIS account closed after expiry of three years 1% deduction will be made on the initial deposit.
54. In case of death of the depositor before maturity account in the MIS account may be closed and deposit refunded along with interest up to the month preceding the month in which refund made.
55. In case death of the one depositor of joint account holder, in the MIS account the account will be treated as single from the date of death of the account holder. The surviving depositor can withdraw the excess amount over and above the maximum limit of investment by single depositor. If this amount is not withdrawn, the excess amount will carry the normal saving bank interest.
56. Present rate of Senior citizens saving scheme account is 7.4% payable quarterly.
57. The Minimum and maximum deposit in Senior citizen saving scheme is 1000 & 15 Lakhs.
58. Senior citizens saving scheme: An individual of the Age 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account within the one month of receipt the retirement benefits and not exceed the amount of retirement benefits. The maturity period is 5 years.
59. A depositor may operate a senior citizen account more than one account in individual capacity or jointly with spouse.
60. Joint account in Senior Citizen accounts can be opened with Spouse only.
61. No subsequent withdrawal is allowed in SCSS account before expiry of 5 years. Premature closure is permitted at any time . A deduction will be made 1.5% of the deposit in case account close before expiry of 2 year and 1% after expiry of 2 years.
62. Cancellation or change in the nomination: Rs. 50 + GST will be charged
63. After maturity, the senior citizen account will be extended further 3 year. The account continued after maturity; the deposit shall earn interest at the rate applicable to the new account opened. In case the account not extended on maturity and closed at any time the saving bank interest applicable. There is no maximum time limit for PMI.
64. No TDS will be deducted if the amount of interest paid in a financial year does not exceed Rs50000/-
65. PPF account can be opened by an individual adult can on his own name and an individual on behalf of minor.
66. The minimum and maximum limit to deposit in PPF account 500 and 150000 in a Finanicial year.
67. Only one PPF account can be opened in Post office or SBI or any financial nationalized banks. The account can be transferred from one PO to another and PO to State bank or nationalized bank vice versa.
68. The PPF account can be extended after maturity up to further block five year.
69. The PPF account cannot be attached any order or decree of court. It is totally exempted from income tax. In the event of the death of the depositor, the amount standing to his credit can be repaid to his nominee or legal heir even before expiry or 15 year.
70. PPF account: In the death of the depositor nominee can continue the account
1. Any SAS/MPKBY/PPF agent cannot act as an agent or messenger of a depositor for the purpose of withdrawal from his/her saving bank account.
2 . No admissibility of 5% bonus on maturity amount of MIS accounts opened on or after 08.12.2007.
3. The amount of any repayment of deposit or loan together with interest if becomes Rs. 20,000/- or more, it can only be made by account payee cheque or account payee bank draft or by crediting into Savings Bank Account if standing at the same post office.
4. The reinvestment of matured certificates / deposits either in the same scheme or in any other schemes through the Post Office authorized Agents is admissible except in case of redeposit made in TD account.
5. NRIs cannot invest in any of the Small Savings Schemes and Power of Attorney cannot open any account in any of the Small Savings Schemes.
6 A blind/visually-impaired person can open and operate Savings, RD, MIS, TD, SCSS, PPF accounts and also purchase NSC VIIIth Issue or KVPs in his/her name by authorising a literate person.
7. NREGS account is not transferable. It cannot be converted into single or joint at a later stage. No minimum amount is required for opening of Workers wage account.
8. From 16.03.2009, the transferring Head Post offices will dispatch Advice of Transfer (AT) by Service Insured Post for Rs.100/- duly sealed instead of Service Registered Post.
9. The date of credit of cheque in case of RD/PPF account will be the date of Clearing.
10. Postmaster includes Sub-Postmaster, Branch Postmaster, Dy. Postmaster, A.P.M and SPMs in charge of SB Branch should not act as an agent or messenger of a depositor for the purpose of withdrawal from a saving bank account standing open in his office.
11. SB – 5 denotes Pass Book. For each Sub Post office, the Divisional Heads will fix the authorized stock of Pass Book.
12. SB 103 denotes Pay – in – slip. SB 7 denotes Voucher for Withdrawal. SB-7A denotes closure form. The SB 60 denotes LOT.
13. A person holding a power of attorney from the depositor is not permitted to withdraw money from the depositor's account in SB account.
14. If a warrant of payment is lost before its submission Memo of Admission of Payment will be issued.
15. The SB slips (SB 27 ) is used for the SB document sent by the HO to SO.
16. 10 years is the minimum age for opening a single saving account by a minor himself in his name.
17. Only one account can be opened on behalf of one minor by one guardian i.e either mother or father can be opened by a guardian on behalf of a minor.
18. Only once withdrawal can be made from a savings account standing at BO in a day. Any number of times withdrawal can be made from a savings account standing at SO/HO in a day.
19. A sum of Rs 500/- which is the minimum balance should remain in a savings account either with or without cheque account after withdrawal. There is no difference with cheque account or other account.
20. Nomination is compulsory savings account opened in the name of a minor by his guardian.
21. After three consecutive years without any transaction a saving account is treated as silent account. The amount annual interest added in a saving account may not be treated as transaction in that account
22. The office, where A/c Stands issue duplicate passbook of a saving accounts if the required fee is paid by the depositor. (Rs. 50 + GST)
23. The maximum amount of withdrawal that can be given by the BPM without the approval of Account office - Rs.20000
24. The final withdrawal in saving account made through SB 7A only. In joint B saving accounts at the time of transfer and closing all the account holder's signature is required.
25. Saving account of deceased depositor cannot be transferred from one post office to another post office.
26. 4 individuals persons can be nominated by the depositor of a savings account.
27. There is no maximum balance may be deposited to Single/ Joint account.
28. No maximum limit on saving bank accounts from 01 Oct 2011.
29. Minor after attaining majority has to apply for conversion of the account in his name
30. Minor account can be opened by a person under the law in force from time to time as guardian when father and mother both are not alive.
31. A blind or illiterate or physically handicapped adult may open or operate account personally; May operate account through a literate agent nominated by him for the purpose.
32. No subsequent deposit allowed less than Rs 10/- in saving account. No withdrawal is allowed less than Rs 50/- No withdrawal shall be permitted which has the effect reducing the balance to less than 500 in single account
33. No interest shall be allowed on an account for any month in which the balance at credit below five hund fred rupees at any time between the close of the tenth day and end of the month.
34. No interest shall be allowed on an account for any year in which the amount of interest for the year is less than one rupee.
35. In case death of the depositor interest in the account will be allowed till the end of the month preceding the month in which sanction for withdrawal of balance is issued.
36. For other SOL account the maximum amount of withdrawal is Rs.50000/-
37. Cheque collection charges: Rs 30/- for a cheque up to Rs 1000/- Rs 3/- per thousand beyond Rs 1000/-. No collection charges will be charged on outstation cheque of Post office saving bank drawn in post office saving bank.
38. When an account opened in contravention of rules, the account should be closed. The deposit made in the account refunded to the depositor without interest
39. A person can open any number of RD Accounts in one post office
40. Withdrawal will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit. No withdrawal is allowed in discontinued RD accounts. 7.8 % interest will be charged on loan amount. If the repayment with interest is made on or before the 10th of the month, no interest shall be payable for that month
41. If there are more than four monthly defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of two months from the month of fifth default. Discontinued account can be closed after three years
42. Protected saving scheme is admissible in 100 denomination of RD accounts
43. Protected saving scheme: Twenty four months have been elapsed from the date of opening the account and during the said period all the month instalments have been paid into the account without any default and there has been no withdrawal from the account during the period. The age of the depositor or depositors as the case may be, at the time of opening the account was not less than 18 years and not more than 55 years. The legal heir/nominee of the deceased depositor has not made any claim or has not already been given the benefit in respect of any other account under the scheme. The claim applied for within one year of the death of the depositor.
44. Post maturity interest on RD account after extended maturity period shall be paid up to no limit (from 01-01-12).
45. A person can open any number of TD Accounts in one post office.
46. There is no maximum limit of deposit in TD accounts of any type. No subsequent withdrawal allowed in TD accounts before date of maturity. The investment under 5 years TD qualifies for the benefit of Section 80C of the Income tax Act 1961 from 01-04-2007.
47. The amount of maturity inclusive of interest if becomes Rs 20000/- or above shall be paid by either by crossed cheque or by Credit into saving accounts.
48. Pledging of TD account as security in the name of the president of India or Governor of the state in his official capacity or the reserve bank of India or a scheduled bank or a co-operative society.
49. Extension of TD account is given only twice.
50. Minimum limit in opening of MIS account Rs1000/- and in multiple of Rs1000/-.
51. Maximum limit of deposit in MIS account in single and joint is 4.5 lac and 9 lakhs.
52. No withdrawal will be allowed in MIS account the before expiry if maturity period 5 years; No bonus shall be payable.
53. The MIS account can be closed after expiry of one year. The MIS account closed after one year but before three years 2 % deduction will be made on initial deposit. The MIS account closed after expiry of three years 1% deduction will be made on the initial deposit.
54. In case of death of the depositor before maturity account in the MIS account may be closed and deposit refunded along with interest up to the month preceding the month in which refund made.
55. In case death of the one depositor of joint account holder, in the MIS account the account will be treated as single from the date of death of the account holder. The surviving depositor can withdraw the excess amount over and above the maximum limit of investment by single depositor. If this amount is not withdrawn, the excess amount will carry the normal saving bank interest.
56. Present rate of Senior citizens saving scheme account is 7.4% payable quarterly.
57. The Minimum and maximum deposit in Senior citizen saving scheme is 1000 & 15 Lakhs.
58. Senior citizens saving scheme: An individual of the Age 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account within the one month of receipt the retirement benefits and not exceed the amount of retirement benefits. The maturity period is 5 years.
59. A depositor may operate a senior citizen account more than one account in individual capacity or jointly with spouse.
60. Joint account in Senior Citizen accounts can be opened with Spouse only.
61. No subsequent withdrawal is allowed in SCSS account before expiry of 5 years. Premature closure is permitted at any time . A deduction will be made 1.5% of the deposit in case account close before expiry of 2 year and 1% after expiry of 2 years.
62. Cancellation or change in the nomination: Rs. 50 + GST will be charged
63. After maturity, the senior citizen account will be extended further 3 year. The account continued after maturity; the deposit shall earn interest at the rate applicable to the new account opened. In case the account not extended on maturity and closed at any time the saving bank interest applicable. There is no maximum time limit for PMI.
64. No TDS will be deducted if the amount of interest paid in a financial year does not exceed Rs50000/-
65. PPF account can be opened by an individual adult can on his own name and an individual on behalf of minor.
66. The minimum and maximum limit to deposit in PPF account 500 and 150000 in a Finanicial year.
67. Only one PPF account can be opened in Post office or SBI or any financial nationalized banks. The account can be transferred from one PO to another and PO to State bank or nationalized bank vice versa.
68. The PPF account can be extended after maturity up to further block five year.
69. The PPF account cannot be attached any order or decree of court. It is totally exempted from income tax. In the event of the death of the depositor, the amount standing to his credit can be repaid to his nominee or legal heir even before expiry or 15 year.
70. PPF account: In the death of the depositor nominee can continue the account
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