SB Order 20/2022: POSB CBS Manual Procedural Rule Amendment

SB Order 20/2022 is discussed here. SB Order no. 20/2022 is regarding amendments to the procedural rule of the POSB CBS manual corrected up to 31.12.2021.

Kerala Circle of the postal department had requested to issue a clarification on the premature closure of PPF accounts. Because many errors and conflicting contents have come to notice during the last few months.

After a review of SB order 03/2022, it has been decided by the competent authority to amend the procedural rule of the POSB CBS manual.

SB Order 20/2022- Amended procedural rule list

A total of 7 POSB CBS manual procedural rules are amended in SB Order 20/2022. These rules are as under-

1. Rule 117 (11) (iv)
2. Rule 119 (1) (ii) 
3. Rule 126 (2) (iv) 
4. Rule 172 (3) (ii) 
5. Rule 172 (3) (iii)
6. Rule 172 (2) (iv) 
7. Rule 172 (9) (ii)

Amended Rule 117 (11) (iv)

The above provisions of paragraphs (i) to (iii) shall also apply to PPF accounts after maturity on the expiry of each extended block period of five years.

Amended Rule 119 (1) (ii)

The amount required for the higher education of the account holder, or dependent children on the production of documents and fee bills in confirmation of admission in a recognized institute of higher education in India or abroad:

Amended Rule 126 (2) (iv)

Withdrawal can be made in one lump or in installments, not exceeding one per financial year for a maximum of five years subject to the ceiling prescribed in para (2) (iii) above. i.e. 50% of the balance at the credit of the preceding financial year from the date of the first application made for withdrawal.

Amended Rule 172 (3) (ii) 

The claim supported by legal evidence for the account/certificate standing at Time Scale & LSG sub-post offices, the respective SPMs can sanction the claim up to the limit prescribed for sanction of the claim "where no nomination exists or no legal evidence produced" in the table below in rule 4 (B) of this chapter

Amended Rule 172 (3) (iii)

The claim is supported by legal evidence and where no nomination exists for account/certificate standing at Time Scale & LSG sub-post offices beyond the sanctioned limit of respective SPMs, those

claims will be forwarded to the Divisional Head after verifying all particulars of the claim and the Divisional Head will issue sanctions for such claims irrespective of any limit

Amended Rule 172 (3) (iv)

The claim is supported by legal evidence for account/certificate standing at HSG Sub Post Offices / MDGs/HO/GPO, the respective SPMs/PMs/Sr. PM/CPM/Director can sanction claim irrespective of any limit in such cases.

Amended Rule 172 (9) (ii)

The claimant will present the sanction memo in original if the claim is sanctioned by Divisional Head and if the payment is defused by cheque. Necessary action will be taken for the closure of the savings account.

SB Order 20/2022 PDF download 

Click here to download the SB Order 20/2022 PDF file.

Tags- SB Order 20/2022, SB Order 20 2022, SB Order no. 20/2022, SB Order no. 20 2022, SB Order 20 for the year 2022

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