Issue of interest certificate of POSB Schemes for account holders in CBS Post Offices

Issue of interest certificate of POSB Schemes for account holders in CBS Post Offices: Department of Posts Order dated 23.11.2021

SB Order No. 38/2021

No. FS-13/7/2020-FS
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan New Delhi-110001
Dated: 23.11.2021

To,

All Head of Circles/Regions,

Subject: – Regarding issue of interest certificate of POSB Schemes for account holders in CBS Post Offices.

Sir/Madam,

References have been received from the customers to provide a consolidated certificate for interest earned in their POSB accounts in a Financial Year for the purpose of filing of Income Tax returns etc.

2. The competent authority has accordingly decided to make necessary amendments in Finacle for generation of consolidated Interest Certificate for account holder in a Financial Year.

3. The necessary amendments have been made in Finacle for generation and printing of Interest Certificate. A detailed procedure for generation and printing of Interest Certificate in Finacle is attached as ANNEXURE for information, guidance and necessary action.

4. This may be circulated to all the Offices for information and necessary actions.

5. This is issued with the approval of DDG (FS).

Yours Sincerely

(Devendra Sharma)
Assistant Director (SB-II)

ANNEXURE

Detailed procedure for generation and printing of Interest Certificate for POSB scheme

Interest Certificate for interest paid/credited may be provided to a POSB account holder. For the purpose depositor has to submit a duly signed written application at the post office for obtaining interest certificate. Post office concerned shall tally the depositor’s signature in Finacle, generate interest certificate and provide to the customer.

Counter PA shall invoke a new menu CINTC menu for interest certificate generation and invoke HPR menu for printing of Interest Certificate. In interest certificate the interest paid/credited for POSB accounts will be reflected.

1. Interest certificate is generated based on the CIF ID.
2. Interest certificate can be generated in any post office
3. Interest credited in all the linked accounts under that CIF will be generated
4. This menu is accessible for Counter PA work-class
5. Run Menu CINTC
6. Enter the CIF ID
7. If the CIF is not a primary CIF for any account, then “No account is linked with CIF ID” message will be displayed.
8. Select the Financial year – Previous FY or Current FY radio button
9. Interest certificate can be generated for Previous financial year i.e from 01/04/2020 to 31/03/2021
10. Interest certificate for the current Financial Year i.e from 01/04/2021 to BOD — 1 is to be used only if demanded.
11. Click on Submit
12. Report will be generated in HPR.
    “Interest Certificate generated successfully. Please check in HPR after sometime”
13. In HPR CIF ID will be displayed to select and print the certificate “Consolidated Interest Certificate – XXXXXXXX”
14. Pre-migration interest will also be included
15. TDS if deducted will also be printed
16. Account Number, Scheme, Account Status, Interest Paid, TDS collected and Deposit Amount/Balance columns are available
17. For TDA type of accounts (TD/MIS/SCSS/K VP/NSC) deposit amount will be displayed
18. For SB, PPF and SSA Balance as on Interest credit date (i.e. 31st March/Closure Date) will be displayed.
19. In case of closed accounts balance before closure will be displayed
20. Postmaster shall affix seal and sign the certificate.
21. “No Records” message will be shown in the certificate, if no interest is credited for any of the accounts linked with given CIF during the selected period.”

Note: – No charges/fee is applicable for issuance of the Interest Certificate to a POSB account holder. Depositors may obtain Interest certificate from any CBS post office

Source: DOP