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    SB Order 20/2022: Amendments to POSB (CBS) Manual | Amendments to procedural rule in POSB (CBS) Manual (Corrected up to 31.12.2021)

     SB Order No. 20/2022.

    File No. 116-17/2017-SB

    (F.S. Division)

    Dated: 28.10.2022

    Subject: Amendments to procedural rule in POSB (CBS) Manual (Corrected up to 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. In addition, few referencing errors and conflicting contents have also come to the notice. Accordingly, the contents of the latest POSB (CBS) Manual (Corrected up to 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 following procedural rules as follows.

    Rule / Para Text of the Amended provisions No.

    117 (II) (iv)

    Above provisions of paragraphs (i) to (ii) shall also apply on PPF accounts after maturity on expiry of each extended block period of five years.

    119 (I)(ii) 

    The amount 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 higher education in India or abroad:

    126 (2) (iv) 

    Withdrawal can be made in one lump or in instalments, not exceeding one per financial year for a maximum of five years subject to the ceiling prescribed in para (2)(iii) above. i.e. 50% of balance at the credit of the preceding financial year 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 up to 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 irrespective of any limit.

     172 (3) (iv) 

    The claim supported by legal evidence for account/certificate standing at HSG Sub Post Offices / MDGs / HO / GPO, the respective SPMs/PMs/Sr.PM/CPM/Director can sanction claim irrespective 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. Necessary action will be taken as for the closure of savings account.

     3. This may be circulated to all the Offices for information and necessary actions.

    4.  This is issued with the approval of competent authority.

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