Senior Citizen's Savings Schemes | Amendments to procedural rules: S.B. Order 11/2020

Amendments to procedural rules relating to Senior Citizen's Savings Schemes in POSB(CBS) S.B. Order 11/2020

Senior Citizen's Savings Schemes | Amendments to procedural rules: S.B. Order 11/2020

senior-citizens-savings-post-office-amendments-dop


S.B . Order 11/2020

F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi-110001
Dated :- 14 /02/2020
To,

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

Subject:- Amendments to procedural rules relating to Senior Citizen's Savings Schemes in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.


Sir/Madam,

The undersigned is directed to inform that MoF{DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vi d e SB Order No.9/2018 dated 17.7.2018).

2. Accordingly, the corrections relating to Senior Citizen's Savings Schemes are given below:-

Correction Slips for Senior Citizens Savings Scheme in POSB(CBS) Manual

Rule125(6):-This sub rule should be replaced with below text:-

The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding fifteen lakh rupees:

   Provided that the deposits in the account specified under clause (ii) of sub-paragraph (1) of paragraph 3 of Senior Citizens Savings Scheme Rules 2019, shall be restricted to the retirement benefits received, or fifteen lakh rupees, whichever is lower.

READ: NPS to OPS | 01.01.2004 से पहले के चयनित एन.पी.एस. कर्मचारियों को पुरानी पेंशन मे आने का विकल्प

Explanation:- For the purposes of this sub -paragraph , "retirement benefits" means any payment due to the account holder on account of retirement on superannuation or otherwise and includes Provident Fund dues, retirement or superannuation gratuity, commuted value of pension , cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees' Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme.

Rule 125(8) :-Th is sub rule should be replaced with below text :-
Premature Closure of Account:-

(1) The account holder may withdraw the deposit and close the account at any time on an application in prescribed form subject to the following conditions, namely: -

(i)   In case, the account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.

(ii)  In case the account is closed after the expiry of one year but before the expiry of two years from the date of its opening, an amount equal to one and a half per cent of the deposit shall be deducted and the balance shall be paid to the account holder.

READ: Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020

(iii) In case the account is closed on or after the expiry of two years from the date of its opening, an amount equal to one percent of the deposit shall be deducted and the balance shall be paid to the account holder.

(2). The account holder availing the facility of extension of account, may withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction.

(3) In case of premature closure, interest on the deposit shall be payable upto the date preceding the date of premature closure after deduction of penalty as specified in sub-paragraph( l )

Rule 125(9):-This sub rule should be replaced with below text:-

In case of death of the depositor before maturity, the account shall be closed and deposit refunded along with interest at the rate of SCSS till date of death and at the rate of Savings Account till the date of final closure of the account.

Rule 125(10) :- This sub rule should be replaced with below text:-

" ln case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder."

Where both the spouses have opened separate account or accounts under this Scheme and either of the spouses dies during the currency of such account or accounts, then such account or accounts standing in the name of the deceased account holder shall not be continued and sh all be closed .

Rule 125(18):-This sub rule should be replaced with below text:-

In case the depositor does not close the account on maturity and also does not extend the account for a period of three years by making an application within a period of one year after the maturity period of 5 years, the account shall be treated as matured and post maturity interest at the rate applicable to the deposit s under Post Office Savings Accounts from time to time shall only be admissible for the period beyond maturity till the closure of the account.

READ: Savings Account Schemes and Appendix-III | Amendments to procedural rules: S.B. Order 12/2020

Rule 125{19}:- Add sub rule (19A) below sub rule (19):-

{19A} From the date of receipt of SB Order 13/2019 dated 18.12.2019, registration of nomination is mandatory and should be registered as per procedure mentioned in Rule 14 of GSPR Rules 2018. For existing accounts also, account holders should be asked to register nomination latest before maturity of the account .

Rule 125(20)(I):- add foll owing text below this sub rule:-

Provided that for collect ion of fee, procedure laid down in SB order 03 / 2020 dated 10/ 1/ 2020.

Rule 126(iv):- Add following text below this sub rule :-

Provided that from the date of receipt of SB Order 13/2019 dated 18.12.2019, fee for issue of duplicate passbook shall be Rs.SO/-+ GST each time.

Rule 134(i)(b) :- Add sub rule (c) below sub rule (b):-

(c)  
From date of receipt of SB Order 13/2019 dated 18.12.2019, premature closure of the account is also allowed before one year of opening of account. If account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.

3.   It is requested to circulate this amendment to all concerned for information and guidance and necessary action.

4 . This issues with the approval of Competent Authority.

READ: MACP Scheme to Central Govt Civil Employees, Clarification for Constitution of Screening Committee

(Devendra Sharma)
Assistant director (SB)

Copy to:-

15. DDG{FS) / DDG{VIG) / AS&FA / DDG(PAF) / DDG(RB) / DDG (Estt.) / DDG(PG & Inspections) / DDG (PCO / Sr. DDG {PBI}
16.  Director of Audit (P&T), Delhi .
17.  Resident Audit Officer, Room No.517-B, Dak Bhawan, New Delhi.
18.  All Directors / Dy. Directors o f Accounts, Postal
19.  Director, RAKANPA, Ghaziabad, All Directors, Postal Training Centres .
20.  Director PTC Mysore for uploading the SB order on India Post Web Site.
21.  Deputy Director (CEPT ) O/o CPMG T.N.Circle, Chennai for information.
22.  AD / Inspection / PF / Vigilance
23.  All recognized unions.
24.  MOF(DEA), NS-II, North Block, New Delhi
25.  National Savings Institute, 4 Deen Dayal Upadhyay Marg, New Delhi.
26.  PS to Member (Banking)
27.  PPS to DG Posts .
28.  PPS to Secretary Posts.

Source: DoP

PDF LINK :
http://utilities.cept.gov.in/dop/pdfbind.ashx?id=4245

COMMENTS

Name

'Aaykar Setu' mobile app,1,3rd cpc,1,4th cpc,1,5th cpc,15,6th cpc,21,7th CPC,538,7th CPC Arrears,5,7th CPC Arrers,8,7th CPC Bunching of Stages,5,7th CPC Hindi News,20,7th CPC News,78,7th Pay Commission,297,Aadhaar,31,aai employee,1,Aarogya Setu,1,accommodation,4,acpin,1,ad-hoc bonus,9,ad-hoc staff,2,additional hra,4,admission,2,admit card,1,advance,6,advance salary,3,age limit,1,AGEY,1,aicpin,29,aigdsu news,6,AIIMS,3,ailtc railways,8,aipr,5,Air Force,14,Air Force pay Rules 2017,2,Air India,12,air india ltc 80 fare,15,Air Travel,21,Aircel,1,airf,29,Airlines,1,Airtel,4,alcohol policy,1,all india,5,Allowances,166,Amazon Ofers,1,Andhra Pradesh,1,Andhra Pradesh govt employee,1,anomaly committee,2,aoc,1,apar,18,app download,1,Apple iPhone,3,Army Pay Rules 2017,3,Assam,4,Assistant Jobs,1,Bank,55,bank da,8,bank holidays,1,Bank Policies,21,banknotes,1,Benevolent Fund,1,Bihar,9,Bihar 7th CPC,3,bihar govt employee,2,Bollywood,4,bombay high court,1,bonous,2,bonus,20,bpms letter,1,BPSC,1,breakdown allowance,3,Breaking News,139,BRICS,1,Briefcase allowance,1,Bsnl,37,BSNLMRS Hospitals,2,budget,8,Business,84,ca exam pattern,1,Cabinet News,44,cadre restructuring,7,cadre review,27,CAG Report,3,canteen allowance,1,capf,2,CAPO News,4,Career,56,career progression,1,casual labour,10,casual leave,6,cat Judgement,9,cat order,8,CBDT,35,CBEC,5,cbic,5,CBSE,20,ccs master circular,3,ccs pension rules,10,ccs rules,34,ccsrp rule,4,cda rules,3,cga om,5,cgda,55,cgegis table,10,cgewho,1,CGHS,169,cghs agartala,1,cghs ahmedabad,3,cghs allahabad,1,cghs bengaluru,4,cghs bhopal,4,cghs bhubaneswar,1,cghs chandigarh,1,Cghs Chennai,2,cghs dbanbad,2,cghs dehradun,1,cghs delhi,10,cghs dibrugarh,1,cghs gandhinagar,1,cghs guwahati,1,cghs hyderabad,2,cghs indore,1,cghs jabalpur,1,cghs jaipur,1,cghs Jalpaiguri,1,cghs kanpur,2,cghs karnataka,1,cghs kerala,1,cghs kolkata,1,cghs lucknow,1,cghs meerut,3,cghs mumbai,2,cghs nagpur,2,cghs patna,2,cghs pune,1,cghs ranchi,6,cghs shillong,2,cghs Siliguri,1,cghs trivandrum,2,cghs uttrakhand,1,cghs vadodara,2,cghs Varanasi,1,chandigarh,1,chhattisgarh,1,child care leave,7,children education allowance,9,China,1,cisf,1,Civil Accounts Organisation,1,Classification of Posts,3,come & play scheme,1,Commutation of Pension,3,compassionate ground appointment,15,Compensation Policy,5,Compensatory Allowance,1,Compensatory Leave,1,composite allowance,1,condiment allowance,3,Condiment expenditure,3,confedration,2,consatant attendance allowance,1,contract labour,15,contractual employees,3,Conveyance Allowance,4,Coronavirus,72,covid,71,cpao order,34,cpf,2,cpgrams,5,cpiiw,22,cpmf,1,cpse,88,cpse employees,25,cpse guidelines,29,cpse pay revision,2,cpse pension,7,CPSEs Pay,20,cpwd om,1,Cricket,4,cris,3,CRPF,1,CS(MA) Rules,6,CSBC,1,csd,7,csd price list,5,css,3,ctse,1,ctse hospitals lists,1,ctse hospitals mumbai,1,Current Affairs,308,cvc circular,3,d el ed,1,dad,6,daily officiating allowance,4,dearness allowances,80,dearness relief,39,Defence,423,Defence Civilian Employees,104,Delhi,3,delhi govt employee,2,delhi high court,13,dental doctor,2,departmental guest house,3,dept of post order,166,deputation,6,deputation allowance,5,desw,2,desw order,7,digilocker,1,diksha,2,disability pension,12,dlc,2,dma,2,Doctor Jobs,16,doe order,67,doea order,1,doppw order,28,DoPT Order,289,dot order,20,Download MedWatch App,1,Download MyMSME App,1,Download MyMSME App Celebrating Yoga,1,Download NEW ITR FORM,2,Download Swachh Bharat App,1,dpe om,47,dress allowance,14,dress code,1,dst om,1,EC,1,echs,59,ecil,1,edp cadre,1,EDUACTION,79,Education,11,Education Recruitment Rules,1,educational qualification,8,Egineer Jobs,1,Election,5,Election Commission,5,Employment,6,EMS Air India,1,Entertainment,2,entry pay,2,EPFO,44,ESIC,6,eview committee for nps,1,EVM,1,ews reservation,4,ex-gratia,4,Ex-Servicemen,16,exam,8,exempt from tax,7,expected da,32,extra work allowance,3,Extraordinary Pension,1,Facebook,8,fact jobs,1,Family Pension,119,FAQ,7,Featured,79,festival advance,2,festivals,1,FIFA,1,File ITR,70,Fin Min Orders,136,Finance,12,fitment table,3,Fixed Medical Allowance,13,Flipkart,2,Food Safety Amendment Regulations,1,Football,3,Forest Guard,1,forms,7,FREQUENTLY ASKED QUESTIONS ON GST,1,Games,12,Ganes,2,gazette notification,43,gazetted holidays,8,gdce,6,gdce instructions,6,gds,34,gds arrears,9,gds da,12,gds employees news,48,gds pay,16,gds report,19,gem portal,2,gfr,11,GOI News,572,Goods and Services Tax,50,Goods and Services Tex,1,Google,10,government of karnataka,1,Govt Jobs,14,govt of assam,2,govt of assam pensioner,1,govt of assam staff,1,govt of chhattisgarh,1,Govt Project,338,Govt Staff News,1297,Govt Yojna,325,gpf interest rate,7,GPF Rules,17,GPRA,8,Grade pay of mts,1,Grade pay of OT Assistant,1,Grade pay of SO,1,gratuity,14,greetings,1,group A,1,group B,3,group C,4,Group D,2,Gst,62,GST Rates Finder app,1,hafa allowance,1,Hardship Allowance,1,Haryana Govt Employees,5,Haryana Govt order,5,Haryana Govt Pensioners,2,hba rules,9,Health,27,High Court Judgement,20,high court order,17,hill area allowance,1,holiday,17,holiday list,26,Hollywood,2,homes.,1,honorarium,2,hostel subsidy,1,hp high court judgement,1,hpca,2,hr allowances,1,hra,15,HRA Allowances,39,iase jobs,1,iba,9,iba dr,4,ibps,2,icsil,1,ida cpse,24,income tax,99,independence day,1,India,3,India Post,61,Indian Airforce,60,Indian Army,84,Indian Navy,74,indian railway,16,IOCL Jobs,1,IRCTC,9,irms,3,irtsa,2,Island Special Duty Allowance,2,ISRO,1,it circular,1,iti ltd,1,ITR,74,j&k govt employees,4,j&k govt pensioners,1,Japan,1,Jharkhand,3,Jio News,8,jkssb,1,jnv,8,Jobs,56,jobs in orissa,1,Jobs News,151,karnataka,1,KC Committee report,5,kerala,4,Kerala Govt Employees,4,Kerala Govt Pensioners,2,kerala high court,1,Kolkata,1,KVS,72,kvs pension,6,labour Bureau,14,larsgess scheme,3,Latest,997,LDC,1,ldce,21,leave rules,17,lic pay,2,life certificate,6,life time arrear,1,List of Posts,1,Lok Sabha,194,LTC,67,ltc 80 air fare,19,Ltd Company Jobs,2,mAadhaar App,2,macp,70,macps,1,madhya pradesh high court,1,madras high court order,2,Make in India,2,Market,1,Maruti Suzuki Dzire,1,maternity benefit act,2,maternity leave,8,Medical advance,1,medical card,16,Medical claims,15,Meghalaya Govt Employees,1,merger of posts,3,MERIT app,1,mes,3,MGNREGA,3,mha,15,mhfw order,18,mhrd order,10,Microsoft,1,Microsoft News,1,minimum pension,2,minimum wages,24,MoAFW Chief Chemist,1,mod order,47,mohfw order,40,monetary allowance,3,moped advance,1,MP,1,msp,2,mtnl,4,Multi Tasking Staff,1,Municipal Corporation,1,mutual transfer,3,NABARD,2,nac meeting,1,Namami Gange,5,National,705,Navy pay Regulations 2017,2,ncjcm,88,nda,2,ndmc,1,ndrf,2,New Delhi,3,new TRCA matrix,8,nfir,83,NGT,1,night duty allowance,2,nomenclature,1,Non-functional Upgradation,4,Northeast Frontier Railway,1,northern railway,1,Notification,1,notional increment on retirement,12,npci,1,nps,91,nps updates,59,ntpc,1,nursing allowance,2,nursing perssonsel,4,NVS,17,odisha,3,odisha govt employees,1,odisha govt pensioner,1,operation theater allowance,2,ops,6,ordnance factory,3,orop,23,overtime allowance,11,paid holiday,5,PAN,7,paramilitary force,1,pass rules,14,Passports,1,patna high court judgement,1,pay commission,1,pay fixation,49,Pay Matrix Table for aicteTeachers,2,pay revision,10,pay rules,8,pay scale,2,pay slip,1,pbor,3,pcda circular,75,pco allowance,2,pda lists,3,pdca circular,9,Pension,283,Pension Adalat,6,Pension Adalat Application Form,4,Pension faq,22,Pension revision,26,pensionary benefits,10,Pensioner,239,Pensioner associations,3,Pensioner Portal,13,pfrda,19,pgportal,3,PGT TGT FCSA,1,phed,1,pl bonous,15,pl bonus,3,PM Modi,27,PMAY,5,pmjay,1,PMUY,1,PMVVY,1,pobr,1,Policies,649,Politics,38,post graduate allowance,1,post office,23,post-2016 pensioner,2,prcp in railway,6,pre-2006 pensioner,2,pre-2016 pensioner,6,President,2,Project Allowance,2,Promotions,47,Promotions policy,48,provident fund,4,provisional pension,2,puducherry,1,Railway,650,Railway Fare,1,Railway Recruitment,36,railway servants pass rules,5,rajasthan govt employees,5,rajasthan govt pensioners,3,rajbhasha,4,Rajya Sabha,53,Rashtriya Swasthya Bima Yojana,1,ration money allowance,2,RBI,12,re-enengagement,2,Real Madrid,1,Recruitment,42,recruitment rules,62,relhs,3,remote area allowance,1,remuneration,3,RERA Act,1,reservation,7,reservation criteria,29,Reservation In Promotion,2,reservation in teacher cadre,2,rest rules,1,restricted holidays,8,Result,6,retention of railway accommodation,2,retired saffs,27,retirement age,12,retirement benefits,8,Retirement Road Map,3,Retirement Yojna,1,review committee for nps,6,revised pay,38,revised pay matrix table,12,revised pension,4,revised vda,15,rilways,2,risk and hardship allowance,12,Rotation money allowance,1,Rotational transfer,3,rrb ahmedabad,1,rrb ajmer,1,rrb allahabad,1,rrb bangalore,1,rrb bhopal,1,rrb bhubaneshwar,1,rrb bilaspur,1,rrb chandigarh,1,rrb chennai,1,rrb gorakhpur,1,rrb guwahati,1,rrb jammu,1,rrb kolkata,1,rrb malda,1,rrb mumbai,1,rrb muzaffarpur,1,rrb patna,1,rrb ranchi,1,rrb secunderabad,1,rrb siliguri,1,rrb thiruvananthapuram,1,RS (RP) Rules,2,rsrp rules,5,Rules,2,running allowance,5,running staff,8,RUSA,1,s,1,SAARTHI App,1,Salary wages pension,1,SAMPANN,1,sas exam,2,SBI,12,SBI Rules,7,Scheme,1,scholarship,4,Science,17,Scientist,1,scova meeting,6,settlement form,1,Settlement of PLI/RPLI,1,SEVA App,1,Seventh Central Pay Commission,152,SKILL INDIA Mission,1,small saving scheme,20,sparrow,2,special allowance,8,special family pension,4,Special Festival Package,1,Special LC Gate allowance,1,Sports,18,Sports activities,5,ssc jobs,3,ssc jos,1,status of PPOs,9,storekeeping staff,1,strike,17,study allowance,1,study leave,1,Sukanya Samriddhi Account,3,Supreme Court,31,Supreme Court Judgement,29,Survey,1,syllabus,11,syndicate bank,1,Tarang Sanchar,1,Tatkal Reservation Scheme,1,Tax,31,tds deduction,49,teacher jobs,12,Tech,34,technical allowances,1,Telangana,3,telangana govt employees,2,telangana govt pensioner,1,Telangana High Court,1,Telcome,2,Telcome News,8,timely disposal of applications,2,TN Govt Employees,5,TN Govt Pensioners,3,tnusrb recruitment,1,Trade,1,trade unions,1,TRAI,1,training allowance,4,Transfer policy,46,transport allowance,9,Travelling Allowance,27,treasury allowance,1,Trending Now,131,trip allowance,1,tripura govt employees,2,tripura govt pensioner,1,tripura high court judgement,1,Trump,1,uan,1,Uber,1,ugc,1,uidai,3,UJALA Scheme,1,uniform allowance,2,UP CM Yogi Adityanath,2,UP Govt Employees,1,upgradation of pay,8,upgradation of post,1,UPPCL,1,Upper Caste reservation,9,uppsc,1,UPSC Jobs,10,USA,2,Uttar Pradesh,3,vacant posts,3,vrs,13,WB Govt Employees,1,Weather,2,West Bengal,5,west bengal govt employees,3,west bengal govt pensioners,1,Whatsapp,2,Windows 10 OS,1,World,62,World Press Freedom Day,1,You Tube,2,
ltr
item
Govt Employee News Updates, Rules, O.M, Notification: Senior Citizen's Savings Schemes | Amendments to procedural rules: S.B. Order 11/2020
Senior Citizen's Savings Schemes | Amendments to procedural rules: S.B. Order 11/2020
Amendments to procedural rules relating to Senior Citizen's Savings Schemes in POSB(CBS) S.B. Order 11/2020
https://1.bp.blogspot.com/-ZXJEiC5-Pb4/XlAd4fn3OrI/AAAAAAAALOA/vA2oiRlxs7sAjE_4Ng9dNg4Yfd2jNGAbwCLcBGAsYHQ/s320/senior-citizens-savings-post-office-amendments-dop.png
https://1.bp.blogspot.com/-ZXJEiC5-Pb4/XlAd4fn3OrI/AAAAAAAALOA/vA2oiRlxs7sAjE_4Ng9dNg4Yfd2jNGAbwCLcBGAsYHQ/s72-c/senior-citizens-savings-post-office-amendments-dop.png
Govt Employee News Updates, Rules, O.M, Notification
https://www.paramnews.com/2020/02/senior-citizens-savings-schemes-post-office-amendments-dop.html
https://www.paramnews.com/
http://www.paramnews.com/
http://www.paramnews.com/2020/02/senior-citizens-savings-schemes-post-office-amendments-dop.html
true
2671314941044517342
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content