OPERATION OF ACCOUNTS
As per SB order No. 12/2021, the following amendments have been made in the operation of POSB accounts: :
(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.
Click here for SB Order No. 12/2021
(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.
Operation of account opened in the name of Minor / Person of Unsound Mind:-
(1). (i) An Account opened in the name of a minor shall be operated by,-(a) the guardian, if opened by the guardian;
(b) the minor, if opened by the minor.
Any minor of the age between 10-18 years, who opens account in POSB without guardian, has to submit revised account opening form (SB-AOF) on attaining the age of 18 years with fresh KYC documents. Otherwise, all transactions of such accounts will be frozen from the day he/she attains the age of 18 years.
(ii) Minor’s Accounts: - Only guardian can open account on behalf of a minor. Guardian in relation to a minor means: -
• Father or mother, and
• Where neither parent is alive, or where the only living parent is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.
(a). If an account is to be opened on behalf of a minor, the application form for opening the account should be submitted by the guardian of the minor. If only year of birth is known by the guardian and exact month and date of birth is not known, the 1st July of that year will be taken as Date and month of birth and in case only date is not known, 16th of the month will be taken as the date of birth.
(b) . The minor, on whose behalf account has been opened by the guardian, on attaining majority should fill in account opening form (SB-AOF) duly attested by the guardian and present his/her Identification/Address proof and photograph to post office where account stands. If he/she desires to continue the account, a following additional declaration is required to be given on plain paper in manuscript: -
“I further declare that I have/I shall have, after the expiry of one month from the date of my attaining majority, not more than one account standing in my own name at any Post Office Savings Bank. In the event of this declaration proving incorrect, I shall be liable to forfeit interest from the date of my attaining majority to the date of closure of all such accounts found open in any Post Office”.
The declaration should be attested either by the person who was operating the account or by a trustworthy person known to the Post Office. (c). The revised SB-AOF along with KYC Form (SB-KYC) and KYC documents including separate declaration shall be taken and SB-AOF along with KYC Documents and declaration if any should be kept in the post office in A4 size Guard File. KYC Form (SB-KYC) should be sent to Circle Processing Centre (CPC) for further processing.
Provided that from the date of receipt of SB order 13/2019 dated 18.12.2019 minor account through guardian account cannot be opened if that minor has already opened savings account in any post office in his/her own name.
(2). In the event of the death of the minor or a person of unsound mind, the eligible balance shall be paid to the nominee:
Provided that in case of accounts opened before the 1st April, 2018, wherein no nomination was permissible, the eligible balance shall be paid to the guardian.
(3). In the event of death of the guardian, the succeeding guardian shall be eligible to operate the account of the Minor or the person of unsound mind, as the case may be.
Note 1: Once the minor attains majority, the status of account will automatically be shown as “freeze” in FINACLE CBS Application. During the next transaction, in CMRC menu option, in account modification option, “mode of operation” to be changed to 012- self to enable the ex-minor to operate the account independently.
Note 2: A Joint Account in the name of a Minor and an adult shall not be opened.
Accounts opened on behalf of persons of unsound mind through Guardian: -
(i) An account may be opened on behalf of a person of unsound mind under the conditions mentioned in rule 5(6) of the Government Savings Promotion Rules 2018 vide GSR No 1003(E).
(ii) An account opened on behalf of a person of unsound mind by a manager or guardian appointed by a Court of Law or the Superintendent of a Mental Hospital, may, in the event of the court or the Superintendent of Mental Hospital subsequently declaring such person of unsound mind to be sane, be operated by the ex-lunatic on his/her furnishing the following additional declaration in addition to a fresh account opening form (SB-AOF) ,“I further
declare that I have/I shall have, after the expiry of one month from the date of my becoming sane, not more than one account standing in my name at any Post Office Savings Bank. In the event of this declaration proving in-correct, I shall be liable to forfeit interest from the date of my being declared sane to the date of closure of all such accounts found opened in
any post office”.
(iii) In case of persons with autism, cerebral palsy, mental retardation and multiple
disabilities as defined in Section 2 of mental retardation and mental disabilities act 1999, an
account can be opened and operated through guardian. A certificate from medical
Superintendent or Civil Surgeon or Chief Medical Officer of the Central or State Government
shall be submitted at the time of opening of account.
(iv) The revised SB-AOF along with KYC Form (SB-KYC) and KYC documents
including separate declaration if given should be kept in the post office in A4 size Guard File.
Duplicate KYC Form should be sent to Circle processing Centre (CPC) for further
processing.
Operation of account by depositors suffering from physical infirmity or by differently-abled persons (including persons with autism, cerebral palsy and mental retardation)
(1). A depositor who suffers from any physical infirmity or is with differently-abled conditions, making him incapable of operating the account himself, may at the time of opening of account or subsequently, operate, including withdraw, his/her account through any literate individual whom he authorises for this purpose:
Provided that such authorisation, along with the extent of authorisation, shall be made in writing by the depositor to the authorised officer of the Post Office, together with attested specimen signature and photograph of authorised individual.
(2). Authorisation given under above rule (1) may be withdrawn or varied at any time by the depositor by submitting a fresh authorization.
