TYPE OF SAVINGS ACCOUNTS
(1). As per SB order 13/2019 dated 18.12.2019 Post Office Savings Account Scheme rules 2019 shall apply to all savings accounts. Only below types of savings account can be opened in the FINACLE CBS Software: -.
(a) a Single Adult
(b) two adults jointly
(c) a guardian on behalf of a minor
(d) a guardian on behalf of person of unsound mind or persons with autism, cerebral palsy, mental retardation and multiple disabilities as defined in section 2 of Mental Retardation and multiple disabilities Act, 1999 (44 of 1999).
(e) a minor who has attained age of ten years, in his/her own name
(i) Single and Joint Account with or without cheque book: -
(a). Single accounts can be opened by an adult or a minor of the age of 10 years or more. Joint account can be opened by two or three adults to be operated by them (a) jointly or by the survivors/survivor which is called Joint-A type account (b) either of them/any of them or either of the survivors or survivor which is called Joint-B type account. Any number of accounts can be opened by the depositor(s) but NOT more than one single, one joint account and one Minor Account as Guardian can be opened in each post office. A person can open two joint accounts with two different partners at the same post office. For example, if A, B and C open a joint account in one post office, A can also open separate joint accounts with B & C respectively. In other words, A can open one separate Joint Account with B and another separate Joint Account with C.
(b). Provided that from the date of receipt of SB order 13/2019 dated 18.12.2019 there will not be any difference in savings account opened with cheque book or without cheque book, also joint account can be opened by two adults only. An individual can open only one single account across all the post offices. Minimum amount required for opening of savings account shall be Rs. 500/- irrespective of if cheque book is required or not. One individual can open any number of joint savings accounts with any other adults, provided that only one joint account can be opened in the joint names of two individuals. A person can open any number of joint accounts with different partners at the same post office or other post office.
For example, if A, B, C and D are the depositors, A can open separate joint accounts with B, C & D respectively. In other words, A can open one separate Joint Account with B and another separate Joint Account with C and another Joint Account with D. B and C can also open a separate Joint Account and C & D can also have a separate Joint Account. Only one Joint Account in the name of A & B and A & C can be opened.
Note 1: An illiterate or a blind or visually challenged individual desiring to open an account shall personally visit the Post Office for authentication of his/her signature or thumb impression by the Accounts Office provided he/she shall be accompanied by a person known to the Accounts Office and a literate person may be authorised by the blind or visually challenged depositor to operate an Account on his/her behalf.
Note 2: An illiterate depositor shall be assisted by the Authorised Officer of Post Office for opening (filling up of forms etc.) and operating the account and thumb impression of the illiterate depositor shall be witnessed by an independent witness acceptable to the Accounts Office on each occasion of withdrawal.
Note 3: A blind or visually challenged or illiterate depositor may open joint account with literate depositor. Cheque book may also be issued in case of such Joint Account of ‘B’ Type in which first depositor is literate and signature on the cheques should be of literate depositor only.
Note 4: An individual can open a Savings Account along with another Basic Savings Account.
(ii). Pension Accounts: -
Provided that from the date of receipt of SB order 13/2019 dated 18.12.2019 there will be no separate pension account. The pension disbursing authority has to ensure that the savings account provided by the pensioner is either single savings account opened in his/her own name or a joint account with this his/her spouse only. All other restrictions earlier mentioned for pension accounts, shall not be applicable and the accounts shall be treated as normal savings account.
(iii). Sanchayika Accounts: -
This was introduced by MOF (DEA) from 22.06.1970 and discontinued for opening of these accounts from 01.10.2016. However, already opened Sanchayika Accounts shall be treated as normal savings account.
