Highlights of some important S B Orders issued during 2011

Scheme	Important features to be noted		SB Order No.	Effective from
K V P	Discontinued from 01.12.2011		22 / 2011, Dt. 24.11.2011	01.12.2011
5 Year N S C (VIII Issue)	1. Maturity period reduced to 5 years. 2. Maturity value revised to 150.90 (for denomination of Rs.100/-). 3.Rubber stamp to be affixed on the existing 6 year NSCs citing the revised period / value before issue.		23 / 2011, Dtd.24.11.2011	01.12.2011
10 Year NSC (IX Issue)	1. New Scheme introduced with maturity period 10 years. 2. Maturity value 234.35 (for denomination of Rs.100/-).		30/2011, Dt.30.11.2011	01.12.2011
P P F	All post offices operating PPF scheme should use Form-A for opening of PPF account. No Joint PPF account.		01 / 2011 Dt.08.02.2011
	1. Maximum investment revised to Rs.100000/ per financial year in existing PPF Account as well as new PPF accounts opened on or after 01.12.2011. 2. Rate of interest revised to 8.6%. 3.Rate of interest on loan revised to 2% per annum. 4.Rate of interest of 1 % per annum will be charged on loans taken up to 30.11.2011.		24 / 2011, Dtd.24.11.2011	01.12.2011
	Interest at PPF rate would be paid on those PPF(HUF) accounts which had attained maturity after 13.5.2005 but closed by the subscribers before 7.12.2010 subject to the conditions that the accounts had not been extended after maturity and the deposits were retained in such accounts without further subscription during this period.		13/2011, Dt. 01.08.2011 and subsequently clarified on 10.08.2011
M I S	1. Maturity period reduced to 5 years. 2. 5% Bonus on maturity discontinued. 3. Rate of interest shall be 8.2% per annum ( rounded off to the nearest multiple of rupee one if interest calculated becomes 50 paisa or more, ignoring less than 50 paisa )		25 / 2011, Dtd.24.11.2011	01.12.2011
S B	Rate of interest revised from 3.5% to 4 % per annum.		26 / 2011, Dtd.24.11.2011	01.12.2011
	Removal of ceiling of maximum balance with effect from 01.10.2011 A depositor or depositor(s) can deposit any amount ( both in cash and in cheque ) into single as well as joint savings account.		20 / 2011 Dt.27.09.2011	01.10.2011
	From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax.		20 / 2011 Dt.27.09.2011
T D	1. Rate of interest per annum revised as follows : Period of Deposit Rate of interest per annum ( Compounded quarterly ) 1 Year 7.7 2 Years 7.8 3 Years 8.0 5 Years 8.3 2. Premature Closure : a. If closed after 6 months but before 1 year : Normal Savings Account interest applicable from time to time shall be payable. The rate of interest shall be 3.5% up to the period 30.11.2011 and 4% thereafter. b. In case of premature closure of 2 Year, 3 Year or 5 Year account which were opened even before 1.12.2011, if the deposit is withdrawn after the expiry of one year from the date of deposit, interest on such deposits shall be calculated at the rate, which shall be one per cent less than the rate which was applicable at the time of opening of TD account.		27 / 2011, Dtd.24.11.2011 Clarified vide No. 33 / 2011, Dt. 13.12.2011 Clarified vide No. 33 / 2011, Dt. 13.12.2011	01.12.2011
	Above ruling of premature closure is also applicable to Accounts opened even before 01.12.2011		33 / 2011, Dt. 13.12.2011
R D	Maturity value increased to Rs.738.62 on RD account of Rs.10/- denomination and proportionate value for other denomination.		28 / 2011, Dtd.24.11.2011	01.12.2011
	Subsequent deposits in RD Accounts	Period of Opening of R D Account Period deposit of subsequent deposit Between 1st Day and 15th Day of calendar month Up to 15th day of next month Between 16th Day and last working of a calendar month Up to the last working day of next calendar month	31 / 2011 Dt. 13.12.2011	01.01.2012
	Maturity Value of Discontinued RD Account	Simple interest at the rate applicable from time to time to P O S B Account on the amount deposited from the date of maturity till date of payment shall be paid Calculations are to be made manually and recorded in the Register to be maintained in manuscript for future reference till software is amended.	31 / 2011 Dt. 13.12.2011	01.01.2012
	Pre-mature closure of RD Account	Simple interest at the rate applicable from time to time to P O S B Account shall be payable. This calculation shall be made manually from 01.01.2012 till the software is amended. Difference of interest calculated by the software and interest calculated manually should be noted in the Register to be maintained in manuscript for future reference.	31 / 2011 Dt. 13.12.2011	01.01.2012
	Maturity Value of R D Account retained after 10 years	PMI shall be payable at the rate applicable from time to time to P O S B Account from the date of maturity to date of payment Entry of such accounts in which PMI is paid should be made in a register to be maintained in manuscript for PMI for future reference.	31 / 2011 Dt. 13.12.2011 & clarified vide corrigendum dated 20.12.2011	01.01.2012
Agents	SAS Agents are authorized to handle cash up to Rs.10000/-		03/2011, Dt. 11.03.2011
	Above restriction not applicable to MPKBY or PPF agents.		05/2011, Dt. 21.04.2011
	No commission is payable to SAS agents investing more than Rs.10000/- at a time in cash		17/2011, Dt. 09.09.2011
	Commission: Scheme Rate of Commission R D 4% TD, MIS, NSC 0.5% PPF Nil SCSS Nil		29 / 2011, Dtd.24.11.2011	01.12.2011
Post Maturity Interest	Maximum limit of 2 years fixed for admissibility of Post Maturity Interest has been removed. Procedure:- Now PMI should be paid at the simple interest rate applicable to savings account from time to time from the date of maturity to date of payment. Limit of maximum of two years has been removed. The rate of interest shall be equal to the rate applicable from the date of maturity to the date of payment at different times. For example, if an account was matured on 26.8.2010 and the depositor attends the post office on 15.01.2012, he will be paid PMI at the rate 3.5% from 01.09.2010 to 30.11.2011 and at the rate 4% from 1.12.2011 to 31.12.2011. This shall be applicable to the existing as well as new investments in all schemes. Calculations’ are to be made manually and recorded in the Register to be maintained in manuscript for future reference till software is amended. All other conditions mentioned in the relevant rules shall remain unchanged. Note:- For the purpose of payment of interest, any part of the period which is less than one month shall be ignored.		31 / 2011 Dt. 13.12.2011 & Clarified vide corrigendum – II , dated 02.01.2012	01.01.2012
Settlement of Claim Cases	1) Form for claim of balance in the Savings Bank Account of deceased depositor- SB-30 2) Claim application form for settlement of Savings Certificates of the deceased holder where nomination is registered-NC-14. 3) Claim application form for settlement of Savings Certificates of the deceased holder where claim is preferred on legal evidence of heirship.NC-15. 4) Claim application form for settlement of Savings Certificates of the deceased holder where no nomination is registered or no legal evidence is produced.NC-16.		02 / 2011, Dt. 08.02.2011
	Production of Original Death Certificate: Claimants shall produce original proof of death along with photocopies before in-charge of the post office where the claim is to be handed over and in-charge of that post office irrespective of the status of the post office will record a remark on the photocopy of the proof of death as “ Compared with original and found correct” under his/her dated signatures. Then original proof of death may be returned to the claimant.		12/2011, Dt. 11.07.2011
Opening of Account	In the same post office, on a single day, only one account in the name of same depositor in each scheme or one purchase application in the name of same investor in each scheme can be accepted.		11/2011, Dt. 30.06.2011
	Above restriction was withdrawn		14/2011, Dt. 05.08.2011
Payment of deposits / certificates belong to minors	In case of Minor Account opened / Certificates purchased by guardian on behalf of minor where at the time of payment minor not attained majority, all payments should be made to the guardian after taking prescribed certificate. In case, minor attained majority before date of payment, prescribed procedure for conversion of account / certificate from the name of guardian to the name of minor who attained majority should be followed and payment should not be made to the guardian. (ii) In case of individual accounts opened by minors of the age of 10 years or above in Savings/RD/TD or MIS schemes / certificates applied by minor and issued in the name of minor, , all payments should be made to the minor himself who made the deposits / applied for issue of certificates irrespective of minor attained majority or not.		08 / 2011, Dt. 25.05.2011

( Compiled by: B. Samal, Secretary, AIPEU, Gr.-C, Bhubaneswar Division and Postmaster, Sahidnagar MDG in the interest of all the staff members )