CLOSURE OF SAVINGS ACCOUNTS
(1). Procedure in Head Office/Sub Office:-
(i). When a depositor wishes to close his/her account, he should present or send his/her Passbook with Account closure form (SB-7A) for the withdrawal of the balance plus interest at his/her credit. If account is a cheque account, all unused cheques leaves should also be presented along with SB-7A.
(ii). If the depositor does not attend the post office himself for payment, the counter Assistant should see that the name and signature of the agent (in case of account operated through agent by illiterate/blind/physically handicapped/person of unsound mind with authority in writing in guard file along with SB-AOF) has been entered in the space provided for the purpose in the form and signatures of depositor are available below the signatures of agent. In case of Joint B Type account, the account can be closed by any of the depositors or survivor(s).
(iii). The Counter Assistant should collect all unused cheques if it is a cheque account and ATM card if issued to the Account Holder. The Counter Assistant should cancel the Standing Instruction if any given by the depositor and mark unused cheque leaves as ‘SPOILED’ in CBS Finacle System.
(a). If the ATM card is issued to only one account, hotlist and verify, then close and verify the ATM card in CCMM menu. Ensure that card number is selected during verification option. Then again check in inquire function of CCMM menu whether the card status is closed, if so, proceed with Savings account closure.
(b). If the ATM card is issued and linked with multiple accounts, then delink all the secondary accounts mapped to the ATM card and check that only one account should exist in CCMM menu- inquiry function. If so, proceed for closure of the card in CCMM menu – modify function and verify the same. Ensure that card number is selected during verification option. Then again check in inquire function of CCMM menu whether the card status is closed, if so, proceed with Savings account closure.
(c). If the ATM card is issued and linked with multiple accounts and Depositor desires to close only one account, then delink that particular account mapped to the ATM card in CCMM modify function and verify. Counter Assistant shall check that the account does not exist in CCMM menu- inquiry function, then proceed with closure of that particular Savings account.
(d). Ensure entries done in CCMM menu by Counter Assistant is verified by the Supervisor, on the same day without fail.
(iv). The counter Assistant should take action as in the case of normal withdrawal in the manner as laid down in the relevant rule above except that entry will be made in the HCAAC menu of FINACLE CBS Software. Counter Assistant shall hand over Account Closure Form SB-7A to Supervisor after writing Transaction ID on the right-hand upper corner prefixed with scheme name i.e., SBXXXXXX along with unused cheque leaves and ATM Card.
(v). Supervisor should login into CBS Application and see the transaction details in the relevant account closure menu. Supervisor, using his/her login ID will validate the transaction in HCAAC menu after verifying the signature (s) in the CBS application and return the documents to the Counter PA along with Account Closure Form duly signed on warrant of
payment.
(vi). All unused cheques and ATM Card collected by Counter PA if any should be sent to SBCO. SBCO shall follow the procedure prescribed for unused cheque leaves for the ATM cards of closed accounts.
(vii). The Counter Assistant should follow the procedure as laid down for withdrawal of more than Rs. 5000/- to obtain receipt of the depositor/agent on the warrant of payment, compare the signature with the application side and pay the amount as per mandate given by the depositor in the Account closure form and return the closed Passbook to the depositor/agent after obtaining the receipt of Passbook on the warrant of payment by adding the word “The closed Passbook returned to me” under the heading’ Acquittance’. The remark “Account closed” should also be made on the first page of the Passbook and all unused pages in red ink.
Note 1: Account Opening form (SB-3/AOF) of closed accounts are to be attached with account closure form and sent to SBCO. Wherever KYC documents are attached with AOF, CIF Number and Account number should be written on the top of the KYC documents and KYC documents are to be retained in Post office in the same guard file at same place with remarks “Account closed on ............and SB-3/AOF transferred to SBCO”. SB3/AOF should be detached from KYC documents and sent with account closure form to SBCO.
Note 2: Wherever SB-3 /AOF is not traceable after making all efforts, SPM/APM shall write on the top of the Account Closure/Premature Closure form “Original SB-3/AOF is not traceable after making all efforts” and put signature. No fresh/revised AOF is required in such cases. In-Charge, SBCO concerned shall keep watch on such post offices which are in the habit of not attaching original SB-3/AOF and giving above certificate on account closure/premature closure form and will report to Divisional Head concerned about that post office for such irregularity. Divisional Head concerned will conduct an inquiry for non- preservation/maintenance/tracing of such an important record i.e. SB-3/AOF in that post office and take necessary action against erring official(s).
Note 3: If the depositor does not have the ATM Card or unused cheque leaves of his/her cheque account, he/she shall submit an application stating the reason for non-submission of ATM Card / unused cheque leaves. Counter PA shall mark unused cheque leaves as ‘SPOILED’ and application shall be attached to the Account Closure Form.
(2). Closure of Account in office other than office where account was opened
If a depositor wants to close account at the post office other than the office where account was originally opened, the depositor may be asked to fill the form for Transfer of Account along with KYC documents and prescribed fee for transfer of account. Procedure laid down for transfer IN in the relevant rules should be followed, after transfer of account through concerned Head Post Office account is closed, the account transfer Form should be sent to SBCO along with Account closure Form. In such cases PAYMENT SHOULD NOT MADE BY CASH.
Note: - In case of accounts closed at other SOL (other than the account office), Account Transfer form along with KYC documents are to be attached with account closure form and sent to SBCO.
(3). Closure of account without Passbook:
(i). If the Passbook of a depositor who wishes to close his/her account is not forthcoming, the depositor should be requested to give an application stating the reason why the Passbook is not available along with KYC documents at the office where the account stands. The signature on the application should be compared with the specimen signature on record.
(ii). If the depositor’s application is submitted at the Sub Office, the Sub Office shall forward the application along with the application for closure of account after duly verifying the signature, KYC documents and other particulars to the Head Postmaster concerned.
(iii). The Head Postmaster may authorize the closure of such an account provided he is satisfied as to the identity of the depositor. When the account is closed a remark “Closed without production of the Passbook” should be made in the warrant of payment under
Postmaster’s dated signature and the application of the depositor should be pasted to the warrant of payment.
(iv). Then, the warrant of payment shall be returned to the Sub Post Office for closure of account and payment to the Depositor.
