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General_Unclaimed_Accts

 HANDLING OF UNCLAIMED ACCOUNTS AND SAVINGS CERTIFICATES



Vide SB Order No. 8/2019, Department of Posts has published the Standard Operating Procedure for disposal of unclaimed accounts and savings certificates.  As per the Senior Citizens Welfare Fund Rules 2016, unclaimed accounts/certificates in small savings schemes are to be identified and balances of these accounts/certificates are to be transferred to the Senior Citizen Welfare Fund established by the Central Government. Following criteria has been decided by MoF (DEA) for treating an account/Certificate as unclaimed:-

Sl.No

Category

Period

1

1,2,3,5RD, MIS, NSC, KVP, S5A

10 years from  the  date of maturity

2

NSS- 87 & NSS-92

10 years from the date of last withdrawal

3

RD (Not extended)

10 years from the date of maturity

4

RD (extended with deposits)

10 years from the revised dates of maturity

5

RD (extended without deposits)

10 years from the revised dates of maturity

6

SCSS (Not extended)

10 years from the date of maturity

7

SCSS (extended)

10 years from the extended date of maturity

8

Savings Accounts (Any type)

10 years from the last transaction F/Y

9

PPF (If not extended or closed after maturity)

10 years from the date of maturity

10

PPF (If extended after maturity)

10 years from the revised date of maturity

11

Discontinued Schemes/Accounts/certificates

10 years from the date of maturity

10 years from the date of discontinuance.

  • Every year as on 30th September, accounts certifying the above criteria will be identified centrally in Finacle (National level) and frozen. 
  • A list of such accounts shall be published in the official Website. 
  • Circles should download the list relating to their Circle and details shared to the concerned post offices.
  • Post offices shall display the details in their office notice board and contact the concerned customers at least two times within a span of sixty days from the date of displaying the details on their office notice board.
  • If any of these depositors attends the post office with passbook or certificate, they will be requested to contact the concerned Head Post office along with their KYC and two witnesses alongwith their KYC.
  • At HPO, the Head Postmaster will confirm whether the account/certificate has actually been lying frozen and thereafter verify the KYC documents.  If he is satisfied, he will record "Closure Allowed' on the Closure application or on the Savings certificate.  He will also attest the KYC documents of Depositor and two witnesses.
  • The HO supervisor will thereafter unfreeze the account and another Supervisor will verify it in Finacle. 
  • The account/certificate will thereafter be closed as per the prescribed procedure. 

HANDLING OF MATURED ACCOUNTS  NOT CLOSED EVEN AFTER 3 YEARS:


As per SB Order No. 25/2022, all MIS/TD/RD/NSC/SCSS/KVP accounts which have matured but not closed even after 3 years as on 30.9.2018 are to be freezed. After freezing, if any of the depositor attends the post office for closure along with passbook/certificate, he will be requested to produce KYC documents  ( Mobile Number, PAN card, Aadhar and identity proof ) and account closure form furnishing the SB account number of Bank a/c number with IFSC code for crediting the maturity amount.

lf the documents are presented at the SO, it will be forwarded to HO after confirming the details of the account and tallying the signature of the depositor.

At HO, the designated PA and APM(SB) shall verify the details and the documents produced in Finacle and unfreeze the accounts by two supervisors.

After unfreezing the account, action for closure will be taken as prescribed.  The maturity value will be credited to the SB/Bank account of the depositor.