TYPES OF ACCOUNTS
Types of accounts:
(1) An Account may be opened either as a Single Account or as a Joint Account.
(2) On the basis of mode of operation, Joint Accounts shall be of two types, namely:-
(i) Joint ‘A’ type , to be operated by all the depositors or the surviving depositors jointly; and
(ii) Joint ‘B’ type , to be operated by any of the depositors or the surviving depositors severally.
(3) An account opened as a Single Account cannot be subsequently converted into a Joint Account or vice versa.
(4) A depositor in a single account under a Savings Scheme desirous of opening a joint account under the same Savings Scheme may do so subject to the overall ceiling on the amount of deposit or the number of accounts, applicable to that Savings Scheme.
(5) A depositor in a Joint Account under a Savings Scheme, desirous of opening a Single Account under the same Savings Scheme, may do so subject to the overall ceiling on the amount of deposit, and the number of accounts, applicable to the Savings Scheme.
GSPR-2018
Amendment:
Provided that, conversion of Joint Account into single account shall be allowed only in case of a single surviving Joint Account holder.
Change of name or surname may be allowed by the account office by following the procedure laid down by Reserve Bank of India for change of name or surname in Bank Savings Account
Change of name can be done at HO only. See SB Order No. 24/2022
(il. All the operations of account including closure, issue of duplicate passbook and transfer of account etc shall be allowed to be carried out by either of the joint depositors or survivor in case of Joint B Type account in respect of all the schemes except Senior Citizens Savings Scheme under National Savings Schemes.
(ii). In the Application for transfer of account / certificates in case of Non'CBS Post Offices and transfer to Branch Post Offices, the signatures of all the depositors in a Joint Account either "A" type or "B" type, shall be obtained, as there is a need for specimen signatures of all the depositors.
(iil). In case of SCSS Account, since the whole amount of deposit is attributable to the first account holder only as per Rule 3(6) of Senior Citizens' Savings Scheme 2079, only withdrawal of quarterly interest shall be allowed to be carried out by either of the joint depositors or survivor in case of Joint B Type account. In respect of remaining operations of Joint B Type SCSS Account, either the first account holder may do all the operations or the signature of the first account holder is mandatory in all application forms of various operations of account.
(iv). In case of request for issue of ATM Card /activation of EB/IVIB for Joint B Type Savings Account, separate application form (SB'ATMI) shall be obtained from each of the Joint Account Holders.
