• Freezing accounts of PPF, NSC, other small savings schemes matured after three years of maturity but not closed, says fresh order from central government
Account holders of Public Provident Fund (PPF), National Savings Certificate (NSC), other small savings schemes have been frozen under the code 'INOP', it would mean that the account has matured without any extension. According to the latest office order issued by the Department of Posts under the Ministry of Communications, the freezing of small savings schemes accounts matured but not closed after three years of maturity. In order to strengthen the CBS system, incremental changes have been implemented to ensure that the risk of tampering involved in CBS operations is minimised.
The office order also disclosed the "standard operating procedure for handling freeze marked accounts/certificates under the reason code" INOP:- Inactive more than 3 years" to be followed in this regard.
The office order states that if any account holder whose account/certificate is found to be frozen with freeze code "INOP:- Inactive for more than 3 years", then for closure along with the certificate or passbook at any post office is passed, a request should be made to the account/certificate holder. To submit the following documents:
a) Passbook/Certificate;
b) KYC documents (mobile number, PAN card and Aadhaar or address proof as per rule 6 of Government Savings Promotion General Rules-2018);
c) Account Closure Form (SB-7A):- Account closure form from the account holder, passbook and PO savings account number details or a canceled check/ passbook key for credit of maturity value along with bank account details Copy submission should also be requested. in his savings account. The signature(s) of the depositor(s) will be obtained on the payment portion of the account closure form, so the account holder(s) need not visit the post office again and the maturity value will be credited to his/her PO savings account or bank account.
For account in Head Post Office, similar documents will be obtained from the account holder and the procedure prescribed below will be followed;
1] After receipt of the case of unfreezing and closure at the Head Post Office, the designated PA and APM (SB) will verify the account details of the documents received with Finacle. After verification of genuineness of the case, the concerned account/certificate will be un-freezed with two supervisors from the Head Office.
2] After the account is closed by the Counter PA, the APM (SB) will confirm the account closure.
3] In the Head Post Office, a separate register will be maintained for 'Register' for closure of account identified as "INOP Inoperative" for more than 3 years.
4] After entering the closure details in the above register, the APM(SB) will submit a register for perusal to the Head Postmaster.
5] Thereafter, the passbook, account closure form, KYC documents and canceled cheque/passbook copy along with other vouchers will be sent to the concerned SBCO.
6] The SBCO PA and Supervisor while checking the vouchers of the closed accounts which were identified as inoperative-inoperative for more than 3 years will check the account details along with the account closure form and KYC documents of the account holder Copies of the same will be attached to the voucher. If any shortcoming is found, objection should be lodged as per the prescribed procedure.
7] All Visiting/Inspecting Officers while visiting/inspecting the Head Post Offices should compulsorily check the register for CTOSURE of the account identified as "INOP - Inoperative for more than 3 years" in the prescribed register and see that The procedure laid down above should be scrupulously followed.
8] CEPT will share report on details of accounts un-freezed with reason code 0 “INOP- Inactive for more than 3 years” with Circle CPC (CBS) fortnightly.
9] The circle shall verify the report with reference to the register for closure of account identified as "Inactive-Inactive for more than 3 years" maintained at the Head Post Office within a week and in case of any discrepancy I will take appropriate measures.
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