PAYMENT OF MATURITY VALUE OF MIS ACCOUNTS
The deposit made in a MIS account will be paid to the depositor on or after expiry of 5/6 years from the date of opening along with bonus equal to 10% of the amount of deposit in the accounts opened before 13.2.2006. (Maturity period of the scheme was 6 years for the accounts opened till 30.11.2011 and 5 years for the accounts opened on or after 01.12.2011.)
No bonus will be paid on deposits made in the accounts opened on or after 13.2.2006 up to 7.12.2007 and 5% bonus will be paid in the accounts opened on or after 8.12.2007 up to 30.11.2011. However, no bonus is admissible in the accounts opened on or after 01.12.2011.
Note: If the date of maturity falls on Sunday or postal holiday, the amount will be paid on next working day.
In case of death of depositor before maturity, account may be closed, and deposit refunded along with interest up to the month preceding the month in which refund is made. The nominee/heir cannot continue the account in his/her name.
Post maturity, simple interest at the rate applicable to savings accounts will be allowed from the date of maturity on the amount due inclusive of bonus if any on the date of maturity if maturity amount is not drawn on the due date. If interest is not drawn by the Depositor, no interest will be paid on such undrawn interest.
Procedure to be followed for closure
(i). The closure of account on maturity/pre-mature closure of account will be allowed only at the CBS Office where account stands. If closure is requested at any other CBS Post Office, the account has to be first transferred in by following the procedure laid down for transfer of savings account. The charges prescribed for transfer of accounts shall be collected from the Depositor. When depositor attends other post office for closure, then following procedure should be followed: -
(ii). Counter PA to verify signatures on SB-7A by following the procedure laid down for withdrawal from savings account. See that no unpaid interest is lying in MIS Sundry account. If it is there, first pay interest from the MIS Sundry Account. Invoke HCAACTD menu and first select trial closure. Show the closure amount to be paid to the depositor and get receipt side of SB-7A filled and signed by the depositor. If depositor wants to credit amount into Savings Account, ask depositor to write on the receipt portion “Please credit into my Savings Account No...............................”. If amount will be Rs.20000/- or above, closure amount can be paid either by credit to Savings Account or by Postmaster Cheque. In both cases, Counter PA has to select transfer option and enter either Savings Account of the depositor or office account 0340. Supervisor has to verify the closure by following the procedure laid down for closure of RD Account.
(iii). If the depositor wants his/her maturity amount to be credited into his/her Bank Savings Account, Counter PA shall enter ECS details into Finacle CBS application using CMISAM menu and Supervisor shall verify the same using his/her own login ID. Procedure laid down in Appendix – IV pertaining to ECS should be followed.
Note: Treatment of bonus payable in MIS account: The bonus payable under monthly income scheme shall be treated as interest.
MIS ACCOUNTS CAN BE CLOSED ONLINE USING POSB NET BANKING WITH EFFECT FROM 20/04/2024
