Amendments to procedural rule in POSB (CBS) Manual (Corrected as much as 31.12.2021): Department of Posts SB Order No. 20/2022 dated 28.10.2022
SB Order No. 20/2022
File No. 116·17/2017-SB
Government of India
Ministry of Communications
Department of Posts
Dak Bhawan, Recent Delhi – 110001
All Head of Circles / Regions
Subject: Amendments to procedural rule in POSB (CBS) Manual (Corrected as much as 31.12.2021) – Regarding.
Kerala Circle in Lr. No. SB/Genl Corr./2019 dated 26.09.2022 requested for clarification on rules governing premature closure of PPF accounts. As well as, few referencing errors and conflicting contents have also come to the notice. Accordingly, the contents of the most recent POSB (CBS) Manual (Corrected as much as 31.12.2021) circulated in SB Order No. 03/2022 dated 18.02.2022 have been reviewed and it has been decided to amend the next procedural rules as follows.
Rule / Para No.
|Text of the Amended provisions|
|117 (11) (iv)||Above provisions of paragraphs (i) to (iii) shall also apply on PPF accounts after maturity on expiry of every prolonged block period of 5 years.|
|119 (l)(ii)||The quantity is required for higher education of the account holder, or dependent children on production of documents and fee bills in confirmation of admission in a recognised institute of upper education in India or abroad:|
|126 (2) (iv)||Withdrawal could be made in a single lump or in instalments, not exceeding one per financial 12 months for a maximum of 5 years subject to the ceiling prescribed in para (2)(iii) above. i.e. 50% of balance on the credit of the preceding financial 12 months from the date of first application made for withdrawal.|
|172 (3) (ii)||The claim supported by legal evidence for account/certificate standing at Time Scale & LSG sub post offices, the respective SPMs can sanction claim as much as the limit prescribed for sanction of claim “where no nomination exists or no legal evidence produced” in table below in rule 4 (B) of this chapter.|
|172 (3) (iii)||The claim supported by legal evidence and where no nomination exists for account/certificate standing at Time Scale & LSG sub post offices beyond the sanction limit of respective SPMs, those claims will .be forwarded to the Divisional Head after verifying all particulars of claim and Divisional Head will issue sanction for such claims regardless of any limit.|
|172 (3) (iv)||The claim supported by legal evidence for account/certificate standing at HSG Sub Post Offices I MDGs I HO I GPO, the respective SPMs/PMs/Sr.PM/CPM/Director can sanction claim regardless of any limit in such cases.|
|172 (9) (ii)||The claimant will present the sanction memo in original if the claim is sanctioned by Divisional Head and if the payment is desired by cheque. Vital motion will probably be taken as for the closure of savings account.|
3. This may occasionally be circulated to all of the Offices for information and obligatory actions.
4. That is issued with the approval of competent authority.
(T C VIJAYAN)
Asst. Director (SB-I)