Investment
oi-Vipul Das
The Department of Posts appear clarifications on the operation of column appointment accumulation accounts in a annular anachronous November 5, 2021. The clarifications on altered POSB Operations apropos such as the arising of a new passbook, aperture of a collective account, arising a POSB Cheque to a Accumulation Collective Account, aperture of a Basic Accumulation Account, and more. Beneath is a annual of all the department’s clarifications on how to accomplish a column appointment accumulation account:
The action for affair of beginning passbook in lieu of old / acclimated up passbook is assigned in Rule 44 of POSB CBS Manual. But there is no accuracy whether the beginning passbook of accounts continuing in CBS Column Offices (PO) can be issued by any added CBS PO. It is antiseptic that any CBS PO can affair a beginning passbook for the annual continuing in any added CBS PO in lieu of a acclimated up / old baby passbook, afterward the action assigned in Rule 44 of POSB CBS Manual.
As per Rule 5(5) of GSPR 2018 which was broadcast in SB Adjustment No. 13/2019 anachronous 18.12.2019, A dark or visually challenged or benighted depositor may accessible a collective annual with a community depositor. Further, there is no brake in any arrangement rules for aperture of a collective annual accordingly by two or added benighted depositors. It is antiseptic that a collective annual may be opened accordingly by two or three benighted depositors or accordingly by Benighted Depositor and Community Depositor.
As per the accoutrement in POSB CBS Manual and POSB Manual Volume I, for availing Cheque facility, the depositor should be community and should be able to assurance in active duke besides advancement a antithesis of Rs. 500/- in the account. Cheque ability is not provided to the accounts operated by the accessory himself. There is no accuracy on the affair of a cheque for a collective accumulation annual opened by a community and benighted depositor.As per the description issued by MoF, all types of operations in a Collective B Annual can be done by any of the depositors, it is antiseptic that cheque ability can be continued to the Collective B accounts opened accordingly by an benighted and a community depositor accountable to the altitude that the cheque will be acclimated alone by the community depositor who can assurance in active duke and benighted depositor shall not use cheque ability of the account. Any cheque acclimated by the benighted depositor of such annual shall not be entertained.
Basic Accumulation Annual has been alien vide GSR No. 257(E) anachronous 9th April 2021 through alteration in POSA Arrangement 2019. As per the notification, this blazon of annual has been amid beneath subparagraph (2) of branch (3) of POSA Arrangement 2019. As per the accoutrement fabricated beneath branch (3)(e) of POSA Scheme, alone one annual can be opened by an alone as a distinct account.
Since Basic Accumulation Annual is a abstracted blazon of annual and amid as subparagraph (3) beneath subparagraph (2) of branch (3) of POSA Arrangement 2019, it is antiseptic that an alone may accessible a PO Accumulation Distinct Annual in accession to a Basic Accumulation Annual and carnality versa.
Orders for accepting of cheque and abandonment anatomy (SB-7) for Annual aperture and consecutive deposits at Branch Column Appointment accept been issued in SB Adjustment No. 22/2020 anachronous 18.06.2020 and SB Adjustment No. 32/2020 anachronous 23.09.2020. The baby accumulation schemes viz. MIS, SCSS, KVP, NSC and PPF were continued to Branch Column Appointment in SB Adjustment No.27/2020 anachronous 23.07.2020. Cash accepting absolute at Branch Column Appointment in an annual in a day was aloft from Rs. 25,000 to Rs. 50,000/ in SB Adjustment No. 3/2021 anachronous 05.03.2021.
In this regard, it is antiseptic that in annual of consecutive deposit/deposit for aperture of any blazon of account, through abandonment anatomy and Cheque, no such Absolute of Rs. 50,000/ in a day in an annual is fixed.
As per Rule 10 (4) of GSPR 2018, in the accident of afterlife of the guardian, the afterwards guardian shall be acceptable to accomplish the annual of the Accessory or the being of ailing mind, as the case may be.
In this regard, it is antiseptic that change of guardian is permissible alone on the afterlife of absolute guardian and on the orders of any Court. In such cases, the afterlife affidavit of the absolute guardian or the orders of Hon’ble Court as the case may be should be produced by the new guardian forth with a beginning appliance anatomy (SB-AOF) and KYC abstracts appropriately active by the new guardian.
As per Rule 4 of GSPR 2018, alone Resident aborigine of India is acceptable to accessible an annual beneath National (Small) Accumulation Schemes and as per Rule 5 of GSPR 2018, An Annual may be opened by the depositor either by visiting the Accounts Appointment in being or through permissible cyberbanking modes. including internet or adaptable cyberbanking appliance of the corresponding Government Accumulation Bank in accordance with the action accustomed by the Reserve Bank of India, from time to time. It is antiseptic that:
i. In case an annual is opened at the column office, attendance of the depositor is binding at the time of aperture of account.
ii. In case an annual is opened by a guardian on annual of a accessory or on annual of a being of ailing mind, the attendance of a guardian is mandatory.
iii. Whenever any annual beneath the schemes articular for aperture through Accustomed Agents (SAS & MPKBY) is opened through Accustomed Agents (SAS & MPKBY), attendance of the depositor is optional.
iv. Further, if the annual aperture forms and KYC abstracts are calm by the Column Appointment agents and the depositor’s signature is acquired in advanced of any accustomed admiral during the POSB annual aperture drives/melas/doorstep campaigning etc, attendance of such depositors is not mandatory.
As per the accouterment in Rule 8 of GSPR 2018, an annual opened as a Distinct Annual cannot be after adapted into a Collective Annual or carnality versa. Further, there is no accouterment in GSPR 2018 for change of any of the depositors in any Collective account.It is antiseptic that change of the depositor or admittance of a new depositor in a Collective Annual is not allowed. Further, it is antiseptic that change of adjustment of the depositor (first / additional and third) in an annual is additionally not accustomed befitting in appearance of the actuality that assorted allotment / statements are filed with the Income Tax authorities based on the PAN Number of the aboriginal depositor in an account.
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Story aboriginal published: Wednesday, November 10, 2021, 11:14 [IST]
How To Open A Post Office Savings Account – How To Open A Post Office Savings Account
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