From 13.5.2005, only individual
accounts can be opened under Rule 4 of Post Office Savings Account Rules, 1981.
Following types of accounts can be opened in the FINACLE CBS Software:-.
(i) Single/Joint account with Cheque Book or without
cheque book.
(ii) Minor account opened through Guardian.
(iii) Lunatic Account opened on behalf of a person of unsound mind
through Guardian
(iv) Pension Account.
(v) Sanchayika Account.(discontinued from 1.10.2016)
(vi) Account not bearing interest
(vii) Basic Savings Account (Zero
Balance) from
20.5.2013
A brief detail of each type of account is given below: -
(1)Single
and Joint Account with or without cheque book: -
(a) Single
accounts can be opened by an adult or a minor of the age of 10 years or more.
Joint account can be opened by two or three adults to be operated by them (a)
jointly or by the survivors/survivor which is called Joint-A type account (b)
either of them/any of them or either of the survivors or survivor which is
called Joint-B type account. Any number of accounts can
be opened by the depositor(s) but NOT more than one single, one joint account
and one Minor Account as Guardian can be opened in each post
office.
A person can
open two joint accounts with two different partners at the same post office.
For example, if A,B and C open a joint account in one post office, A can also
open separate joint accounts with B & C respectively. In other words, A can
open one separate Joint Account with B and another separate Joint Account with
C.
If the applicant applies for cheque book, account can not be
opened with initial deposit of less than Rs.500/-. Otherwise, account can be
opened without cheque book with Rs.20/- as initial deposit.
(b) Any
individual of the age between 10-18 years, who opens account in POSB without
guardian, has to submit revised account opening form (AOF) on attaining the age
of 18 years with fresh KYC documents. Revised AOF and KYC documents should be
attested by the ex-guardian. Otherwise, all transactions of such accounts will
be frozen from the day he/she attains the age of 18 years.
(2)Minor’s
Accounts: - Only guardian can open
account on behalf of a minor. Guardian in relation to a minor means:
-
· Father or mother, and
· Where neither parent is alive, or where the only living
parent is incapable of acting, a person entitled under the law for the time
being in force to have the care of the property of the minor.
(a) If
an account is to be opened on behalf of a minor, the application form for
opening the account should be submitted by the guardian of the
minor. If only year of birth is known by the guardian and exact
month and date of birth is not known, the 1st July of that year
will be taken as Date and month of birth and in case only date is not known, 16th of
the month will be taken as the date of birth.
(b) The
minor, on whose behalf account has been opened by the guardian, on attaining
majority should fill in account opening form (AOF) duly attested by the
guardian and present his Identification/Address proof and photograph to post
office where account stands. If he/she desires to continue the account, following
additional declaration is required to be given on plain paper in manuscript:-
“I further declare that I have/I shall have, after the expiry
of one month from the date of my attaining majority, not more than one account
standing in my own name at any Post Office Savings Bank. In the
event of this declaration proving incorrect, I shall be liable to forfeit
interest from the date of my attaining majority to the date of closure of all
such accounts found open in any Post Office”. The declaration should be attested
either by the person who was operating the account or by a trustworthy person
known to the Post Office.
(c) The
revised AOF along with Annexure-I or II and KYC documents including separate
declaration if given should be kept in the post office in A4 size Guard File.
Duplicate KYC Form should be sent to Circle processing Centre (CPC) for further
processing.
Note: Once the
minor attains majority, the status of account will automatically be shown as
“freeze” in FINACLE CBS Application. During the next transaction, in CMRC menu
option, in account modification option, “mode of operation” to be changed to
012- self to enable the ex-minor to operate the account independently.
(3)Lunatic
Accounts opened on behalf of persons of unsound mind through Guardian: - (a) An account may be opened on behalf of a person of
unsound mind under the conditions mentioned in rule 4(1)(d) of the Post Office
Savings Account Rules, 1981.
(b) An account opened
on behalf of a person of unsound mind by a manager or guardian appointed by a
Court of Law or the Superintendent of a Mental Hospital, may, in the event of
the court or the Superintendent of Mental Hospital subsequently declaring such
person of unsound mind to be sane, be operated by the ex-lunatic on his/her
furnishing the following additional declaration in addition to a fresh account
opening form (AOF) ,“I further declare that I have/I shall have, after the
expiry of one month from the date of my becoming sane, not more than one
account standing in my name at any Post Office Savings Bank. In the
event of this declaration proving in-correct, I shall be liable to forfeit
interest from the date of my being declared sane to the date of closure of all
such accounts found opened in any post office”.
(c) The
revised AOF along with Annexure-I or II and KYC documents including separate
declaration if given should be kept in the post office in A4 size Guard File.
Duplicate KYC Form should be sent to Circle processing Centre (CPC) for further
processing.
(4)Pension
Accounts: - (a) A pension account can be
opened by the Pensioners of Railway, Postal, Telecom or any other Organization
(with whom agreement has been signed by the Department) for the credit of
monthly pension automatically in their pension account by the Postmaster. Only
one pension account can be opened by the Pensioner. He can also open
an ordinary single and joint account in addition to the pension account in the
same post office. In this account, the amount of pension will be
credited by the Postmaster every month and the pensioner can withdraw the
amount from the account at his convenience. The pensioner cannot
deposit any other money in this account. A Pension account can also be opened
in Joint capacity but only with spouse of Pensioner whose name is entered in
the PPO.
(b) In a
pension account, the Head Savings Bank or Sub Savings Bank is authorized to
recover any amount credited in excess of the eligible amount. An
application for withdrawal will be used for the purpose with suitable remarks showing
the reasons for the withdrawal. An intimation to the pensioner
should be sent in that case explaining why the balance in his account is
reduced.
(5)Sanchayika
Accounts: - This was introduced by MOF(DEA) from 22.06.1970
and discontinued for opening of these accounts from 1.10.2016.
However, already opened Sanchayika Accounts
shall be treated as normal savings account.
(6) Accounts
not bearing interest:- If at the time of opening an account, the
intending depositor expresses his unwillingness to receive interest on the
deposits in his account, he should be requested to record a statement to that
effect under his own signature in the application form for opening of the
account. The words “No interest” should then be written prominently in red ink
across the top left hand side of the application form, on page one of the pass
book given to the depositor and at the head of the depositor's account in the
FINACLE CBS Application.
(i) If a
depositor who has opened an account not bearing interest applies afterwards to
get interest in his account, he should be allowed to change the option midway
during the currency of the account.
(ii) If a
depositor who has opened Savings account(s) bearing interest, declines
afterwards to accept interest, interest will cease to accrue from the year in
which the application is made. The words “No Interest” should be written in the
pass book and entered in FINACLE CBS Application. The depositor should submit a
fresh application form (AOF) which should be kept along with the old
form.
Note:- Only Savings accounts can be opened under this option.
(7)Basic Savings Account:- Ministry of
Finance (DEA) has vide its notification issued vide F.No. 2/6/2006-NS-II dated
20.5.2011 has introduced another category of savings account called “Basic
Savings Account” under newly inserted Rule 4A (1) of Post Office Savings
Account Rules 1981 and renamed all “Workers Wage Accounts” opened under Rule 4A
of POSA Rules 1981 as well as all Old Age/Widow/Disabled Pensioners Accounts
opened under Indira Gandhi National Old Age Pension Scheme, Indira Gandhi
National Widow Pension Scheme and Indira Gandhi National Disabled Pension
Scheme vide Rule 4B of POSA Rules 1981 as “Basic Savings Accounts” from
20.5.2013. Rule 4B of POSA Rules 1981 has been deleted from 20.5.2013. Main
features of this type of savings account and the procedure to be followed for
opening and operating this type of account(s) is given below:-
a) A registered adult member of any Government Welfare scheme
can open Basic Savings Account at any Post Office including EDBO.
b) A guardian of a minor whose name is registered for any
Government Welfare Scheme can also open Basic Savings Account at any Post
Office including EDBO.
c) Only one account can be opened by the beneficiary.
d) No minimum amount will be required to open such account and
no minimum balance needs to be maintained in such accounts.
e) Any Government benefit or any other deposit can be made in
these accounts.
f) These accounts will have all the facilities that have been
provided for normal Savings Account except that these will be non cheque
accounts.
g) Only a single account may be opened under this category..
h) The depositor who desired to open Basic Savings Account under
this category has to provide copy of letter/card issued by a competent
authority of any State or Central Government Department mentioning
registration/enrollment number under any welfare scheme. No account will be
opened without providing this information.
i) The Branch/Sub/Head Postmaster will compare this document
with the original under his/her dated signatures. The depositor has to provide
one document as Address Proof from the documents prescribed for Low Risk
Accounts and photograph(s) as required for Low Risk Category of Accounts.
j) All other formalities applicable to normal savings account
i.e Specimen Signatures, issue of PR in EDBO, issue of passbook etc. will be
followed.
k) Interest will be credited in such accounts by following the
normal procedure laid down for savings accounts.
l) These accounts will not be treated as silent.
m) All existing Zero balance Accounts opened either under NREGS
module of Sanchaya Post or opened manually for NREGA Workers or Indira Gandhi
National Old Age/Widow/Disability Pensioners will be renamed as “Basic Savings
Accounts”.
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