POSB (Post Office Savings Bank Schemes) Safety Guidelines for Investors | Safety Guidelines for Investors of National Savings Schemes (NSS)
SAFETY GUIDELINES FOR INVESTORS OF NATIONAL SAVINGS SCHEMES (NSS). Post Office Savings Bank Schemes (POSB) Safety Guidelines for Investors.
Download Safety Guidelines for NSS or POSB Investors in PDF
To know details and interest rates of National (Small) Savings Schemes (Post Office Savings Schemes)
kindly visit https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
An account for any of the National (Small) Savings Schemes can be opened by Indian resident by himself/herself by visiting the Post Office in person along-with KYC documents (PAN card and identity proof such as Aadhaar or address proof).
Mobile number, PAN number or Form-60/61 and Nomination are mandatory for opening of new account and in all existing account. If these are not updated in your account/CIF, kindly get these updated through post office concerned immediately.
ATM Card/Cheque Book/Aadhaar Seeding/e-banking/m-banking facilities are available for PO Savings Account, can be availed by submitting prescribed form at post office concerned. Through e-banking, account holder can deposit online in SB/RD/PPF/ SSA schemes and open and close RD/TD account online. For more details kindly read FAQ available at https://ebanking.indiapost.gov.in
Depositor can also credit amount in SB, PPF and SSA accounts from their Account in any other bank or PO Savings Account to other bank Bank Account using NEFT/RTGS services of POSB. IFSC code of POSB is IPOSOO00DOP.
Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their Bank account by submitting mandate form along with copy of first page of bank passbook or cancelled cheque.
Depositors can avail auto credit facility to get TD/MIS/SCSS interest directly into their PO Savings Account or auto credit RD deposit from PO Savings Account by submitting form (SB-83) at post office concerned.
Depositors can get maturity value of accounts/certificates in their Bank Account by submitting copy of first page of passbook or cancelled cheque along-with account closure form. After receipt of passbook, depositor can check balance of his/her account using ‘Interactive Voice Response (IVR)’ facility by calling through the registered mobile number at Indiapost toll-free number 18002666868.
Blocking of ATM card facility can also be availed through toll free number 18002666868.
SMS is sent to registered mobile number of account holder. Kindly check whether SMS is received for accounts opened and for every transaction. Present limit for SMS issuance on transactions initiated at counter is = 1000 and above for debit(withdrawal) transactions and = 2000 and above for Credit (Deposit) transactions.
In case of any suspicious transaction SMS/Alert is received, kindly contact concerned Post Office/Divisional Office immediately.
Keep passbook/cheque/ATM in personal safe custody. In case of any misuse by using account holder’s passbook/cheque/ATM/ signed withdrawal form the responsibility vests with the depositor.
Update your passbook frequently through any CBS Post Office to avoid any wrong/fraudulent transaction in your account.
In case of any ATM transaction failure in DOP ATM or ATM card related issues, kindly email from your registered email id with details to postatm@indiapost.gov.in. In case of ATM transaction failure in other Bank ATM, kindly contact concerned Bank.
For any e-banking, m-banking, NEFT, RTGS related issues kindly email from your registered email id to dopebanking@indiapost.gov.in
SAFETY GUIDELINES FOR INVESTORS OF NATIONAL SAVINGS SCHEMES FOR INVESTMENT THROUGH AGENTS.
In case one decides to avail the services of Authorised Agents, the following is advised:
Check identity of Authorised Agents by checking his Certificate of Authority and date of validity of the agency.
Account opening form must be filled by yourself. However, help/guidance of the agent may be availed. Mobile number is mandatory and should be filled in Account Opening Form/KYC Form.
Always insist for Authorised Receipt with all relevant entries from the agent while handing over Cash/Cheque/DD and documents to the agent for opening an account or making deposit. For this purpose, ASLAAS-5 cards for investment in RD scheme and AAR _ book receipt for TD/MIS/KVP/NSC schemes are supplied by Government to the agents. Preserve depositor’s copy of the ASLAAS 5 cards till maturity of the account.
If an agent refuses or avoids to issue receipt book/ASLAAS card, do not entertain him/her and report the matter to the Postal/District Authorities.
Ensure receipt of passbook from the agent within 10 days from the date of investment. In case of non-receipt of passbook from the agent within 10 days from the date of Investment, lodge a complaint with either Appointing Authority; Regional Director, National Savings Institute; or Concerned Post Master.
Invariably verify the correctness of the amount, date, stamp, signature etc. mentioned in the Passbook from the concerned Post Office from time to time.
Do not hand over the cash to any unauthorized person or issue a cheque in favour of an agent.
For investment for and above Rs 20,000, issue only an account payee cheque drawn in favour of concerned Post Master.
Agents are not authorised to take withdrawal/maturity payments on behalf of the depositors.
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