Thursday, 5 December 2019

Limit for accepting POSB Cheques for deposit in SB/PPF/SSA/RD accounts

Change in limit for accepting POSB Cheques for deposit in Small Saving Scheme SB/PPF/SSA/RD accounts

S.B. Order 12/2019

F.No. 25-11/2016-FS-CBS
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi-110001
Dated :- 02/12/2019

To,

All Head of Circles,
Addl. Director General. APS, New Delhi

    Subject: Change in limit for accepting POSB Cheques for deposit in SB/PPF/SSA/RD accounts.
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Sir/Madam,

Various representations were received in Directorate to reconsider the limit Rs. 25000/- prescribed for accepting POSB Cheques at other SOLs in a day in an account. After examining the issue the competent authority has decided to rationalize the process for accepting the POSB cheque in other SOLs.

Presently the SB Order 5/2016 [para 27] and POSB (CBS) Manual Appendix I [para 20(12)] and Appendix III [para 10(2)] prescribe as under:-

“All POSB Cheques issued by anv CBS Post Office if presented at any CBS Post Office should be treated as AT PAR cheques and should not be sent for clearing. No POSB Cheque for more than Rs.25000/- should be accepted at other SOLs in a day.”
READ  Change in procedure on issue/discharge of KVPs and NSCs: SB Order 06/2016

Now, after the rationalization, the text of the SB Order 5/2016 [para 27] and POSB (CBS) Manual Appendix I [para 20(12)] and Appendix III [para 10(2)] are substituted as under:-

“All POSB Cheques issued by any CBS Post Office, if presented at any CBS Post Office should be treated as AT PAR cheques and should not be sent for clearing. No POSB Cheque for more’ than Rs.25000/- should be accepted for cash withdrawal at other SOLs in a day. However, POSB cheque can be accepted at other SOLs without restriction of amount, for credit in POSB/RD/PPF/SSA accounts, subject to the limits, if any, prescribed in the scheme.”
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Note:- Necessary validations in CXKFER, HXFER. CRDP, CPDTM, HTM menus stands deploved in Finacle.

This issues with the approval of competent authority.

(Devendra Sharma)
Assistant director (SBPG)

department-of-post-sb-order-12-2019-circular-paramnews

Source: http://utilities.cept.gov.in/dop/pdfbind.ashx?id=3989

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