Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity
SB ORDER NO. 25/2022
F. No. FS-13/7/2020-FS-Part(1)
Government of India
Ministry of Communications
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001.
Date: 16.12.2022
To,
All Heads of Circles/Regions
Subject: – Freezing of Small Savings Schemes accounts get matured but not closed after 3 years of maturity reg.
Sir /Madam,
As part of continuous improvement in making the CBS system robust, incremental changes are implemented to ensure that the risk of misappropriation involved in CBS operations is minimized.
- In view of the safety of depositors’ hard-earned money and ensuring effective KYC compliance, competent authority has decided to freeze those MIS/SCSS/TD/KVP/NSC/RD accounts which have been matured till 30.09.2019 but not closed.
- The details of freeze code is as under: –
(i) Freeze reason code: INOP: – Inoperative more than 3 years.
(ii) Cutoff date:-30.09.2019 (1.e. account matured 3 years ago and remains live).
(iii) Schemes identified: – MIS/SCSS/TD/KVP/NSC/RD (matured but not extended)/PPF (matured but not extended)
- A “Standard Operating Procedure for handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years” to be followed in this regard is enclosed herewith.
- It is requested to circulate it to all concerned for information, guidance and necessary action.
This issues with the approval of competent authority.
Enclosed: – As above (Annexure)
Yours Sincerely
(Devendra Sharma)
Asstt. Director (SB-II)
Source: utilities.cept.gov.in