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Post Office Savings Bank (POSB) SB Order No.17/2015 – further clarifications to SB Order No.12/2015 & 15/2015

Post Office Savings Bank (POSB) SB Order No.17/2015 – further clarifications to SB Order No.12/2015 & 15/2015
SB Order No.17/2015
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001.
Date: 15.12.2015

All Heads of Circles/ Regions
Addl. Director General, APS, New Delhi.

Subject:- Mandatory use/opening of Savings Account in CBS Post Offices for maintaining/development of relationship of customers with Post Office Savings Bank (POSB)- further clarifications to SB Order No.12/2015 and SB Order No.15/2015 regarding

Sir / Madam,

In continuation of SB Order No.12/ 2015 issued vide this office letter of even number dated 05.10.2015 on the subject and further SB Order No.15/2015 dated 26.10.2015, the undersigned is directed to convey that, the whole matter has been reviewed by the competent authority and following clarifications are issued:-
1. Either in case of new or old investment, customer should not be compelled to open savings account. It is again reiterated that the objective of the letter dated 05.10.2015 was to educate the customers for availing various benefits of Post Office Savings Account in CBS Post Office and to develop/ maintain relationship with the Po58 customers through Savings Account. Therefore, customer should be requested to open savings account to get a complete view of all transactions happening in various accounts/certificates standing at different post offices in his/her name. Business from SAS Agenets (within the prescribed limits) should continue to be accepted as it was being done before issue of SB Order No.12/2015. 

2. In case of RD and PPF also, customers/depositors should not be compelled to open Savings Account and other bank cheques should continue to be accepted.

3. All MIS/SCSS/TD AcCount Holders who open further new account or extend the existing accounts, should also be requested to open savings account and give standing instruction for credit of interest so that they need not visit post office frequently and stand in queue, instead they can be issued ATM/ Debit Card for withdrawal of money from ATMs. Existing account holders should also be persuaded to open Savings Account for getting monthly/quarterly/yearly interest. No depositor should be compelled to open savings account.

4. It is further reiterated that for all the entries made in Clearing Inward/Outward, ECS Inward/Outward, BO Settlement Office Account, Sundry MIS/TD/SCSS Office Accounts and Postmaster Repayment Office Account (0340) by the User are to be verified by Supervisor. For all entries in Office Accounts used by Users/ Supervisors, it will be the personal responsibility of that User and Supervisor to be sure that entries are genuine and bonafide.
5. It is requested to circulate this order to all CBS Post Offices and non CBS Post Offices may also start requesting customers to open Savings Accounts to avail all the benefits once office is migrated to CBS.

Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB-II)

Source: http://www.indiapost.gov.in/dop/pdfbind.ashx?id=1731

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  • In fact it is an ordeal to open a SCSS a/c with the Post Office. First they are insisting to deposit the other bank cheques in POSB a/c. They are sending one SMS on the realisation of the cheque and datre of realisation. But DOR is not considered for a credit entry in POSB a/c. The date of getting Intimation Letter/Instrument by the operating CBS implemented P.O is only entered/considered. There is loss of interest for the customers. For a day or more than two days the customer's money is enjoyed by the P.O. Is it not a violation of Financial Rules framed by DOP ? I have my POSB & SCSS a/cs with 641002 P.O. Will they rectify? KALYANI PURUSHOTHAMAN 9487603632

  • Staff strength in CBSpost offices should be increased, otherwise no one should come forward to invest in post office schemes,because one has to stand hours to gether to transact in the counter,leaving his/her precious time.This is my personal experience.