Amendments to procedural rules relating to MIS in POSB(CBS) – S.B. Order 06/2020
S.B. Order 06/2020
Government of India
Ministry of Communication
Department of Posts
Dak Bhawan, New Delhi-110001
Dated :- 14 /02/2020
All Head of Circles,
Addl. Director General, APS, New Delhi
Subject:-Amendments to procedural rules relating to Monthly Income Account Scheme (MIS) in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.
The undersigned is directed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7.2018].
2. Accordingly, the corrections relating to Monthly Income Account Schemes are given below:-
Correction Slips for Monthly Income Account Scheme in POSB(CBS) Manual
Rule 115(1) :- add following text belowthis sub rule:
Provided that from the date of receipt of SB Order 13/2019 dated 18.12.2019, provisions of National Savings (Monthly Income Account) Scheme 2019 and Government Savings Promotion General Rules 2018 shall be applied on all accounts opened under this scheme.
Rule 115(iii) :- This sub rule should be replaced with below text:
From date of receipt of SB Order 13/2019 dated 18.12.2019, account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees and there shall be only one deposit in an account.
Rule 115(x):- This sub rule should be treated as DELETED.
Ru1e124(b):- This sub rule should be replaced with below text:
An account which has matured but not closed, the eligible balance in the account shall continue to earn interest at the rate applicable to the Post Office Savings Account, till the closure of the account.
3. It is requested to circulate these corrections to all concerned for information and guidance and necessary action.
4. This issues with the approval of Competent Authority.
Assistant director (SB)