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You are here: Home / Postal Department / Acceptance of withdrawal form along with SB passbook for subsequent deposit and opening of new accounts in GDS Branch post Offices
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Acceptance of withdrawal form along with SB passbook for subsequent deposit and opening of new accounts in GDS Branch post Offices

September 25, 2020 by admin Leave a Comment

S.B. Order 32/2020

e.F.No. FS-13/1/2020-FS
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi
Dated:- 23.09.2020

To,

All Head of Circles /Regions,

Subject: Regarding acceptance of withdrawal form (SB-7) with passbook for subsequent deposit/opening of new account for National (Small) savings Schemes in GDS Branch post offices.

Sir/Madam,

Kindly refer to the SB Order No. 27 /2020, issued vide this office letter No. FS-13/01/2020-FS dated 23.01.2020 for acceptance of cheque in GDS Branch Post Offices. This office has been receiving various references to allow subsequent deposit/ opening of account through withdrawal form(SB-7) as many depositors in GDS Branch Post Offices does not have cheque facility in their PO Savings Account.

2. The issue has been examined in this office in the light of rule 7 of Government Savings promotion General Rules 2018 and relevant procedural rules of POSB (CBS) Manual and the competent authority has decided to allow acceptance of withdrawal form along with SB passbook for subsequent deposit and opening of new accounts in GDS Branch post Offices.

3. However, the process for necessary modification in RICT CBS application/ Finacle may take time. So, in order to facilitate rural customers to open account/ Subsequent deposit at the GDS Branch Post Offices through withdrawal form (SB-7) with passbook, the following guidelines are issued for further necessary action, till the provisions are made available in DARPAN (RICT CBS Application /Finacle).

Also check: Rate of interest on various National Small Savings Schemes with effect from 1st January 2020

a) For subsequent deposits in SB/RD/SSA/PPF:-

  • Subsequent deposit up to Rs.5000/- in SB/RD/SSA/PPF account through withdrawal form (SB-7) procedure prescribed in POSB (CBS) Manual Appendix II para lc(3) should be followed at GDS Branch Post Office.
  • For subsequent deposit above Rs. 5000/-, the depositor should submit withdrawal form (SB-7) along with POSB passbook and pay-in-slip along with passbook of SB/RD/SSA or PPF account (for all subsequent deposits).
  • On the acquaittance portion (receipt side) of the withdrawal form, the depositor has to write ‘For credit in the Account No …………… in the name of …………… (Signature of depositor)”
  • GDS BPM will check withdrawal form and pay-in-slip and with passbooks and check that withdrawal form and pay-in-slip are complete in all respect.
  • GDS BPM will examine the withdrawal form and follow the procedure laid down for handling high value withdrawal from savings account in para 4 of Appendix II of POSB CBS Manual and send both passbooks, withdrawal form and pay-in-slip to account office duly entered in BO Journal and BO Daily Account on the date of receipt through BO Account Bag.
  • vi) Receipts from SB-28 are to be issued for both the passbooks collected by the GDS Branch Postmaster.
  • vi) on receipt of passbooks from Account office, GDS Branch Post office will hand over the passbooks to the depositor after updating details in BOSB Joumal and Bo Journal of relevant scheme. Depositor’s copies ofSB-28 should be taken back and pasted with the office copy.

Procedure to be followed by Account Office.

  • On receipt of withdrawal form (SB-7), pay-in-slip and passbooks, the account office will follow tire procedure prescribed for credit through transfer from Savings Account laid down in Rule 26(3) of POSB (CBS) Manual.
  • Account office should ensure that on acquittance portion (receipt side) of the withdrawal form depositor has written “For credit in the Account No……………….. in the name of …………………..(Signature of depositor)” and signature of depositor tallied with the signatures on application side of the withdrawal form and signatures available in office record/Finacle and both account under same CIF or minor under same guardian CIF.
  • Account office should ensure name of depositor in POSB account tallies with the name of depositor of the account in which subsequent deposit is applied.
  • After the transaction is complete, Account office will print both passbooks and send back to concerned GDS Branch Post Office duly entered in BO slip on the same day’

(b) For Opening of New Account

  • For opening of new account (SB/RD/TD/SSA) up to Rs. 5000/- through withdrawal form, procedure prescribed in POSB(CBS) Manual Appendix II para 1(A) should be followed’
  • For opening of new account in SB/RD/TD/SSA above Rs. 5000/- or opening of account in PPF/MIS/SCSS/KVP/NSC, the depositor has to submit account opening form, KYC form, KYC documents (if not already submitted), pay in slip along with passbook of POSB account and withdrawal form (SB-7).
  • on the acquittance portion (receipt side) of the withdrawal form (SB-7) depositor has to write “for opening’ of new ………………….. (Name of scheme) Account in the name of ……………… (Signature of depositor)”.
  • GDS BPM will check withdrawal form and POSB passbook as well as Account Opening Form, KYC form, KYC documents and pay-in-slip and ensure that these are complete in all respect.
  • While examining withdrawal form, GDS BPM will follow the procedure laid down for high value withdrawal from savings account in para 4 of Appendix II of POSB CBS Manual’
  • Preliminary Receipt, 58-26 is to be issued for opening of new account and receipt from SB-28 is to be issued for the SB passbook collected by the GDS Branch Postmaster’
  • GDS BPM will send withdrawal form (SB-7), POSB passbook, Account opening Form, KYC form, KYC documents and pay-in-slip duly entered in BO Joumal and BO Daily Account on the date of receipt through BO Account Bag.
  • On receipt of both passbooks (POSB and New Account) from Account office, GDS Branch Post office will hand over the he passbooks to the depositor after updating SS Book, BOSB Joumal. BO Joumal of the relevant scheme and depositor’s copy of 58-26 and SB-28 should be taken back and pasted with the office copy.

Procedure to be followed at Account Office

  • on receipt of withdrawal form (SB-7), Account Opening Form, KYC form, KYC documents, pay-in-slip and passbook of SB account, Account office should ensure that the depositor is eligible to open new account and name of depositor in POSB Account and in the Account opening Form must be tallied.
  • Account office has to ensure that on the acquittance portion (receipt side) of the withdrawal form, depositor has written. For opening of new………………… (name of scheme) Account in the name of ……………..(signature of depositor)” and signature of depositor is tallied with the signatures on application side of the withdrawal form and signatures available in the office record/ Finacle and both account under same CIF or minor under same guardian CIF’.
  • Account office will follow procedure prescribed for opening of account and funding through transfer from Savings Account as per Rule 22 of POSB (CBS) Manual. Account should be linked with relevant BO in Finacle CBS Application.
  • After opening of account is completed, the Account Office will print new passbook and update SB passbook through Passbook printer and send back both passbooks to concerned GDS Branch Post Office duly entered in BO slip on the same day.
  • All accounting entries will be done in Account Office

4. It is requested to circulate this SB Order along with copy of Forms enclosed to all concerned for information and necessary action. The same may also be placed on the notice boards of the Post Offices in public area.

This issues with approval of the Competent Authority.

(Devendra Sharma)
Assistant Director (SB-II)

Related to Your Search:

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Filed Under: Postal Department Tagged With: DEPARTMENT OF POST, Department of Posts, GDS, GDS Branch post Offices, post office 434, Post office small saving scheme, Postal Department, small saving scheme, SSS

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