REVISED SB ORDERS: 22-29

SB ORDER dt 24.11.11	SCHEME	FEATURE	EXISTING	REVISED w.e.f. 01.12.2011	REMARKS AND ACTION TO BE TAKEN
22	KVP	CERTIFICATE ISSUE	Available	Discontinued	Existing stock to be returned from SO to HO and from HO to CSD after 30.11.2011
23	NSC	PERIOD	6 year	5 year	Rubber stamp to be affixed in NSCs about new period and maturity value.
		MATURITY VALUE	Rs.160.10 for Rs.100 Dn	Rs.150.90 for Rs.100 Dn
		10 YEAR NSC IX ISSUE	Not Available	Available	Features not mentioned now.
24	PPF	MAXIMUM SUBSCRIPTION LIMIT	Rs.70,000 per annum	Rs.1,00,000 per annum
		INTEREST RATE	8 % p.a	8.6 % p.a	New interest applicable for balance at credit in account from 01.12.2011
		LOAN INTEREST	1% p.a	2% p.a	1 % p.a Int will continue for Loan taken before 30.11.11
25	MIS	PERIOD	6 year	5 year	Rubber stamp to be affixed in PB about the new features
		INTEREST RATE	8 % p.a	8.2 % p.a
		BONUS	5 % on pri.	Discontinued
26	SB	INTEREST RATE	3.5 % p.a	4% p.a	New interest applicable for balance at credit from 01.12.2011
27	TD	PMC (from 6 months to 1 year)	No interest	SB Interest	For accounts closed on or after 01.12.2011
		PMC deduction	2 % Int less	1 % Int less	Refer Rule 8 and rate table in Rule 7 of POTD rules
	1 TD	INTEREST	6.25 % Q.C.I	7.7 %   Q.C.I	Interest applicable for accounts opened on or after 01.12.11 (Q.C.I-Quarterly Compounded Interest)
	2 TD	INTEREST	6.5 %   Q.C.I	7.8 %   Q.C.I
	3 TD	INTEREST	7.25 % Q.C.I	8.0 %   Q.C.I
	5 TD	INTEREST	7.5 %   Q.C.I	8.3 %   Q.C.I
28	RD	MATURITY VALUE	Rs.728.90 for Rs.10- Dn	Rs.738.62 for Rs.10- Dn	Proportionate value for other Denominations
29	AGENT COMM	PPF	1 %	Discontinued	Applicable for deposits made on or after 01.12.11
		SCSS	0.5 %	Discontinued
		MIS,TD,NSC	1 %	0.5 %
		RD (MPKBY)	4 %	4 %

Points to remember for Cheque Deposits:

• Investment in KVP through Cheque should not be accepted w.e.f. 28.11.2011. If any cheque presented before 28.11.2011 is cleared after 30.11.2011,  the amount should be refunded to depositor. 
• After 25.11.2011 while accepting cheques for opening MIS, rubber stamp should be affixed on counterfoil “No Bonus shall be payable if cheque is credited to Govt. Account after 30.11.2011 
• Rate of interests applicable according to the Date of Clearance of cheque.

 courtesy: sapost.blogspot.com

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Posted in CBS,DoP Orders,POSB Rulings

Postal Bank and Postal ATM

Postal Bank and Postal ATM

Department of Posts is going to introduce Banking service through Post Offices. All post offices will also work as  Post Banks. ATMs will also be introduced along with Postal Banks.

Department of post is going to launch post bank and prepaid card scheme very shortly all the regional heads of all circles have been directed to personally identify and expedite the manner of installation of ATM,s in Head post offices. RBI approval and License is awaited. As part of core banking process all existing accounts are now updated in computers. The circle heads are frequently stressed to complete the signature scanning of all A/c holders as early as possible. A centralized server possibly at Ghaziabad is proposed to be constituted  which will automatically extract data from all HO & SO as when the counter clerk enters a transaction. The role Of SBCO will be minimized. The preservation of records at all Hos  will be considerably reduced.

Under Prepaid card scheme which is to be launched in collaboration with banks,. all expenses are to be borne by banks. Cards will be issued to customers who have Savings account only and later expanded to other customers. With help of card one can withdraw money in POs/ Any ATM/make purchase in any merchant outlets. A minimum charge will be levied for each operation. Minim um load is Rs 1000 maximum reload to card is Rs50000. Maximum withdrawal is 10000 per day and only four times can a card be used in a single given day.
Source: www.imyideas.com

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Posted in CBS No comments

Treating of Old RD Accounts in c/w CBS

Subject: Treating of

Old RD

accounts in c/w CBS-reg.

                        Ref: RO SK/CBS/Review Meeting dtd 04.02.2011

                                                             * * * * * * *

            Refering to DO letter No. SK/CBS/9-1/CBS/Dlgs/KW dated                                02-02-2011 of DPS(SK) & above mentioned instruction regarding completion of preparatory work to CBS in c/w implementation of Core Banking Solutions in Department of Posts wherein you are suggested to charge the amount of RD discontinued accounts which are opened between 1980 and 2004 to UCR.  

2.         As per Rule-115 (1) (ii) of POSB MAN VOL I, if the maturity value of a discontinued RD account is retained after the date of maturity, post maturity simple interest at the rate applicable per annum for a full completed year and at SB rates for completed months if the period is less than a year will also be paid on the value payable on the date of maturity. The post maturity interest may be paid up to a maximum period of 5 years from the date of maturity of the account. 

3.         In view of above, the following guidelines are issued for necessary action:

i.              RD discontinued accounts which are opened prior to 01-01-2001 may be taken for closure and crediting of amount to UCR.

ii.            Interest may be calculated as per provisions in r/o all such RD discontinued accounts before crediting to UCR & entire amount (principal + interest + post maturity interest etc.,) may be credited to UCR.

iii.           Maintain necessary records for future reference.

iv.           If any claim is received on later date, amount charged to UCR may be paid to the depositor/claimant by per contra adjustment.  

v.            Other procedure if any may be followed scrupulously.

vi.           These actions should be completed before 15.02.2011 without fail.

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Posted in CBS No comments