Payment of interest of MIS/SCSS/TD accounts and credit of maturity value – DOP Order

Payment of MIS/SCSS/TD accounts Monthly/Quarterly/Annual interest amount and maturity value of MIS/SCSS/TD/RD/KVP/NSC into account holder’s Bank Account by CBS Post Offices

SB Order No. 09/2021

F. No. FS-13/7/2020-FS
Govt. of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 30 .04.2021

To,
All Head of Circles/Regions

Subject:- Payment of MIS/SCSS/TD accounts Monthly/Quarterly/ Annual interest amount and maturity value of MIS/SCSS/TD/RD/ KVP/NSC into account holder’s Bank Account by CBS Post Offices – Reg.

Sir/Madam,

The provision for payment of interest of MIS/SCSS/TD accounts and credit of maturity value for TDA type of accounts (MIS/SCSS/TD/RD/KVP/NSC) into account holder’s Bank Account has been implemented in Finacle through ECS Outward Credit functionality.

2. Chennai GPO is identified as Nodal Office for ECS Outward Credit functionality. Interest and Maturity credits through ECS Outward facility

3. The summary of the ECS Outward Credit facility is detailed below:-

(a) Credit of MIS/SCSS/TD Interest into account holders Bank Account:-

(i) Account holder will submit ECS Mandate Form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file the ECS mandate form in a Guard file.

(iv) On Due date of interest payment i.e. MIS/SCSS/TD the interest will be processed and credited in ECS Outward credit Suspense account. Chennai GPO will generate ECS files for uploading to NPCI. Interest will get credited to account holder’s other Bank Account on D+1 basis.

(b) Credit of MIS/TD/SCSS/KVP/NSC Maturity/Pre-mature closure value into account holder’s Bank Account.

(i) Account holder will submit account closure form along with passbook and a cancelled cheque or copy of first page of Bank passbook at concerned post office.

(ii) Counter PA will modify respective account and enter ECS details on the basis of cancelled cheque/copy of first page of Bank passbook in respective account modification menu.

(iii) Supervisor will verify the account modification and file ECS mandate form in a Guard file.

(iv) Counter PA will close account the account by selecting option “Customer Instruction” in respective scheme’s closure menu.

(v) Supervisor will verify account closure.

(vi) Supervisor will run HPR menu and print account closure report and handover to account holder as acknowledgement.

(vii) Chennai GPO will generate ECS credit file on next day for all such transactions and upload outward credit files to NPCI.

(viii) The interest and maturity value will be credited in the account holder’s Bank Account on D+1 basis i.e. Next working day.

(c) Handling of ECS returns due to incorrect account / closed account or other reasons.

(i) Chennai GPO will credit ECS return amount in respective Post Office’s ECS Outward Suspense Account (SOL ID+0098).

(ii) Respective post office will check ECS Outward Suspense Account (SOL ID+0098) and contact concerned account holder for intimating the ECS returns.

(iii) Respective post office will pay the ECS return amount through cash (below Rs.20,000) or by Cheque/credit into PO Savings Account (Rs.20,000 or more).

(iv) In order to avoid ECS returns for subsequent months, in respect of Interest pay outs, respective Post office will immediately modify the ECS mandate details in account modification menu by collecting new ECS Mandate form.

(v) If customer is unable to provide correct Bank account details, ECS mandate can be modified to No in account modification menu and verified by Supervisor.

4. A detailed “Standard Operating Procedure for Crediting MIS/SCSS/TD Interest and TDA Closures to OTHER BANK ACCOUNTS through ECS” has been prepared and enclosed herewith for information, guidance and necessary action.

5. The non-CBS Post Offices will continue to follow existing process .i.e. this functionality is not applicable in non-CBS Post Offices.

6. It is requested to circulate this amendment to all CBS Post Offices for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area. Adequate promotion of this functionality is to be done to avoid cheque issuance and speedy payment to the depositors.

7. Hindi version will be issued in due course.

8. This issues with the approval of Competent Authority.

Enclosed:- i) Annexure
ii) ECS Mandate Form

Yours faithfully,

(Devendra Sharma)
Assistant Director (SB-II)

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