Small financial savings scheme maturing? Reinvestment course of defined right here

To keep away from any confusion, India Post in a round has reiterated the provisions out there for re-investment of maturity worth of any National (Small) Savings Schemes for opening of recent account/buy of certificates both by account holder instantly or by way of brokers

“This office is receiving lot of queries/representations from SAS agents regarding re-investment of maturity value of any of the National Savings Schemes for opening/purchase of new account/certificate,” India Post stated in a round.

For re-investment of full maturity worth or half thereof both by account holder instantly or by way of SAS agent, the account/certificates holder has to both keep or open a brand new Post Office Savings Account within the publish workplace, India Post stated.

Also, the re-investment might be made both for the quantity equal to or much less quantity and as much as maturity worth credited.

The reinvestment can solely be made beneath identical CIF (Customer Information File or buyer ID) and within the identify of account holder/one of many joint holders/minor beneath the guardianship of the account holder i.e. The account holder (s) of the matured account shall be the only account holder or one of many joint account holders or the guardian of the minor / particular person of unsound thoughts because the case could also be, of the brand new account opened beneath reinvestment, India Post stated.

Procedure of reinvestment by account holder (Direct Reinvestment), based on India Post

i) If an account holder needs to re-invest the maturity worth of his/her National (Small) Savings Scheme both in full or half thereof, he/she shall submit account closure type (SB-7A) for the matured account, passbook and withdrawal type(SB-7) or POSB cheque of his/her Post Office Savings Account at involved publish workplace. Further he/she shall submit the Account Opening Form (AOF) with pay-in-slip for the brand new account to be opened.

ii) If he/she has not supplied his KYC paperwork as per provisions out there in GSPR-2018 and KYC pointers issued once in a while, he/she shall additionally submit up to date KYC paperwork together with above paperwork.

iii) In acquittance portion of account closure type (SB-7A) or bottom of preprinted KVP/NSC, account holder shall write ‘Credit maturity worth into my Post Office Savings Account No. ………………” and signal.

iv) In acquittance portion of withdrawal type (SB-7) of Post Office Savings Account or on the bottom of POSB cheque, account holder shall write ‘For Reinvestment in ________ scheme in lieu of closed A/c No. ………….. for Rs. ……………… and signal’.

v) The counter PA of publish workplace shall verify paperwork acquired and if all paperwork are so as, comply with the process as prescribed within the guidelines for closure of an current account and switch maturity worth into the account holder’s Post Office Savings Account.

vi) Supervisor shall confirm the closure of account.

vii) After closure of account, counter PA shall open new account beneath account holder/minor CIF and through account opening, funding of quantity talked about in withdrawal type(SB-7) or POSB Cheque shall be carried out from account holder’s Post Office Savings Account.

viii) Supervisor shall confirm the brand new account opening and funding of account.

ix) Counter PA shall present passbook of the brand new account opened to the account holder.

Subscribe to Mint Newsletters * Enter a sound electronic mail * Thank you for subscribing to our e-newsletter.

Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!