INTEREST CALCULATION IN SB ACCOUNTS AND POSTING IN PASSBOOKS
(1). Calculation and Posting of Interest
(i) In FINACLE CBS Application, interest calculation and posting for SB accounts will be automatically carried out on 1st April of every year for all Post Offices (SOLs) working on CBS platform. The 1st April will be observed as non-transaction day for calculation of interest.
(ii) The interest is payable on the lowest balance at credit for the depositor in each calendar month between the close of the tenth day and the end of the month. This is called the interest-bearing balance. For an account opened at a sub or branch office, the actual date of deposits and withdrawals in sub or branch office should be taken into account.
(iii) If the interest-bearing balance during a month is less than Rs. 500/- it will not be taken into account for interest calculation. If the total interest for the year in the account is less than one rupee, no interest will be allowed. The interest shall be allowed only on sums of whole rupees and shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
(iv) The Interest calculation should include all accounts including silent accounts and accounts where no interest is credited.
(2). Entry of Interest in Passbooks
(i). In Head Offices and Sub Offices, when for the first time a passbook is presented after 31st of March for any purpose, the amount of interest should be entered in the passbook by updating the entries by printing. The depositor can get the passbook updated in any CBS post offices. In respect of accounts of branch offices in account, Account Office, on receipt of Passbook from BO, will update passbook from Passbook printer. The head/sub offices where the BOs are attached, should generate list of BO wise accounts and as and when passbook of any account belonging to BO is printed, place a round in red ink in the account number manually in the list.
(ii) While posting BO transactions in Account Office, if the designated Postal Assistant have noticed that any transaction is taken place after 31st March and in the list mentioned in (5) above, the entry is not rounded, he should note the fact in the Special Error Book to be maintained in the following form:
Special Error Book
1. Name of BO
2. Account Number
3. Date of Transaction
4. Date of Call5. Date / No. of Registered letter sent to Depositor
6. Initials of Postmaster
7. Date of Receipt of the passbook
8. Initials of the Postmaster
(iii). A call letter should be sent to BO for sending the Passbook for entry of interest by Account Office and date of sending that letter should be entered in Column No.4 of the above Error Book. The GDSBPM should be asked to obtain and submit the passbook within a week and a copy thereof should be sent to the Divisional Superintendent for noticing the irregularity. If the GDS Branch Postmaster has not started submitting the passbooks, then the irregularity may be noted as a general one. If the passbook is still not received, the Account office should address the depositor by registered post through a letter in the format given below. Particulars of the letter will be noted in column 5 of the Error Book against the account concerned. The Superintendent of Post Offices will take serious notice of the irregularity. Care should be taken to see that the address on the registered letter is complete. The Special Error Book will be examined every day by the SPM/APM.
8. Initials of the Postmaster
(iii). A call letter should be sent to BO for sending the Passbook for entry of interest by Account Office and date of sending that letter should be entered in Column No.4 of the above Error Book. The GDSBPM should be asked to obtain and submit the passbook within a week and a copy thereof should be sent to the Divisional Superintendent for noticing the irregularity. If the GDS Branch Postmaster has not started submitting the passbooks, then the irregularity may be noted as a general one. If the passbook is still not received, the Account office should address the depositor by registered post through a letter in the format given below. Particulars of the letter will be noted in column 5 of the Error Book against the account concerned. The Superintendent of Post Offices will take serious notice of the irregularity. Care should be taken to see that the address on the registered letter is complete. The Special Error Book will be examined every day by the SPM/APM.
Format of the letter
The Postmaster
_____________________________________________
To
Shri./Smt./Ms. ___________________________________________________________________________
No__________________________________________________Dated_______________
Dear Sir/Madam,
The passbook of your savings account No.__________________ from which a deposit/withdrawal of Rs.____________ was made on _______________ was not received for addition of interest. Kindly send the passbook for inspection and addition of interest. If nothing is heard from you within a fortnight, the balance of Rs._____________ available in CBS Finacle / Sanchaya Post System in respect of the above noted savings account will be taken as correct and the post office will not be responsible for any discrepancy. A self- addressed service cover on which no postage is necessary is enclosed for a reply.
Yours faithfully,
Postmaster
Adjustment of Short / Excess Amount
(1). Whenever if any adjustment is required in interest payment of any accounts of HO or SO, the Head Postmaster concerned will raise the issue with the Supervisor SBCO. The Supervisor SBCO will check the interest and balances. Then, the Head Postmaster will raise the issue with Divisional Head along with a copy of the error, who will after necessary inquiry (if required) approve the adjustment required and send the copy of the orders to Supervisor SBCO. In case of accounts standing in Gazetted HO, approval may be issued by Gazetted Postmaster / Director of GPO after necessary enquiries.
(2). Whenever the Supervisor SBCO receives the orders from Divisional Head / Sr.Postmaster / Chief Postmaster / Director GPO for correction of transactions or balance with respect to Principal or Interest amount, in any POSB account, he/she will enter the details of correction in register as prescribed below.
1. Sl.No
2. Date
3. Name of the Office / SOLID
4. Scheme
5. Account Number
6. Name of depositor
7. Amount Debit
8. Amount Credit
9. Reasons for correction
10. Order Number
11. Tran ID
8. Amount Credit
9. Reasons for correction
10. Order Number
11. Tran ID
12. Signature of Supervisor SBCO
13. Signature of Postmaster
14. Remarks
(3). For making adjustment of both the Principal and Interest amount, Supervisor SBCO will login to Finacle and invoke HIARM menu and will make correction entry for the amount mentioned in the orders.
13. Signature of Postmaster
14. Remarks
(3). For making adjustment of both the Principal and Interest amount, Supervisor SBCO will login to Finacle and invoke HIARM menu and will make correction entry for the amount mentioned in the orders.
(i). For Debiting / Crediting the balance, SBCO can adjust the balance / interest by making suitable correction in HIARM by entering Adjusted amount (calculated along with interest), select Debit / Credit Interest as “D – Debit or C – Credit”, Select Run indicator as ‘C – Credit’ & Applicable From Date as on ’31-03-xxxx’. A single entry in HIARM will suffice for debit, after which CEPT Team will execute HACINT based on HIARM.
(ii). Supervisor SBCO will submit the HIARM register to Postmaster/Senior Postmaster for verification of correction entries with his/her signature along with order received for correction
(iii). The effect of adjustment entry will be applicable after running of interest on this account i.e. on 1st April or at the time of closure of Account. In case, the effect of adjustment entry is required before 1st April or before closure of the Account, Postmaster of HO will send email to CEPT team email id cbs-cept@indiapost.gov.in from Official email id mentioning the details of correction for updation of balances. Scanned copy of Divisional Head orders will be attached for reference.
(iv). Supervisor SBCO will place the correction order in a guard file. Serial number of correction entry in the register to be written on top of the order.
(v). After one week, Supervisor SBCO will inquire in HIARM menu for the accounts where corrections were made and check the transaction ID and note down the TRAN ID in the register against respective correction entry.
