The SCSS accounts can be transferred from one post office to another. SCSS Account can be transferred from post office to authorized bank and vice versa.

SCSS Account can be transferred from one CBS Post Office to another CBS Post Office. For this, procedure laid down for transfer of savings account shall be followed.

A Senior Citizen Savings account can be transferred from one Accounts Office to another Account Office; in other words, from branch of the notified Bank to any Post Office and vice versa. The following procedure will be followed for this purpose.

(i) Any notified Bank will issue an “Account Payee Cheque” or a Demand Draft  when the transfer is to an outside station, in favour of the transferee Head Post Office along with a certified copy of the ledger and all other related original records like application for opening the account, specimen signature and nomination.

(ii) The cheque/draft will be drawn by designation and will indicate that it relates to SCSS Account No. ..........

(iii) On receipt of the SCSS account on transfer with the cheque or draft from the bank, the cheque shall be sent for clearing and the amount will be credited in office account SOLID+0437.

(iv) After clearance of cheque, the account will be opened at the transferee Head Post Office like any other new account opened using CSCAOP / CSCAOPV menus in Finacle CBS Application. Mode of account opening shall be selected as TRANSFER IN and funding is to be done in account by debiting the office account SOLID+0437.

(v) The Counter PA at the time of opening of the account received on transfer from Bank shall enter the details as follows and ensure flow of interest as below. 

 

1. Transaction mode should be Transfer only.

2. Deposit Period should be either 36 or 60 (36 in case of extended account and 60 in case of non-extended account)

3. Account open Date and Value Date must be same.

4. Date of opening should be at least 30 days prior to BOD date.

5. Only SCSS Transit account must be used as debit account (SOLID+0437) 189

6. Transit account must have sufficient balance to debit

7. Five fields in Transfer-in tab get enabled for if mode of account opening is Transfer-In: 

a. Transfer-From : TRFBK should be selected

b. Cumulative principal - must be same as deposit amount.

c. Cumulative interest paid – interest paid so far (prior to transferring from bank)

d. Last interest run date

e. Last interest posted date

8. Last interest run date must be same as Last interest posted date

9. Last interest Posted date must be greater than date of account opening if transfer in date is

after first interest flow date; otherwise it should be one day prior to date of account opening 

10. Last interest Posted date must be equal to/less than BOD Date.

11. Flow tab should be checked to ensure that the interest flow is shown properly according to the rate of interest and the dates entered.

12. Flow tab should show correct interest flow, without any dependency on the cumulative interest amount entered. If excess/short payment was done at the bank, it will get adjusted in the next interest payout. But during transfer-in, there should not be any excess/short payment. SOL should ensure that proper value is entered to avoid incorrect interest pay-out after transfer-in.

(vi). Then the Supervisor / Postmaster shall verify the account opened on transfer.

(vii). Once the account is opened, passbook may be issued to the Depositor.

(i) On receipt of transfer application from the subscriber / bank in prescribed form, the identity of the subscriber will be verified through his/her signature on record in the Finacle CBS Application using IES menu.

Note: The depositor should be requested to submit the transfer application at the Bank branch where he intends to transfer his/her account from Post Office to Bank in order to avoid to difficulties to the customer due to refusal by Bank branch concerned, as some of the Bank branches may not operate National Savings Schemes.

(ii) The balance at credit will be withdrawn and the account closed by the Postmaster through the account closure form SB-7A (Account closure form will be prepared by the Postmaster) with suitable remarks regarding transfer of the account to the Bank in all the relevant records. 

(iii) Supervisor will also follow the procedure laid down for transfer of account and verify the interest table code. The Supervisor has to invoke HCAACTD menu and select function code CLOSE and transaction type as TRANSFER-OUT.

(iv) Postmaster Account (SOL ID+0340) shall be entered as repayment account. The amount calculated by Finacle CBS and credited into office account 0340 will be remitted by cheque to the bank concerned, along with a certified copy of the ledger taken from menu HACLI and all other related original records like SB-AOF and KYC documents, etc.

(v) The SCSS account so transferred will be treated as closed in Post Office like other closed accounts. Application for transfer should be preserved in a separate Guard File by APM of HO.

Note : In case of transfer of account to bank, the interest up to preceding quarter shall be paid by the post office / bank where the account stands.