Clarification on operation of SB Pension Accounts and Joint Accounts opened by three adults jointly opened before 18.12.2019

To view please Click Here 

Revision of Interest Rates of Small Saving Schemes

To See the details Click Here 

Instructions regarding execution of EOY for 2018-19 in CBS Post Offices

Postal Department Savings and returns as per the interest rates for the period 01.01.2019 to 31.03.2019

 

Change in Procedure on issue/discharge of Kisan Vikas Patras(KVPs) and National Saving Certificates(NSCs)

To view Addendum-II to SB Order No.06/2016 please Click Here.
 

Savings Bank interest rate for the period from 1-1-2019 to 31-3-2019

F.No.01/0412016-NS

Government of India

Ministry of Finance

Department of Economic Affairs

(Budget Division)

North Block, New Delhi

Dated: 31.12.2018

Subject: Revision of interest rates for Small Savings Schemes.

The undersigned is directed to refer to this Department’s OM of even number dated 16^th February, 2016, vide which the various decisions taken by the Government regarding interest fixation for small savings schemes were communicated to all concerned.

2. On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the fourth quarter of financial year 2018-19 starting 1^st January, 2019, and ending on 31^st March, 2019, on the basis of the interest compounding / payment built-in in the schemes, shall be as under: 

Instructions	Rate of interest w.e.f. 01.10.2018 to 31.12.2018	Rate of interest w.e.f. 01.01.2019 to 31.03.2019	Compounding Frequency*
Saving Deposit	4.0	4.0	Annually
1 Year Time Deposit	6.9	7.0	Quarterly
2 Year Time Deposit	7.0		Quarterly
3 Year Time Deposit	7.2		Quarterly
5 Year Time Deposit	7.8	7.8	Quarterly
5 Year Recurring Deposit	7.3	7.3	Quarterly
5 Year Senior Citizen Savings Scheme	8.7	8.7	Quarterly and Paid
5 Year Monthly Income Account	7.7	7.7	Monthly and paid
5 Year National Savings Certificate	8.0	8.0	Annually
Publilc Provident Fund Scheme	8.0	8.0	Annually
Kisan Vikas Patra	7.7 (will mature in 112 months)	7.7 (will mature in 112 months)	Annually
Sukanya Samriddhi Account Scheme	8.5	8.5	Annually

*No Change

3. This has the approval of Finance Minister.

(Akhilesh Kumar Mishra)

Director

Tele: 01123095024

POSB Interest Rate 01/01/2018 to 30/09/2018

SB ORDER 10/2018- Reg. Amendment in statutory rules of SSA Rules 2016 by Ministry of Finance

SB Order No. 08/2018

Steps taken for smooth functioning of POSB Operations and prevention of frauds in CBS Offices

To view please Click Here.

Post office savings account customers can soon avail full digital banking service

New Delhi, Apr 8 (PTI) Around 34-crore post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB).

"The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts...," an official source told PTI.

The 34 crore savings accounts comprise 17 crore post office savings bank accounts and rest are those subscribed monthly income scheme, recurring deposits etc.

The move also paves the way for creating of countrys largest banking network as India Post has plans to link all 1.55 lakh post office branches with the IPPB.

India Post has has started core banking service but it offers money transfer service within post office savings bank (POSB) accounts.

"IPPB is governed by Reserve Bank of India and banking service of post offices comes under the finance ministry. IPPB customers can use NEFT, RTGS and other money transfer services as available for any banking customers. Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks," the source said.

He said that by May, India Post will give option to POSB account customers to avail this facility.

"The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account," the source said.

As per an official statement issued earlier, India Post plans to start functioning of all 650 IPPB branches from this month. All 650 branches will be connected to smaller post offices in the districts.

"IPPB branches and all the access points will be linked to postal network which has 1.55 lakh post offices in total. Out of this, 1.3 lakh branches are in rural area," the source said.

With 1.55 lakh branches, India Post will be able to create countrys largest banking network.

"In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, speed post, etc," he said.

Also, the IPPB will start registering merchants who will accept payment from its customer with help of application. The IPPB customers will be able to make payments to various merchants like grocery store, tickets etc with help of their app, the source said. PTI PRS MKJ

SB Order No. 04/2018

SB order-03/2018, Prevention of Frauds

SB order -02/2018. Regarding PPF held by Non Resident.

PPF, NSC Act changes not to affect tax status; aimed at allowing early closure: Govt

The government, on Tuesday, clarified that no change in interest rate or tax policy on small savings schemes, which includes PPF and NSCs, is being made through the amendments proposed in Budget 2018. 

It has been proposed in the Budget to merge the Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. 

With a single Act, relevant provisions of the Government Savings Certificates (NSC) Act, 1959 and the Public Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act, says a press note issued today. 

As per the note, these changes are proposed in order to allow the government to easily allow premature closure in the schemes and provide other procedural benefits to depositors by simply issuing a notification. 

A ministry of finance tweet also stated, "All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process." 

The government through the press note also makes it clear that there is no proposal to withdraw the provision of protection against the attachment of Public Provident Fund Account under any decree or order of any court in respect of any debt or liability incurred by the depositors and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well. 

Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These provisions which are proposed to be incorporated in the amended Act will add to the flexibility in operation of the Account under Small Savings Schemes. These are: 

i. Premature closure 

Existing: As per PPF Act, the PPF account can't be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can't close the account. 

Proposed: To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of Small Savings Schemes may now be introduced to deal with medical emergencies, higher education needs, etc. 

ii. Investment by minors 

Existing : Investment in Small Savings Schemes can be made by Guardian on behalf of minor(s) under the provisions made in the proposed bill Guardian may also be given associated rights and responsibilities. 

Proposed : There was no clear provision earlier regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children. 

iii. Proceeds to heirs 

Existing: As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). 

Proposed: Whereas, Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as Trustee for the benefit of legal heirs. It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined. 

iv. Nomination 

Existing: In the existing Acts, there is no provision for nomination with regard to account opened in the name of minor. Further, existing Acts say that if account holder dies and there is no nomination and amount is more than prescribed limit, the amount shall be paid to legal heirs. In this case, the guardian has to obtain succession certificate. 

Proposed To remove this inconvenience, provisions for nomination with regard to account opened in the name of minors have been incorporated. Further the provision has been made that if the minor dies and there is no nomination, the balances shall be paid to guardian. 

v. Grievance redressal 

Existing: The existing Acts are silent about grievance redressal. 

Proposed The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings. 

vi. Other changes 

There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made. 

Source:-The Economic Times

issuance of ATM/Debit Card to SB Accounts self operated by Minors beyond the age of 10 years: Department of Posts Order

AddendumIII-SB Order No.15/2017-Mandatory use of Savings Account for credit of maturity/premature value, monthly/quarterly/yearly interest in case of MIS/SCSS/TD accounts and investments from 01st December, 2017

To view, SB order No. 15/2017 dated 12/1/2018 please CLICK HERE. 

SB Order No 16/2017 Addendum-I Inclusion of Aadhaar in respect of Small Savings Schemes

To view, please CLICK HERE. 

Post Office Interest rates from 2003 to 2018

1) Recurring Deposit(Qly Comp)

01.03.2003                    7.50% Rs.728.90
01.12.2011                    8.20% Rs.738.62
01.04.2012                    8.40% Rs.746.51
01.04.2013                    8.30% Rs.744.53
01.04.2014                    8.40% Rs.746.53
01.04.2015                    8.40 % Rs.746.53
01.04.2016                    7.40% Rs.726.97
01.07.2016                    7.40 % Rs.726.97
01.10.2016                    7.30% Rs.725.05
01.04.2017                    7.20% Rs.723.14
01.07.2017                    7.10% Rs.721.23
01.01.2018                    6.90%

2) Time Deposit (Qly Compd.)

1TD/2TD/3TD/5TD

01.03.2003                    6.25/6.50/7.25/7.50%
01.12.2011                    7.70/7.80/8.00/8.30%
01.04.2012                    8.20/8.30/8.40/8.50%
01.04.2013                    8.20/8.30/8.40/8.50%
01.04.2014                    8.40/8.40/8.40/8.50%
01.04.2015                    8.40/8.40/8.40/8.50%
01.04.2016                    7.10/7.20/7.40/7.90%
01.07.2016                    7.10/7.20/7.40/7.90%
01.10.2016                    7.00/7.10/7.30/7.80%
01.04.2017.                   6.90/7.00/7.20/7.70%
01.07.2017.                   6.80/6.90/7.10/7.60%
01.01.2018.                   6.60/6.70/6.90/7.40%

3) Monthly Income Scheme 

01.03.2003                    8.00% 6yrs
01.12.2011                    8.20% 5yrs
01.04.2012                    8.50% 5yrs
01.04.2013                    8.40% 5yrs
01.04.2014                    8.40% 5yrs
01.04.2015                    8.40% 5yrs
01.04.2016                    7.80% 5yrs
01.07.2016                    7.80% 5yrs
01.10.2016                    7.70% 5yrs Payable mly
01.04.2017                    7.60% 5yrs
01.07.2017                    7.50% 5yrs
01.01.2018                    7.30% 5yrs

4) SCSS'2004

02.08.2004                    9.00%
01.12.2011                    9.00%
01.04.2012                    9.30%
01.04.2013                    9.20%
01.04.2014                    9.20%
01.04.2015                    9.30%
01.04.2016                    8.60%
01.07.2016                    8.60%
01.10.2016                    8.50% Payable Qly
01.04.2017.                   8.40%
01.07.2017.                   8.30%
01.01.2018.                   8.30%

5) PPF(Yly Comp)

01.12.2011                    8.60%
01.04.2012                    8.80%
01.04.2013                    8.70%
01.04.2014                    8.70%
01.04.2015                    8.70%
01.04.2016                    8.10%
01.07.2016                    8.10%
01.10.2016                    8.00%
01.04.2017                    7.90%
01.07.2017.                   7.80%
01.01.2018.                   7.60%

6)NSC(VIIIth Issue)5yrs(Yly comp)

01.03.2003                    8.00% Rs.160.10 6yrs
01.12.2011                    8.40% Rs.150.90 5yrs
01.04.2012                    8.60% Rs.152.35 5yrs
01.04.2013                    8.50% Rs.151.62
01.04.2014                    8.50% Rs.151.62
01.04.2015                    8.50% Rs.151.62
01.04.2016                    8.10% Rs.147.61
01.07.2016                    8.10% Rs.147.61
01.10.2016.                   8.00% Rs.146.93
01.04.2017.                   7.90% Rs.146.25
01.07.2017.                   7.80% Rs.145.58
01.01.2018.                   7.60%

7)NSC(IXth Issue)10yrs(HYly comp)

01.12.2011                    8.70% Rs.234.35 10yrs
01.04.2012                    8.90% Rs.238.87 10yrs
01.04.2013                    8.80% Rs.236.60
01.04.2014                    8.80% Rs.236.60
01.04.2015                    8.80% Rs.236.60 

8) Kisan Vikas Patra(Yly Comp)

01.03.2003                    8.40% 8yrs7mth
01.12.2011                    8.70% 8yrs4mth
01.04.2016                    7.80% 9yrs2mth
01.07.2016                    7.80% 9yrs2mth
01.10.2016                    7.70% 9yrs4mth
01.04.2017                    7.60% 9yrs5mth
01.07.2017                    7.50%. 9yrs7mth
01.01.2018                    7.30%. 9yrs10 mth

9) Sukanya Samriddhi Account

01.04.2014                    9.10% Yly Comp.
01.04.2015                    9.20% Yly Comp.
01.04.2016                    8.60% Yly Comp.
01.07.2016                    8.60% Yly Comp.
01.10.2016                    8.50% Yly Comp.
01.04.2017                    8.40% Yly Comp
01.07.2017                    8.30% Yly Comp
01.01.2018                    8.10% Yly Comp

Collection of SB Orders - 2017

Collection of SB Orders - 2017  - Click the each link to view the order

SB Order 01/2017 : Quoting of PAN/Details of Form 60 and submission of Financial Transactions Reports in the Form-61 for certain POSB transaction

SB Order 01/2017 : Corrigendum Submission of Financial Transaction report in Form 61 and 61A for certain POSB Transactions

SB Order 02/2017 : Revision of Interest rates for Small Svaings Schemes - Department of Posts

SB Order 4/2017 : Deposit of specified Bank notes with Reserve Bank.

SB Order 05/2017 : Revision of Interest rates for Small Savings Scheme - DOP Order

SB Order 06/2017 : Discontinuation of Commission under Pay Roll Savings Schemes

SB Order 07/2017 : Premature Closure of Public Provident Fund (PPF) account - Clarifications

SB Order 09/2017 : Operational Guidelines for CBS Post Offices handling Post Office Savings Bank related work

SB Order 10/2017 : Introduction of another Standarized Uniform Savings Bank Passbook (SB5A) for TD, NSC and KVP Accounts to issued by CBS and non CBS Post offices -

SB Order 11/2017 : Closing of accounts/ certificates belonging to discontinued schemes including NSS-87 and NSS-92 in Post Office working on CBS platform

SB Order No. 12/2017 : Revision of Commission payable to SAS agents on Kisan Vikas Patra (KVP)

Sb Order No. 13/2017 : Revision of Interest rates for Small Savings

SB Order No.14/2017 : Printing of Passbooks in CBS Post Offices

SB Order No. 15/2017 : Mandatory Use of Savings Account for credit of maturity/Premature values, Monthly/Quarterly/Yearly interest in case of MIS/SCSS/TD accounts and investments from 01st December 2017

Addendum to SB Order No. 15 / 2017 : Mandatory use of Savings Account for credit of maturity/premarure value

Implementation of SB Order No. 15/2017 regarding mandatory of Savings Account for credit of maturity/interest.

SB Order No. 16/2017 : Aadhaar number is a mandatory document while opening of New Account.

SB Order No.: 17/2017 - Mobile number is mandatory of opening of account in PO small saving scheme

SB Order 18/2017 : Amendments in various statutory rules of Small Savings Schemes by Ministry of Finance ( DEA) regarding : Department of Post

Miscellaneous Orders

Final Accounting Procedure in the Scheme of "Sukanya Samridhi Account Rules, 2014" Dtd 19.01.2017

SB Orders related to Closure of Savings Account in Post Offices through Messenger and Agents can not act as an Messager

PPF Accounts to be closed, interest lowered to 4 per cent if you become an NRI - Gazette Notification

Mandatory use of Savings Account for credit of maturity/premature value all schemes and investments - Date extended to 15.01.2018

Mandatory use of Savings Account for credit of maturity/premature value W.e.f 15.12.2017

Mandatory Use of Savings Account for credit of maturity/Premature values, Monthly/Quarterly/Yearly interest in case of MIS/SCSS/TD accounts and investments from 01st December 2017

Payment of interest and maturity value of Small Savings Instruments through Savings Account

Clarification on different scenarios being faced or likely to be faced by POs after Implementation of CBS

Source : sapost