Initial deposits in a newly opened SB account can be made by different methods other than cash

(1). When an account is opened by cheque, the procedure detailed below will apply. 

Commission on outstation cheques wherever applicable will be recovered in cash / debited from the savings account from the depositor and accounted in respective GL.

(i) Scrutiny of cheques at HO/SO/BO: Counter PA/Postmaster accepting a cheque for deposit must ensure that

(a) Cheque is not post-dated or out-dated (Cheque date should be less than 3 months old)

(b) No corrections or overwriting has been made on the cheque.

(c) Cheque is CTS compliance bearing MICR Code.

(d) Cheque should be complete in all respects.

Counter PA has to verify the details of cheque w.r.t. to points (a) (i) to (iv). At the end of counter hours, Counter PA will prepare a list of cheques (SB-51) for clearance and submit the list supervisor for countersignature. SPM will verify the details of the list with each cheque and upon scrutinizing all the cheques, one list along with cheques will be forwarded to HO for clearance.

Note: SO should forward all the cheques for clearance to HO only and SO should not clear any cheque in the local clearing house/banks. SO should also include the cheques received from BO under its jurisdiction.

(iii) Acceptance of cheque at BO:  Procedure for acceptance of cheque at BO and its disposal is as prescribed below.

Note: -The cheque should be drawn in favour of either the Postmaster of concerned HO to whom the application for opening of account (SB-AOF) is presented or in the name of depositor. If the cheque is drawn in favour of the Postmaster by the depositor or by a person other than the depositor, it must be endorsed on its back as, “For opening of ......... account in the name of ........................................ (Signature of drawer).” In case the cheque is drawn in favour of depositor, it must be endorsed by the depositor for payment to Postmaster on its back as,” Pay to Postmaster ..................................... PO for opening of ................... Account in the name of ........................... (Signature of depositor).”

(2). Head Office/Sub Office: - If cheque is tendered for opening of account, Account Opening Form (SB-AOF) should be scrutinized as per provisions laid down in relevant Scheme Rule and cheque will be examined in the manner laid down in the relevant Rules. Once it is satisfied that customer is eligible to open account and has submitted all relevant documents, a receipt in the counterfoil of the pay-in-slip for the cheque will be issued to the depositor. The SB-AOF, SB-KYC i.e., KYC Form (if submitted) along with KYC documents and pay-in-slip should be kept securely by the supervisor. Cheque or image of the cheque as the case may be should be sent for clearance as laid down in Appendix-III of this manual and once credit is received in office account (SOL ID+0382) of respective post office, the account should be funded against that credit. All other procedure will be same as laid down for the account opened by cash.

Note 1: -In respect of all National Savings Scheme accounts, the date of realization of cheque will be taken as the date of deposit (Value Date).

Note 2: -After acceptance of cheque, the cheque clearing process will be followed as prescribed in Appendix – III.

(1). When initial deposit is made by transfer of funds from an existing Savings Account following procedure should be followed: -

(i) When fund transfer from existing account is requested by the depositor for opening of another account, the customer must present POSB Cheque or withdrawal Form from the savings account standing in the same post office, from which funds are to be debited or withdrawn. The Counter PA has to follow the procedure laid down in the relevant Rule for allowing withdrawal and select transfer mode while funding the new account. Counter PA should then enter the Savings Account number and POSB Cheque number in the FINACLE CBS Software in the relevant menu as debit account. Transaction ID generated by FINACLE CBS should be written on right hand corner of POSB Cheque or Withdrawal Form by Counter PA prefixed by word “SB”. Counter PA will submit relevant documents to Supervisor who will also follow the procedure laid down in the relevant Rule for verifying withdrawal. Once Supervisor is satisfied, he/she will verify the transaction and the relevant Savings account will be debited and the new account will be credited.

(2). Whenever any amount is credited on transfer in any Post Office Savings Account at the time of any type of payment like interest, loan or matured value of any account / savings certificate, on the basis of request of the depositor in the withdrawal form / savings certificate, the pay-in-slip in SB-103 for the amount so transferred into the PO Savings  Account shall be prepared by the Counter PA and duly signed by the Supervisor / APM / DPM / SPM.

(1). Deposits in an account may be made in any of the following forms, namely: -

(i) in cash in Indian rupees; or

(ii) by means of a crossed Cheque, a Demand Draft or a Pay Order drawn in favour of the authorised Officer of the Accounts office; or

(iii) by submitting a signed withdrawal Form in respect of a savings account standing in the same Office; or

(iv) by electronic transfer permitted by the Reserve Bank of India in respect of similar transactions in commercial banks.

Note: In case of an account standing at any post office with CBS platform deposit may be made at any other post office with CBS platform within the limits prescribed from time to time.

For deposit of cash in an existing account, the account holder should come either personally or through any other person. Cash along with Pay-in-slip will be presented at the counter. Counter PA should first enter account number in the relevant menu of FINACLE CBS software and validate that account is active. Counter PA will count the cash and tally it with the entry made in the Pay-in Slip. Counter PA should go to CTM menu in the FINACLE CBS software, verify the details of pay-in-slip with system details and enter the amount deposited and submit. Transaction ID generated by CBS should be noted on the right-hand corner of the Pay-in-Slip prefixed by scheme name e.g SB-IN123456, RD-IN123456 etc. Once he is satisfied that cash is tallied, initial on the counter foil and return it to the depositor duly date stamped. If amount of deposit is up to Rs.5000/- customer should not be asked to wait and Passbook can be updated instantly without verification by Supervisor. If deposit is more than Rs.5000/-, Pay-in-slip should be handed over to supervisor for verification. Supervisor will go to CTM menu with his/her own login ID in CBS and select verify function and enter Transaction ID. Details of the transaction done by Counter PA will be displayed and tally all the particulars available on the pay-in-slip with Finacle. If satisfied, verify the Transaction ID and return Pay-in-Slip to Counter PA. Counter PA or any other designated official should print passbook if presented and hand it over to the depositor. In Single Handed Offices, the SPM has to first enter the transaction with Counter PA Login ID and then verify the same as prescribed above with Supervisor Login ID.

Note: Presentation of passbook is not mandatory for making deposit in any account standing in CBS Post Office. It will be the responsibility of the Depositor to update his/her / her passbook at-least once in six months from any CBS Post Office.

When a depositor presents a cheque or draft or pay order for deposit in a saving account, Counter PA will go through the following checks to satisfy that cheque is in order: -

(i) The cheque is neither post-dated nor is more than 3 months old.

(ii) It is not mutilated or torn and there are no over writings, erasures or corrections.

(iii) The amount of the cheque is for an amount not less than the Rs. 10/-.

(iv) The cheque, if drawn in favour of the postmaster, it is endorsed by the depositor on the backside of the cheque for the crediting the in his/her savings account No.....................

(v) If the cheque is drawn in favour of the depositor, account number has been written on the backside of the cheque.

Note: Counter PA should follow the same procedure as laid down for acceptance of cheque at the time of opening of account in the relevant Rule. After acceptance of cheque, the cheque clearing process will be followed as prescribed in Appendix - III.

(A). If a depositor wants to deposit amount in his/her savings account by transfer of funds from any other savings account standing at any post office working on FINACLE CBS Software, the depositor may submit a signed withdrawal Form along with the passbook in respect of a savings account standing in any CBS Post Office or POSB Cheque along with Pay-in-Slip. Counter PA has to follow the procedure laid down for allowing withdrawal from a savings account as laid down in relevant rules and then enter the savings account number mentioned in the Pay-in-slip in the relevant field after selecting the mode as TRANSFER using CXFER menu of CBS. Transaction ID generated by CBS should be noted on the right- hand corner of both withdrawal form or POSB Cheque and Pay-in-slip by counter PA and both vouchers should be handed over to Supervisor for verification. Supervisor through his/her login in CBS will see the transaction by using CXFER menu in CBS. If satisfied after following the procedures laid down for allowing withdrawal, transaction will be verified in the CBS application. If not satisfied, Supervisor can return the documents to the Counter PA for modification or supply of any additional information/document. He can even reject the transaction in the CBS Application. He/She will return the documents to the Counter PA. Passbooks of both accounts if presented should be updated through the printer and handed over along with counter foil of the Pay-in-slip duly signed and date stamped.

At present the following limits are prescribed for deposit by transfer of funds.

(i). Rs.50,000/- is prescribed for transfer by withdrawal form, in case of inter-sol transactions.

(ii). No limit is prescribed in case of transfer of funds between the accounts standing in the same SOL.

(iii). No limit is prescribed in case of transfer through POSB Cheque

(i). A Deposit can be made in cash at any post office working on FINACLE CBS Software other than the one where the account stands within the limit prescribed from time to time for Inter-SOL transactions. The Post Office will treat the transaction as done for the account stands in its own office. These transactions would appear in the Inter branch transaction LOT and consolidation of the office where transaction is initiated. Inter-SOL transactions are accounted as follows.

S.No.   Office  Type                                Debit                                           Credit

1          Transaction Office                      POS Cash                              RSAO Inter SOL Deposit

2         Office where account stands      RSAO Inter SOL Deposit       SB Deposit

(ii). If depositor of an account standing at a RICT-CBS BO of a CBS Post Office attends any CBS post office for deposit, it is mandatory to tender Passbook. He can deposit in any CBS Post Office within the limit prescribed from time to time for Inter-SOL transactions and any amount in the Account Office of the Branch Post Office where account stands. Departmental Post Office/Account Office will follow the normal procedure for accepting deposit into existing savings account, but it is mandatory to make entry into the Passbook through Passbook printer after accepting deposits.

In accounts standing in Post Offices working on FINACLE CBS Application, deposits can be made through different electronic mode like fund transfer from IPPB Account, Internet Banking, Mobile Banking, ATMs and NACH. All such deposits will be accounted for in designated Post Offices. When any depositor presents the passbook for updation at any CBS Post Office, the passbook must be updated by the Counter PA through passbook printer. In case of accounts standing in Branch Post Offices and the depositor submit the passbook at BO, such electronic transactions shall not be updated in the passbook by the GDSBPM and the GDSBPM shall forward such passbook to Account Office for updation of passbook through passbook printer.

If a depositor of any National Savings Scheme desires that closure value or interest due of any account standing at CBS Post Office has to submit Mandate Form in the office where account stands mentioning Post Office Savings Account number for linking. On the due date, interest will be credited into the linked Savings Account. Similarly, when depositor attends post office for closure or premature closure of any account, closure/premature closure value will be credited to the linked Post Office Savings account.