Relaxation guidelines in small savings schemes

Relaxation provisions of the small savings schemes upto 31.07.2020 in view of ongoing COVID-19 pandemic situation in the country

SB Order 25/2020

e.F.No 113-03/2017-SB(Pt.1)
Govt. of India
Ministry of Communications
Department of Posts (FS Division)

Dak Bhawan, New Delhi-110001
Dated: 03.07.2020

To,
All Head of Circles/Regions

Subject: Relaxation guidelines in small savings schemes – reg.

Madam/Sir,

The undersigned is directed to inform that, vide O.M. no. 14/6/2020-NS dated 01.07.2020 the MoF (DEA) has taken decision to further extend the various relaxations and has relaxed some regulatory provisions up to 31.07.2020 in the statutory provisions of the small savings schemes in view of ongoing COVID-1 9 pandemic situation in the country.

2. The relaxation guidelines are as under: –

The subscribers of RD account may deposit the installments of March, April, May and June, 2020 in their RD account till 31.07.2020 and no revival fee shall be charged.

If the account is to be continued as per paragraph 7(2) of RD Scheme, 1981 or paragraph 6(2) of RD scheme, 2019 the same shall be done by the depositor till 31.07.2020 by submitting the pending monthly installments in such case, no default fee shall be charged for the period of March, April, May and June 2020.

The subscribers of RD account who could not deposit the advance installments to get the benefit of rebate during the lockdown period may deposit the same up to 31.07.2020. The rebate admissible as per the scheme provision will be available at the time of deposit of advance installments.

The subscribers of PPF and SCSS accounts may submit the prescribed form for extension, whose deadline for submitting the extension form is due in lockdown with one year grace period after maturity, through registered email id by 31.07.2020 and original copy of the same shall be submitted to the concerned operating agency once the lock down is completely lifted.

No transfer fee shall be charged in case of transfer of account from one account office to another till 31.07.2020 for the purpose of maturity of account.

Sukanya Samriddhi Account may be opened in the name of girl child on or before 31.07.2020 who have attained the age of 10 years during the period of lock down i.e. 25.03.2020 to 30.06.2020.

PPF/SSA subscribers may make a single deposit each in account(s) as the case may be for FY 2019-20 till 31.07.2020 subject to the condition of maximum deposit ceiling prescribed in the PPF/SSA scheme provisions and other conditions as mentioned in MOFs letter no. 14/6/2020-NS dated 11.04.2020/SB Order 16/2020 dated 11.04.2020.

3. Accordingly necessary amendments are being made in Finacle. Non-CBS Post Offices should also take necessary action accordingly.

4. It is requested to circulate it to all concerned for information and necessary action. The same may also be placed on the notice boards of the Post Offices in public area.

This issues with the approval of Competent Authority.

Yours Faithfully,
sd/-
(RC Phogat )
Assistant Director (SB)

F.No.14/6/2020-NS
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 01st July, 2020

OFFICE MEMORANDUM

Subject: Relaxation provisions in Small Savings Schemes -reg.

The undersigned is directed to refer to this Department’s OM no. 14/6/2020-NS dated 30.3.2020 & 11.04.2020 and 14/1/2020-NS dated 11.5.2020 regarding above cited subject and to say that it has been decided to further extend the various relaxations up to 31.07.2020 in the statutory provisions of the Small Savings Schemes in view of the ongoing pandemic situation.

2. The details of the relaxed provisions in the Small Savings Schemes are given hereunder:

i. The subscribers of RD account may deposit the installment of March, April, May and June, 2020 in their RD account till 31.07.2020 and no revival fee shall be charged.

ii. If the account is to be continued as per paragraph 7(2) of RD Scheme, 1981 or paragraph 6(2) of RD Scheme, 2019, the same shall be done by the depositor till 31.07.2020 by submitting the pending monthly installments. In such case, no default fee shall be charged for the period of March, April, May and June, 2020.

iii. The subscribers of RD account who could not deposited the advance installments to get the benefit of rebate during the lock down period may deposit the same upto 31.07.2020. The rebate admissible as per the scheme provisions will be available at the time of deposit of advance installments.

iv. The subscribes of PPF and SCSS accounts may submit the prescribed form for extension, whose deadline for submitting the extension form is due in lockdown with one year grace period after maturity, through registered e-mail id by 31.07.2020 and original copy of the same shall be submitted to the concerned operating agency once the lock down is completely lifted.

v. No transfer fee shall be charged in case of transfer of account from one account office to another till 31.07.2020 for the purpose of maturity of account.

vi. Sukanya Samriddhi Account may be opened in the name of girl child on or before 31.07.2020 who have attained the age of 10 years during the period of lockdown i.e. 25.03.2020 to 30.06.2020.

vii. PPF/SSA subscribers may make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for FY 2019-20 till 31.7.2020 subject to the condition of maximum deposit ceilings prescribed in the PPF/SSA scheme provisions and other conditions as mentioned in MoF’s letter no. 14/6/2020-NS dated 11.4.2020

2. These issues with the approval of competent authority.

[Rajesh Panwar]
sd/-
Deputy Director

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