Skip to content
Palace Of Reason
  • Home
  • Savings account
  • Savings bank
  • Savings services
  • Savings scheme
Savings bank

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

Posted on November 9, 2021December 13, 2021 Author Patti E. Smith Comments Off on 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.


Source link

Related posts:

  1. Thai Government Savings Bank Provides Emergency Loans to Flood Victims
  2. Central Savings Bank’s first executive receives award from Alley Pond Environmental Center – QNS.com
  3. Investors in Postal Savings Bank of China (HKG: 1658) have achieved a decent return of 74% in the past year
  4. Oma Savings Bank Plc – Acquisition of own shares on 1
Tagged bank account, open account, savings accounts, savings bank
Patti E. Smith
https://palaceofreason.com

Related Articles

Savings bank

Troy Savings Bank Music Hall presents Billy Bragg

Posted on April 21, 2022April 21, 2022 Author Patti E. Smith

The Troy Savings Bank Music Hall is delighted to welcome English singer-songwriter Billy Bragg on October 11th. Thirty-seven years ago, the Saturday boy from Essex became Britain’s most important political singer-songwriter. He released his first album, life is a riot with spy vs spy, stoned on a punk rock electric guitar. He was number 30. […]

Savings bank

LARC receives grant from Thomaston Savings Bank Foundation for art workshops

Posted on October 16, 2021October 17, 2021 Author Patti E. Smith

TORRINGTON – LARC received a grant from the Thomaston Savings Bank Foundation to fund an art workshop at the Five Points Center for the Visual Arts. Twelve people from LARC’s Day Support Option (DSO) attend a weekly hour-long class at the new Five Points Arts Center on University Drive in Torrington. Classes are taught by […]

Savings bank

No fees for basic savings bank deposit accounts (BSBDs), according to the SBI

Posted on November 24, 2021November 26, 2021 Author Patti E. Smith

In response to the recent row of digital transactions at the State Bank of India (SBI), the bank said in a statement that it does not charge any transaction fees to its Savings Base Deposit (BSBD) clients for digital transactions, including transactions using unified payments. RuPay interface (UPI) and debit cards. According to a press […]

Post navigation

Citi Accelerate Savings Account Review: Earn 12 Times The National Savings Average
This private sector bank revises interest rates on FD and savings account

CATEGORIES

account holders bank account banking services bank offers bank savings higher interest interest rates long term open account president ceo press release rs lakh savings accounts savings bank savings plan

  • Savings account
  • Savings bank
  • Savings scheme
  • Savings services

RECENT POSTS

Recent Posts

  • How the sale of Elmira Savings Bank to Community Bank affects customers

  • The Bangor Savings Bank Foundation provides grants to nonprofit organizations in Maine, NH

  • Martin Lewis’ warning to anyone with a savings account is missing out on the best rates

  • Forbes Names Ridgewood Savings Bank to America’s Best Banks List for Third Consecutive Year

  • Business News | Stock and Equity Market News | Financial news

ARCHIVES

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • September 2019
  • July 2019
  • March 2019
  • February 2019
  • January 2019
  • August 2018
  • February 2016
  • February 2015
  • April 2013
  • October 2012
  • Privacy Policy
  • Terms and Conditions