Discontinuance of Direct Debit facility through POSB-Withdrawal Slip & POSB-Cheque for payment of PLI/RPLI premia
AS circles are aware, new functionality in CIS (Core Insurance Solution) has recently been introduced wherein PLI/RPLI policyholders were provided with following new options for payment of PLI/RPLI premia using their POSB accounts:
- Direct Debit by using SB-7 (withdrawal form).
- Direct Debit by using POSB cheque.
- By using Standing Instructions (SI) mandate.
- By using Mobile Banking & e-Banking.
2. Various references were received on the new functionality deployed in CIS from circles, Nodal office and FS Division, Dak Bhawan. The mater was reviewed in consultation with all stakeholders. Accordingly, it is decided to withdraw the 'Direct Debit' facility through POSB-Withdrawal Slip & POSB-Cheque for payment of PLI/RPLI premia from POSB accounts. Therefore, henceforth, SB-7 (withdrawal form) and POSB cheque is not allowed for payment of PLI/RPLI premia using 'Direct Debit' facility. Payment of PLl/RPLI premia by POSB cheque (without using Direct Debit Facility) will continue in normal
3. course as usual. As disabling this 'Direct Debit functionality in CIS may take some time, circles
4 are requested to immediately disseminate this information among all post offices to STOP allowing use of SB-7 (withdrawal form) and POSB Cheque for payment of PLI/RPLI premia using 'Direct Debit' facility
