Investment through withdrawal form (SB-7) under SAS / MPKBY Agency System

Representations from agents/agent associations to allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in various National Savings Schemes

SB Order No. 10/2021

No. 107-01/2020-SB
Government of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 15.06.2021.

To,

All Head of Circles/Regions,

Sub: – Regarding request from various agents/agent associations to allow investment through withdrawal form (SB-7) under SAS /MPKBY Agency System.

Sir /Madam,

This office is in receipt of representations from agents/agent associations to allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in various National Savings Schemes (i.e. RD/MIS/TD/KVP/NSC).

2. As there is no such provision available in SAS Agency Rules 1959 / MPKBY Agency Rules 1972, the issue was taken up with Ministry of Finance for consideration.

3. After examination, vide O.M. No. 14/1/2021-NS dated 19.02.2021 Ministry of Finance has decided to reject the proposal on the grounds of safeguarding the money of investor and avoiding any irregularities/frauds in the investment.

4. In view of above, any post office shall not allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in different National Savings Schemes.

5. It is requested to circulate these guidelines to all post offices for information, guidance and necessary action.

This is issued with approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)
Assistant Director (SB-IT)

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