Public Provident Fund (PPF), Nation al Savings Certificate (NSC), different small saving schemes’ accountholders having its account freezed underneath code ‘INOP,’ it could imply the account has matured with none extension. As per the most recent workplace order issued by the Department of Post underneath the Ministry of Communication, freezing of small saving schemes accounts get matured however not closed after three years of maturity. The order has been issued to make the CBS system strong, incremental adjustments are carried out to make sure that the chance of misappropriation concerned in CBS operations is minimized.
The workplace order additionally unveiled “Standard Operating Procedure for handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative greater than 3 years” to be adopted on this regard.
The workplace order mentioned that if any account holder whose account/certificates is discovered to be Frozen with freeze code “INOP: – Inoperative more than 3 years” attends any publish workplace with Certificate or Passbook for closure, the account/certificates holder needs to be requested to submit the next paperwork:
a) Passbook/Certificate;
b) KYC Documents (Mobile quantity, PAN card and Aadhaar or tackle proof as per rule 6 of Government Savings Promotion General Rules-2018);
c) Account Closure Form (SB-7A): – Account holder must also be requested to submit account closure type, passbook and particulars of PO Savings Account quantity or Bank account particulars together with a cancel cheque/copy of passbook for credit score of maturity worth into his/her financial savings account. Depositor(s) signature shall be obtained on acquittance portion of account closure type, so account holder(s) want to not go to publish workplace once more and maturity worth get credited in his/her PO Savings Account or Bank Account.
For account standing in Head Post Office, comparable paperwork shall be obtained from the account holder and comply with the process prescribed under;
1] After receipt of a case for unfreezing and closure at Head Post Office, designated PA and APM (SB) shall confirm the account particulars of paperwork obtained with Finacle. After verification of the genuineness of the case, the account/certificates involved shall be un-freezed with two Supervisors of HO.
2] After closure of account by counter PA, APM (SB) shall confirm closure of account.
3] In Head Post Office, a separate register can be maintained for’ REGISTER FOR CLOSURE of account recognized as “INOP Inoperative for more than 3 years.
4] After entering closure details in the above register, APM (SB) shall put up a register to Head Postmaster for seen.
5] Thereafter, Passbook, Account closure form, KYC document and cancel cheque/copy of the passbook shall be forwarded to SBCO concerned along with other vouchers.
6] SBCO PA and supervisor while checking vouchers of closed accounts which were identified as INOP-Inoperative for more than 3 years, will check account details with Account Closure Form and copies of KYC documents of Account holder are attached with the voucher. If any shortcoming is noticed, objection should be recorded as per laid down procedure.
7] All Visiting/Inspecting Officers, while visiting/inspecting Head Post Offices, should invariable check the prescribed register “REGISTER FOR CTOSURE OF account identified as “INOP – Inoperative for greater than 3 years” and see that procedure prescribed above is followed scrupulously.
8] CEPT shall share fortnightly report with circle CPC (CBS)on details of accounts un-freezed from 0″INOP-lnoperative for greater than 3 years” reason code.
9] Circle shall get the report verified within a week with reference to the “REGISTER FOR CLOSURE OF account recognized as “INOP-Inoperative for more than 3 years” maintained on the Head Post Office and take applicable measures in case any discrepancy observed.
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