BASIC SAVINGS ACCOUNT
As per SB Order No.8/2021, Zero balance accounts can be opened by the beneficiaries of Government Welfare schemes. These accounts are called Basic Savings Accounts. The salient features of these accounts are :
i) A registered adult member of any Government Welfare Scheme can open Basic Savings Account at any Post Office including GDS Branch Post Offices.
ii) A guardian of a minor whose name is registered for any Government Welfare Scheme can also open Basic Savings Account on behalf of minor.
iii) Only one Basic Savings Account can be opened by the beneficiary and guardian of beneficiary.
iv) Any Government benefit and any other deposit can be made in these accounts.
The depositor who desires to open Basic Savings Account has to provide copy of letter / card issued by a competent authority of any State or Central Government Department mentioning name of beneficiary under any welfare scheme and copy of letter / Aadhaar card issued by UIDAI.
v) Basic Savings Account will be governed by Post Office Savings Account Scheme
2019 & Government Savings Promotion General Rules,2018.
vi) Only a single account can be opened under Basic Savings Account.
vii) The depositor who desires to open Basic Savings Account under this category has to provide copy of letter/card issued by a competent authority of any State or Central Government Department mentioning name of beneficiary under any welfare scheme, copy of letter/ Aadhaar card issued by UIDAI, Account Opening Form & KYC form.
viii) The postmaster concerned will compare copy of this document with the original under his/her dated signatures.
ix) While opening Basic Savings Accounts, scheme code and registration/enrolment/reference number of the beneficiary contained in letter/card issued by competent authority of any State of Central Government or letter/card number and date should be entered in the field provided for entering Job Card No. in Finacle/Sanchay Post and Aadhaar no. of the beneficiary.
x) All other formalities applicable to PO Savings Account i.e. Specimen Signature, issue of PR in GDS Branch Post Offices, issue of passbook etc. should be followed.
xi) Interest will be calculated and credited in Basic Savings Accounts by following the normal procedure laid down for PO Savings Account.
xii) All existing Basic Savings Account will also be incorporated and treated as Basic Savings Account.
xiii). All existing Zero Balance Accounts opened either under NREGS module of Sanchaya Post or opened manually for NREGA Workers or Indira Gandhi National Old Age/Widow/Disability Pensioners are treated as “Basic Savings Accounts”.
xiv). If any Basic Savings Account Holder who does not have any other PO Savings
Account, desires to avail facilities like Cheque Book, ATM Card, eBanking, mBanking may avail, subject to fulfilment of eligibility conditions for these services. For the purpose, minimum balance of Rs. 500/- is to be maintained by account holder and Basic Savings Accounts may be converted in to PO Savings Account.
xv) The account maintenance fee of RS.50/- will not be deducted in respect of Basic Savings Accounts.
xvi) Where circle received proposal from State Government for bulk account opening under any Governments Welfare Scheme, Circle may proceed for bulk account opening after taking list of beneficiaries, AOF, KYC form, Aadhaar from respective State Government/Beneficiaries.
xvii) An individual can open a Savings Account along with another Basic Savings Account.
For Gazatte Notification and SB Order No. 8/2021, click here.....
