Savings bank

postal savings account: can a single postal savings account be transformed into a joint account?

The Post Office, via a circular dated November 5, 2021, issued details relating to the operation of postal savings accounts. The circular clarifies whether the operating mode of the postal savings account can be changed from simple to joint or vice versa. Likewise, the circular also highlighted the possibility for an individual to open a basic savings account in addition to a normal postal savings account. Keep in mind that a bank does not allow an individual to run a basic savings account with a regular bank account.

Here is an overview of all the details issued by the service concerning the operation of the postal savings account:

  1. Issuance of a new booklet instead of the old booklet in any other CBS purchase order
    The procedure for issuing a new passbook instead of an old / used passbook is prescribed in Rule 44 of the CBS POSB Manual. But it is not clear whether the new permanent account book at CBS Post Offices (PO) can be issued by any other CBS PO. It is specified that any CBS purchase order can issue a new passbook for the account found in any other CBS purchase order instead of a damaged old passbook, by following the procedure prescribed in rule 44 of the manual. CBS from POSB.
  2. Opening of a Basic Savings Account by an individual who already has a “Single” Post Savings Account
    The basic savings account was introduced under the GSR n ° 257 (E) of April 9, 2021 through an amendment to the POSA 2019 regime. In accordance with the notification, this type of account was inserted under the sub – subsection (2) of subsection (3) of the POSA plan. 2019. In accordance with the provisions of paragraph (3) (e) of the POSA Plan, only one account can be opened by an individual as a single account. Since the basic savings account is a separate type of account and inserted as sub-paragraph (3) below sub-paragraph (2) of paragraph (3) of the POSA 2019 plan, it is specified that A person can open a Single PO Savings Account in addition to a Basic Savings Account and vice versa.
  3. Limit on the amount of deposits at branches when the deposit is made by withdrawal form (SB’7) or by check.
    The orders for the acceptance of the check and the withdrawal form (SB-7) for the opening of an account and subsequent deposits at the postal branch were issued in order SB No. 2212020 of 18.06.2020 and the order SB n ° 32/2020 of 23.09.2020. Small savings plans viz. MIS, SCSS, KVP, NSC and PPF were extended to the Branch Poet Office in ordinance SB n ° 27 / 2O20 of 23.07.2O20. The limit for accepting cash at the postal branch in a one-day account has been increased from Rs Rs 25,000 to Rs 50,000 in SB ordinance n ° 3/2021 of 05.03.2021. In this regard, it is clarified that with regard to the subsequent deposit / deposit for opening any type of account, through a withdrawal form and check, no limit of Rs 50,000 per day on an account is not fixed.
  4. Change of guardian in any account
    In accordance with Rule 10 (a) of the GSPR 2018, in the event of the death of the guardian, the successor guardian will be empowered to manage the account of the minor or the insane person, as the case may be. In this regard, it is specified that the change of guardian is only authorized in the event of the death of the existing guardian and by order of a court. In such cases, the death certificate of the existing guardian or court orders as the case may be must be produced by the new guardian along with a new application form (SB’AOF) and KYC documents duly signed by the new guardian. .
  5. Change of co-depositor in a joint account
    Rule 48 (2) of the POSB (CBS) manual has been treated as deleted in SB ordinance n ° 12 / 2O20 of 14.02.202O. In accordance with the provision of Rule 8 of the GSPR 2018, an account opened as a single account cannot subsequently be converted into a joint account or vice versa. In addition, there is no provision in the GSPR 2018 for the change of one of the depositors in a joint account. It is specified that the change of depositor or the inclusion of a new depositor in a common account is not authorized. In addition, it is clarified that the change of order of the depositor (first / second and third) on an account is also not allowed given the fact that various declarations / declarations are filed with the tax authorities on the basis of the PAN number of the first depositor into an account.
  6. Presence of the depositor when opening the account
    In accordance with Rule 4 of GSPR 20L8, only resident citizen of India is eligible to open an account under National (Small) Savings Plans and in accordance with Rule 5 of GSPR 2018, an account can be opened. by the depositor either by visiting the personal accounts office or through authorized electronic means including the internet or mobile banking application of the respective government savings bank in accordance with the procedure approved by the Reserve Bank of India , sometimes. It is specified thati. In the event of opening an account at the post office, the presence of the depositor is compulsory when opening the account. In the event that an account is opened by a guardian in the name of a minor or in the name of an insane person, the presence of the guardian is obligatory.iii. Whenever an account under the programs identified for opening via authorized agents (SAS and MPKBY) is opened via authorized agents (SAS and MPKBY), the presence of the depositor is optional. Also, if the account opening forms and KYC documents are collected by the post office staff and the depositor’s signature is obtained in front of any authorized official when opening a POSB / melas / doorstep door account , etc., the presence of this depositor is not obligatory. .
  7. POSB Check facility on a joint savings account opened jointly by a literate depositor and an illiterate depositor
    In accordance with the provisions of the POSB CBS manual and the POSB Volume I manual, to benefit from the check facility, the depositor must be literate and must be able to sign in handbook in addition to maintaining a balance of Rs. 500 / – in the account. Checking facility is not provided on accounts managed by the minor himself. There is no clarity on issuing a check for a joint savings account opened by a literate depositor and an illiterate depositor. In accordance with the clarification issued by the Ministry of Finance, all types of operations on a joint account B can be carried out by one of the depositors, it is specified that the control facility can be extended to joint accounts B opened jointly by an illiterate depositor and a literate depositor. with the conditions that the check will only be used by the literate depositor who can register in daylight and the illiterate depositor will not use the checking facility of the account. Any check used by the illiterate depositor of this account will not be accepted.
  8. Opening of a joint account by two or more illiterate depositors or jointly by an illiterate depositor and a literate depositor
    In accordance with Rule 5 (5) of GSPR 2018 which was issued in SB Ordinance No. 13/2019 of 18.12.2019, a blind or visually impaired or illiterate depositor can open a joint account with a literate depositor. In addition, there is no restriction in the rules of the system for the opening of a joint account jointly by two or more illiterate depositors. It is specified that a joint account can be opened jointly by two or three illiterate depositors or jointly by an illiterate depositor and a literate depositor.

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