TRANSFER AND PLEDGE
Transfer of Accounts
(1). An account opened under these rules may be transferred from one Accounts Office to another Accounts Office, whether under the same Government Savings Bank or another, anywhere in India by submitting an application in Form-5/SB-10(b), along with prescribed fees, Rs. 100/- + GST, as notified from time to time along with the passbook or savings certificate (issued prior 01.07.2016) in original to the Accounts Office where the account is maintained or to the Accounts Office where the account is intended to be transferred.
(i) Transfer is not allowed in the following cases.
(a) After the death of the depositor.
(b) After an account has been ordered to be closed.
(c) A silent Savings Account.
(ii) The following cases not to be treated as transfer, as being done due to administrative reasons.
a. Accounts opened in APS and subsequently transferred to Post Office.
b. Accounts frozen under SCWF Rules- 2016 and closed at respective HO.
c. Discontinued schemes’ accounts/certificates closed at respective HO.
d. Any other type of account closed in HOs due to administrative/technical ground.
Note 1: A discontinued RD account can be transferred from one post office to another. RD account whether discontinued or not can be transferred even after the date of maturity.
Note 2: An account opened on behalf of a minor who has attained majority can be transferred after the ex-minor has furnished revised application form (SB-AOF) for further continuation of the account by him.
Procedure for Transfer of Account
(1) Application for Transfer: -
(i) A printed form for the application for transfer Form-5/SB-10(b) has been prescribed for the convenience of the depositors but the use of this form is not obligatory and application or transfer presented on the plain paper must not be refused merely because it is not in the prescribed form. The depositor has to submit fresh KYC documents while applying for transfer of accounts from one post office to another.
(ii) (a) When a depositor wants to have his/her account transferred, he must present his/her passbook with the application for transfer signed by him.
(b) If the depositor is illiterate, his/her mark or thumb impression/mark should be affixed to the application which should be attested by the signature of a witness as provided in the case of an application for withdrawal.
(i) A printed form for the application for transfer Form-5/SB-10(b) has been prescribed for the convenience of the depositors but the use of this form is not obligatory and application or transfer presented on the plain paper must not be refused merely because it is not in the prescribed form. The depositor has to submit fresh KYC documents while applying for transfer of accounts from one post office to another.
(ii) (a) When a depositor wants to have his/her account transferred, he must present his/her passbook with the application for transfer signed by him.
(b) If the depositor is illiterate, his/her mark or thumb impression/mark should be affixed to the application which should be attested by the signature of a witness as provided in the case of an application for withdrawal.
Note 1: - The attestation of the thumb impression/mark of the illiterate depositor should be
got done from the person known to the post office in the following form:
“The depositor is known to me and his/her thumb impression/mark has been affixed in my presence.”
Note 2: - The attestation of the signature if it does not agree with that of post office records should be got done in the following form from a person known to the Post Office:
“The depositor is known to me and has signed in my presence.”
(2). In the case of an account opened by an illiterate person and operated by a literate agent, the illiterate depositor himself should put his/her thumb impression on the application for transfer which should be attested by a person, (other than the literate agent) known to the post office.
(3). In the application for transfer of an account opened on behalf of a minor or a person of unsound mind the certificate “Certified that the depositor is alive this day” should be given.
TRANSFER OF ACCOUNT FROM ONE HO TO ANOTHER HO AND TO ANOTHER SO UNDER SAME HO OR UNDER DIFFERENT HO ON CBS.
Procedure in Head Office when request for transfer is received at HO: -
(i) Transfer of account/certificate from one CBS office to another or from post office to bank should also be done at HO level only. If the account stands at a Head office and if the application for transfer along with passbook and fresh KYC documents is presented at the Head office, the counter Assistant should see that the restrictions laid down in Rule 21(1) on transfer of accounts are not attracted. He/She should impress date stamp on the application for transfer and compare the signature on the application for transfer with the specimen signature in available in FINACLE using menu IES. If the signature does not tally with the specimen signature it should be got attested as laid down in the case of an application for withdrawal in the relevant rule. All the documents received from the depositor will be transferred to the Supervisor who will initiate the transfer in Finacle using HACXFSOL menu. On entering the account number, system will show the present SOL ID where the account stands open. In target SOL ID, supervisor has to enter the SOL ID of the office to which the account is to be transferred. Confirming all the entries made in the screen, supervisor will submit the transfer transaction. System will generate the instruction number. The supervisor will note the instruction number on the Form-5/SB-10(b). Another Supervisor of head office has to verify the same after which the account will be transferred to the target SOL ID.
Note: Transfer of account shall be done by the HPO only. Application can be submitted by the Depositor at any CBS Post Office (HO or SO). If application for transfer of account along with prescribed documents is presented at SO where the account stands or at other SO, the respective SPM shall send the application along with documents to their respective HO (Account Office of SO concerned) through account bag by entering in list of documents and details of such applications should be entered in a register to be maintained in manuscript. After receipt of transfer application at HO the HO will perform account transfer process.
(ii) The Counter PA will update the CIF of the depositor using the CMRC menu as per the latest KYC documents. Form-5/SB-10(b) and the KYC documents will be preserved in a separate guard file in the office where the account is transferred, which will be checked by visiting/inspecting authorities.
(iii) The Postmaster of the office to which the account is transferred has to ensure that the KYC documents as per the risk category have been obtained before allowing any transaction.
Note 1: If the account transfer request is submitted at the head office where the account stands, the Account Transfer Application (SB-10(b)), AOF along with KYC Documents shall be sent by Registered Post, to the transferee post office, after transferring the account in Finacle CBS System.
Note 2: If the account transfer request is submitted at the sub office where the account stands, Account Transfer Application (SB-10(b)), AOF along with KYC Documents shall be sent to its HO for transfer. HO will send the documents received from its SOs along with the documents at HO as prescribed in the above note 1.
(i) Transfer of account/certificate from one CBS office to another or from post office to bank should also be done at HO level only. If the account stands at a Head office and if the application for transfer along with passbook and fresh KYC documents is presented at the Head office, the counter Assistant should see that the restrictions laid down in Rule 21(1) on transfer of accounts are not attracted. He/She should impress date stamp on the application for transfer and compare the signature on the application for transfer with the specimen signature in available in FINACLE using menu IES. If the signature does not tally with the specimen signature it should be got attested as laid down in the case of an application for withdrawal in the relevant rule. All the documents received from the depositor will be transferred to the Supervisor who will initiate the transfer in Finacle using HACXFSOL menu. On entering the account number, system will show the present SOL ID where the account stands open. In target SOL ID, supervisor has to enter the SOL ID of the office to which the account is to be transferred. Confirming all the entries made in the screen, supervisor will submit the transfer transaction. System will generate the instruction number. The supervisor will note the instruction number on the Form-5/SB-10(b). Another Supervisor of head office has to verify the same after which the account will be transferred to the target SOL ID.
Note: Transfer of account shall be done by the HPO only. Application can be submitted by the Depositor at any CBS Post Office (HO or SO). If application for transfer of account along with prescribed documents is presented at SO where the account stands or at other SO, the respective SPM shall send the application along with documents to their respective HO (Account Office of SO concerned) through account bag by entering in list of documents and details of such applications should be entered in a register to be maintained in manuscript. After receipt of transfer application at HO the HO will perform account transfer process.
(ii) The Counter PA will update the CIF of the depositor using the CMRC menu as per the latest KYC documents. Form-5/SB-10(b) and the KYC documents will be preserved in a separate guard file in the office where the account is transferred, which will be checked by visiting/inspecting authorities.
(iii) The Postmaster of the office to which the account is transferred has to ensure that the KYC documents as per the risk category have been obtained before allowing any transaction.
Note 1: If the account transfer request is submitted at the head office where the account stands, the Account Transfer Application (SB-10(b)), AOF along with KYC Documents shall be sent by Registered Post, to the transferee post office, after transferring the account in Finacle CBS System.
Note 2: If the account transfer request is submitted at the sub office where the account stands, Account Transfer Application (SB-10(b)), AOF along with KYC Documents shall be sent to its HO for transfer. HO will send the documents received from its SOs along with the documents at HO as prescribed in the above note 1.
Note 3: If the account transfer request is submitted at the office other than the office where the account stands, the depositor has to submit fresh Account Opening Form along with Account Transfer Application (SB-10(b)), AOF along with KYC Documents. HO will maintain a register for all the accounts received for transfer in the following format.
Procedure in CBS Sub Post Office when request for transfer is received
(i) If the account stands at a departmental sub office and the passbook along with the application for transfer and KYC documents is presented at the sub office, it should be seen that the restrictions regarding transfer laid down are not applicable in the case and that the depositor has indicated on the transfer application form his/her full revised address. If there is any difference between the balance entered in the passbook and the ledger due to non-entry of some transactions in the passbook, the entries in the passbook should be completed and the correct balance noted in the passbook and the balance noted in the application for transfer corrected accordingly under the initials of the Sub Postmaster. The Sub Postmaster should compare the signature in the transfer application with the specimen signature available in FINACLE CBS Application and verify the balance noted/corrected in the application for transfer with that shown in the passbook and the HACLI menu in Finacle.
(ii) SPM should maintain a register of accounts transferred in manuscript and enter transfer application detail in a register and send transfer application with prescribed documents to its own HPO duly recommended on the day of its receipt.
(iii) HO, on receipt of application for transfer along with KYC documents shall transfer the account after due verification of signatures/KYC documents and balance in the system on the day of receipt and return the application and documents to SO duly signed and mentioning the date of transfer. SO shall enter date of transfer in the prescribed register. SO shall maintain a separate guard file to keep such applications which will be checked by visiting/inspecting authorities. If the account stands at a branch office in account with a sub office, the passbook with the application for transfer along with KYC documents will be received from the branch office and action as indicated above should be taken by the Sub Postmaster.
Transfer of account from CBS to Non-CBS Post office and vice versa.
Transfer of account from CBS Post Office to Non-CBS Post Office and vice versa is not allowed. However, Postmaster or Sub Postmaster of SO/FPO where transfer of account is applied will go to DMCC Chennai website to see list of CBS Post Offices and confirm that post office to which transfer is applied is a CBS Office or not. If SO is completely manual and unable to see the list, it will be the duty of HO that before issue of AT, list should be consulted and if that post office is already in the list of CBS Post Offices, AT should not be issued. In case transfer is sought from CBS to a non-CBS Post Office, Account holder should be advised to select a nearby CBS Post Office (from the list) and get account transferred or avail services of that CBS Post Office. In case transfer is sought from a non-CBS Post Office to a CBS Post Office, account holder should be advised to set his/her account transferred to a nearby non-CBS Sub Post office.
Pledging of an account.- (1) Where the provision of the Savings Scheme so permit, an Account may be pledged or transferred as security, on an application made by the depositor in Form 7 supported with acceptance letter from the pledgee.
(2) Transfer of an account under this rule may be made to-
(a) the President of India or the Governor of a State in his official capacity;
(b) the Reserve Bank of India or a Scheduled Bank or a Cooperative Society, including a Co-operative Bank;
(c) a Public or Private Corporation or a Government Company;
(d) a Local authority; or
(e) a housing finance company approved by the National Housing Bank and notified by the Central Government.
Provided that the transfer of an account opened on behalf of a minor or a person of unsound mind shall not be permitted under this rule unless the guardian of the minor or the person of unsound mind, as the case may be, certifies in writing that the minor or the person of unsound mind, as the case may be, is alive and that the transfer is for the benefit of the minor or the person of unsound mind.
(3) When any account is transferred as security under sub-rule (1), the authorised officer shall make the following endorsement in the record of the Account, including the Savings Certificate, namely:-
“Transferred as security to …..” .
(4) Except as otherwise provided in these rules, the transferee of an account under this rule shall, until it is re-transferred back under sub-rule (5), be deemed to be the depositor.
(5) An account transferred under this rule may, on written authority of the transferee, be re-transferred back with the previous sanction in writing of the authorised officer and when any such retransfer is made, the authorised officer of the accounts office shall make the following endorsement in the record of the account, including Certificate, namely:-
“Re-transferred to……”.
(6) A blind or a person with physical infirmity making him incapable of operating the account may pledge his deposit through any literate individual whom he authorises for this purpose under rule 11.
Transfer of an account: (Amendment)
Transfer of account shall be done by the HPO only. lf application for transfer- of account along with prescribed documents is presented at SO where the account stands or at other SO, the respective SPM shall send the application along with documents to their respective HO through account bag by entering in list of documents and details of such applications should-be entered in a register maintained in manuscript. After receipt-of transfer application at HO the HO will perform the account transfer process as prescribed in Rule 43(2) (a) of POSB (CBS) Manual
Click here for relevant SB Order No. 37/2020
