Use of Savings Account for credit of maturity/premature value interest in case of MIS/SCSS/TD accounts: DoP Orders

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. 

F. No. 113-02/2015-SB 
Government of India 
Ministry of Communication 
Department of Posts 
(F.S. Division) 

Dak Bhawan, New Delhi 
Dated: 07/12/2017 
To 

All Heads of Circles 
Addl. Director General, APS, New Delhi 
Subject: 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. 
Sir/Madam, 
use-of-savings-account-for-credit-of-interest-dop-om-paramnews

The undersigned is directed to refer to this office letter of even number dated 06.10.2017 on the subject vide which mandatory use of Savings Account for credit of Maturity value and monthly/quarterly/yearly interest in the various POSB Schemes were circulated. On receipt of references from various stakeholder /associations, the competent authority has decided to issue following further amendment to the above said order- 

"The above orders will be implemented w.e.f. 15th December. 2017 instead of 1st December, 2017". 

2. This may kindly be circulated to all CBS and non-CBS Post Offices for information and necessary guidance for staff and customers. 

3. The Circles are advised to take proactive measures & necessary steps in order to ensure that business'opportunities & revenue of the Department are not affected adversely due to implementation of the order. If need be, the Small Savings Agents may also be involved to convince to the deposit for proper implementation of the orders. 

4. This issues with approval of competent authority. 

Sd/- 
(PL Meena) 
Assistant Director (SB-I) 

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