Payment of maturity, premature closure amount of small savings scheme

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Small savings schemes account holder will get payment of maturity, premature, closure amount of accounts into account holders bank account through ECS outward credit facility.
According to the Ministry of communication SB Order No. 09/2021 dated 30.04.2021, “Maturity/pre-mature/closure amount of all type of National Savings Schemes can now be credited into account holders bank account through ECS outward credit facility.”

“Note that Postmaster’s cheque shall not be issued for maturity, pre-mature, closure amount of accounts of all the schemes of POSB except KVP,NSC bulk closure through CNSBCV,” the release added.

In case a person wishes to get the maturity amount via cheque, according to the Ministry of Communications dated December 15, 2022, “In case of exigencies, if the account holder desires payment through Postmaster’s cheque, post office concerned shall obtain an application from account holder stating that “I do not want to credit my payment directly into my Bank Account through ECS outward credit, payment to be made by cheque”. This application shall be attached with account closure form. However, this option is to be exercised only on rare occasions.”

Credit of Interest into account holders Bank Account

Credit of Interest into account holders Bank Account for accounts of MIS/SCSS/TD, below is the summary of the ECS Outward Credit facility is detailed below:

(i) Account holder will submit ECS Mandate Form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file the ECS mandate form in a Guard file.

(iv) On Due date of interest payment i.e. MIS/SCSS/TD the interest will be processed and credited in ECS Outward credit Suspense account. Chennai GPO will generate ECS files for uploading to NPCI. Interest will get credited to account holder”s other Bank Account on D+1 basis.

Credit of MIS/TD/SCSS/KVP/NSC maturity/pre-mature closure

(i) Account holder will submit account closure form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file ECS mandate form in a Guard file. (iv) Counter PA will close account the account by selecting option “Customer Instruction” in respective scheme’s closure menu.

(iv) Supervisor will verify account closure.

(v) Supervisor will run HPR menu and print account closure report and handover to account holder as acknowledgement.

(vi) Chennai GPO will generate ECS credit file on next day for all such transactions and upload outward credit files to NPCI.

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