Showing posts with label SB Orders. Show all posts
Showing posts with label SB Orders. Show all posts

Tuesday, January 3, 2012

Clarifications on PMI (PMI will be for completed Calendar months only)

SB ORDER NO. 31/2011

F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 02.01.2012
CORRIGENDUM-II

To

All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
 
Subject:- Clarification regarding calculation of Post Maturity Interest.

Sir / Madam,
The undersigned is directed to refer to this office letter of even number dated 13.12.2011 (SB Order No.31/2011) and Corrigendum issued on 20.12.2011 on the subject. Text mentioned under Point (5) of SB Order No. 31/2011 may be replaced with the following:-


(5) 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

This issues with the approval of DDG(FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)

Wednesday, December 14, 2011

SB ORDER NO. 33/2011 : Issue of clarifications regarding premature closure of TD accounts.


SB ORDER NO. 33/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 13.12.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.       
Subject:-                                Issue of clarifications regarding premature closure of TD accounts.
Sir / Madam,
The undersigned is directed to refer to this office SB Order No. 27/2011 dated 24.11.2011 vide which decisions taken by Min. of Finance regarding changes in POTD scheme effective from 1.12.2011 were circulated.

2.             Some circles have asked for clarifications regarding applicability of reduction in interest rate to be charged on premature closure of TD accounts to the old accounts. It is clarified that:-
(i)            In case of premature closure of 1 Year, 2 Year, 3 Year or 5 Year account which were opened even before 1.12.2011, if the deposit is withdrawan after 6 months but before the expiry of one year from the date of deposit, simple interest at the rate applicable to from time to time to post office savings account shall be payable. The rate of interest shall be 3.5% up to the period 30.11.2011 and 4% thereafter.
(ii)           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 withdrawan 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. Interest calculation tables for the TD accounts opened before 1.12.2011 and opened on or after 1.12.2011 and applied for premature closure on or after 1.12.2011 are enclosed.


3.             It is requested that this clarification and interest calculation table may be circulated to all post offices immediately for information and necessary guidance please.

4. This issues with the approval of DDG(FS)
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
Encl:- as above



SB ORDER NO. 32/2011 : Circulation of Notifications issued by Min. of Finance (DEA) notifying the changes in rules of different savings schemes effective from 1.12.2011 - regarding.


SB ORDER NO. 32/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 13.12.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.       
Subject:-           Circulation of Notifications issued by Min. of Finance (DEA) notifying the changes in rules of different savings schemes effective from 1.12.2011 - regarding.

Sir / Madam,
The undersigned is directed to refer to this office SB Orders No.22/2011 to 27/2011 dated 24.11.2011 vide which decisions taken by Min. of Finance regarding changes in small savings schemes effective from 1.12.2011.
Following notifications issued by MOF(DEA) are enclosed:-

(i)            GSR 841(E) dated 25.11.2011
(ii)           GSR 842(E) dated 25.11.2011
(iii)          GSR 843(E) dated 25.11.2011
(iv)          GSR 844(E) dated 25.11.2011
(v)           GSR 845(E) dated 25.11.2011
(vi)          GSR 846(E) dated 25.11.2011
(i)            SO No. 2681 dated 25.11.2011
(ii)           SO No. 2682 dated 25.11.2011
(iii)          F.1/10/2011-NS-II dated 25.11.2011
(iv)          F.1/12/2011-NS-II dated 25.11.2011

2. It is requested these notifications may be circulated to all post offices for information and necessary guidance
please.

3. This issues with the approval of DDG(FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB) 

SB ORDER NO. 31/2011 : Modifications in PORD Rules 1981, Post Office Monthly Income Account Rules 1987, POTD Rules 1981, KVP Rules 1988, NSC (VIII-Issue) Rules 1989-regarding.

SB ORDER NO. 31/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 13.12.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.       

Subject:-        Modifications in PORD Rules 1981, Post Office Monthly Income Account Rules 1987, POTD Rules 1981, KVP Rules 1988, NSC (VIII-Issue) Rules 1989-regarding.

Sir / Madam,
The undersigned is directed to enclose copies of Min. of Finance (DEA) Notification No. GSR 740(E), GSR 741(E), GSR 742(E), GSR 743(E) and GSR 744(E) dated 04.10.2011 for information and necessary action. Changes made through these notifications are listed below:-


(1)           In case of RD accounts opened between 1st Day and 15th Day of a calendar month, the each subsequent deposit in the account shall be made up to 15th day of the next month and in case of RD accounts opened between 16th day and last working day of the calendar month, the each subsequent deposit in the account shall be made up to the end of the next calendar month.

Procedure:-         This change should be made applicable from 1.01.2012 to all old as well as new accounts. In the month of January 2012, as and when any depositor/MPKBY agent attends the post office for subsequent deposit, a rubber stamp should be fixed on the cover and first page of the Passbook informing the last date up to which the depositor can deposit his monthly installment in the next month. Following is the sample of stamps:-

                             Sample-1                                                                                             Sample-2

LAST DATE OF DEPOSIT IS
15th DAY OF NEXT MONTH
LAST DATE OF DEPOSIT IS LAST
WORKING DAY OF NEXT MONTH

Sample-1 is to be fixed on the passbooks of the accounts opened between 1st and 15th Day of a month and Sample-2 is to be fixed on the passbooks of the accounts opened between 16th day and the last day of a month. Till the software is amended, penalty should be charged as per old procedure i.e if the amount is not deposited up to the last working day of the month.

(2)           In case maturity value of a discontinued RD account is retained after the date of maturity, the depositor shall be entitled to a simple interest at the rate applicable from time to time to post office savings account on the amount deposited from the date of maturity till date of payment.

Procedure:-          At present, interest at the rate of 9.25% was being paid on such accounts. This amendment will be made applicable from 1.01.2012 to all old as well as new accounts. This calculation is to be made manually till the software is modified. Difference of interest calculated by the software and and interest calculated manually should be noted in the Register to be maintained in manuscript for future reference.

(3)           In case of premature closure of RD accounts, simple interest at the rate applicable to post office savings account from time to time shall be payable.

Procedure:-          Presently, interest is being calculated by the software by compounding the rate of savings account every year. This shall be applicable to the existing RD accounts also. This calculation shall be made manually from 1.01.2012 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.

(4)           In case maturity value of RD Account is retained after 10 years, Post Maturity Interest shall be payable at simple rate of interest applicable from time to time to savings account from date of maturity to date of payment.

Procedure:-          This is a new provision which does not exist in the software. This calculation shall be made manually from 1.01.2011 till the software is amended. This will be applicable for existing RD accounts also. 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.
(1)           Maximum limit of 2 years fixed for admissibility of Post Maturity Interest has been removed.

Procedure:-          Now PMI should be paid from the date of maturity to date of payment at the simple interest rate applicable to savings account from time to time. 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 15.12.2011, he will be paid PMI at the rate 3.5% from 26.8.2010 to 30.11.2011 and at the rate 4% from 1.12.2011 to 14.12.2011. This shall be applicable to the existing as well as new investments in all schemes. Calculations’ are to be made manually till software is amended and recorded in the Register to be maintained in manuscript for future reference. Following formula should be adopted while calculating the Post Maturity  interest for the number of days:-

To calculate simple interest for number of days:- MV×R÷100×N÷365
MV= Maturity Value
R= Rate of interest
N=Number of days the account stands

Note:- While calculating number of days, the day on which account matures shall be counted in number of days but the day on which payment is being taken shall not be counted.

              This issues with the approval of DDG(FS)
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)

Tuesday, August 23, 2011

SB ORDER NO. 16/2011 : Grant of Savings Bank Allowance to Postal Assistants working in Savings Bank/certificate branches- holding of SB Aptitude Test regarding.


SB ORDER NO. 16/2011
No.113-07/2010-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 23.08.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject:- Grant of Savings Bank Allowance to Postal Assistants working in Savings Bank / certificate branches- holding of SB Aptitude Test regarding.

Sir / Madam,
The undersigned is directed to refer to this office SB Order No.26/89 issued vide letter No. 2- 3/86-SB dated 27.4.1989, SB Order No.43/89 dated 12.9.1989, SB Order No. 26/90 dated 4.05.1990, SB Order No. 17/2004 dated 8.10.2001, SB Order No. 5/2005 issued vide letter no. 113-1/2003- SB(APT) dated 28.3.2005, D.O. letter of even number dated 26.2.2010 from DDG(FS) to all Heads of circles and SB Order No. 10/2011 dated 21.6.2011 on the subject.

2.             Based on the inputs received from the circles, it was observed that out of the staff working in the POSB/SC related branches in the post offices, the percentage of staff passed SB Aptitude test is very low and in some circles the test has either been not held from many years or not regularly held. In view of this, the pattern and syllabus of the aptitude test has been reviewed in this office and it has been decided to revise the whole pattern as well as syllabus of this test which is very important from the operational point of view of the POSB/SC. Min. of Finance is also time and again pointing out the high percentage of irregularities being committed by the postal staff which is resulting in financial loss to the Government as well as in some cases to the customers and increase in court cases/public grievances.
3.             Revised Syllabus, pattern, eligibility criteria, procedure for setting up of paper/venue and further reporting to this division are attached as enclosure. Test will be held twice in a calendar year i.e in the month of February and August and candidates who have completed one year service on 30th June or 31st December of the year in which the test is conducted shall be eligible to appear.
4.             It is requested that necessary action may be taken immediately to circulate the new syllabus as well as eligibility criteria so that next SB Aptitude may be held in February 2012.
5.             This issues with the approval of DDG(FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
Enclosure:- New Syllabus/Pattern/Eligibility Criteria etc.
Syllabus for Savings Bank Aptitude Test
Paper - I
Marks-100
Time-2 Hours
Total No. of Questions-50
Qualifying Marks:- 50%
Note:- The examination will be held with the aid of books approved by the department. All the questions will be objective type with four options. The candidate has to choose the correct option as per his knowledge and quote the rule from the books approved for the examination to support his/her decision.
Syllabus:-
Acts
(1) Government Savings Bank Act 1873 (amended from time to time)
(2) Government Savings Certificates Act 1959 (amended from time to time)
(3) Public Provident Fund Act 1968 (amended from time to time)
Statutory Rules
(1) Post Office Savings Bank General Rules 1981 (amended from time to time).
(2) Post Office Savings Account Rules 1981 (amended from time to time).
(3) Post Office Recurring Deposit Rules 1981 (amended from time to time).
(4) Post Office Time Deposit Rules 1981 (amended from time to time).
(5) Post Office Monthly Income Account Rules 1987(amended from time to time).
(6) Public Provident Fund Scheme Rules 1968 (amended from time to time)
(7) National Savings Certificate (VIII Issue) Rules, 1989 (amended from time to time).
(8) Kisan Vikas Patras Rules, 1986 (amended from time to time).
Procedure
(1) All procedural rules of POSB Manual Vol-I and II.
(2) All SB Orders issued from 1.1.2007 onwards.
Approved Books
(1). POSB Manual Vol-I or Compilation of POSB Manual Vol-I
(2) POSB Manual Vol-II or Compilation of POSB Manual Vol-II
(3) POSB Manual Vol-III or Compilation of POSB Manual Vol-III or Handbook on Government Small Savings Schemes
Eligibility Criteria:- All Postal Assistants who have completed one year’s service on 30th June or 31st December of the year in which test is conducted shall be eligible to appear. Test will be conducted twice in a calendar year i.e in the month of February and August. Candidates who have completed one year’s service as on 31st December shall be eligible for appearing in the test to be held in February and those who have completed one year’s service as on 30th June shall be eligible for appearing in the test to be held in August. There will be no restriction on number of times a candidate can appear.
Setting up of paper and venue:- Test will be conducted by the circle. Date, time and venue will be decided at circle level and circulated at least 30 days before the scheduled date. Setting up of paper will be done at the level of Postal Training Centre. Chief Postmaster General of the circle shall decide the name of Postal Training Centre from which the Paper will be got set. A blank line is required to be provided after 4 options in each question to mention the Rule in support of the answer. Evaluation of the papers shall also be got done from the same PTC. Result will be declared by the circle. Successful candidates shall be posted in the branches pertaining to POSB/SC in post offices/divisional offices/regional offices and circle office. If surplus candidates qualified, a list of such candidates may be prepared in the preference of marks obtained in the test and they shall be posted in the SB/SC branches as and when required.
Reporting:- All circles will send half yearly report to the FS Division of Directorate in the enclosed format.
Format of Half Yearly Report (to be sent in the month of April and October)
Name of Circle





No. of Fully
engaged
posts
eligible for
SB
Allowance
@Rs.300/-

No. of
Partially
engaged
posts
eligible for
SB
Allowance
@Rs.150/-

No. of SB
Allowance
eligible
candidates
working in
the circle

No. of SB
Allowance
ineligible
candidates
working in
the circle
Date
when
last
Aptitude
Test was
held.

No. of
candidates
appeared

No. of
candidates
qualified
























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