REGULARIZATION OF ACCOUNTS OPENED IN CONTRAVENTION OF POSB RULES.
Vide SB Order No. 5/2024 dated 21.08.2024, orders have been issued for regularisation of accounts opened in contravention of POSB Rules under various POSB Schemes: The following categories of accounts are covered :
NSS-87 :
Accounts opened prior to DG Posts'Order. No. 35-19/9GSB- lll dated 02.04.1990:
NSS-87 : Accounts opened atter DG Posts' Order. No, 35-19/90-SB-lll dated 02.04.1990:
Only the first two irregularly opened account will get the benefit of regularisation
NSS-87 : Accounts opened atter DG Posts' Order. No, 35-19/90-SB-lll dated 02.04.1990:
Only the first two irregularly opened account will get the benefit of regularisation
PPF: (Also see Menu-PPF Irregular Accounts)
1. Accounts opened in the name of a Minor
2. More than one account opened in the name of a single depositor.
3, Extension of account by NRI.
SSA: (Also see Menu-SSA Irregular accounts)
1. Regularisation of accounts opened by grand parents other than guardian
2. More than two accounts opened in a family.
Small Savings scheme account opened under the name of a mlnor (Other than PPF and SSA)
Such irregular accounts may be regularised with simple interest. The interest rate for calculation oI simple interest on the account should be the prevailing POSA rate.
The power to regularize irregular small savings accounts is vested with Ministry of Finance only' hence all cases of regularizing irregular accounts should be lorwarded to this Division lor onward submission to the Ministry of Finance
Only on receipt of the concurrence of Budget Division, DEA, Ministry of Finance for regularization of irregularly accounts opened under various National Small Schemes, the Offices shall settle those accounts following the above guidelines.
For detailed guidelines on the above points, please go through the above SB Order
Click here for the relevant SB Order No. 5/2024
