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Sunday, April 8, 2018

Small Savings Account interest and maturity amount can be paid by cash and deposited in bank account

Small Savings Account interest and maturity amount can be paid by cash and deposited in bank account – Finance Ministry OM dated 23.03.2018

Payment of interest and maturity value of Small Savings Instruments through Savings Account: Ministry of Finance O.M
F. No. 1/3/2017-NS
Ministry of Finance
Department of Economic Affairs
Budget Division
North Block, New Delhi
Dated 23.03.2018
Office Memorandum
Subject: Payment of interest and maturity value of Small Savings Instruments through Savings Account.
The undersigned is directed to refer to this Department’s OM of even number dated 03.08.2017 on the subject cited above and to say that it was earlier agreed that interest and maturity proceeds of Small Savings Instruments operated by Department of posts shall be credited in Basic Savings Account opened in Post Office.
2. There have been complaints from depositors on idea of another Basic Savings. Account. Further, Department of Posts has stated in the meeting held on 19.03.2018 that the decision of Basic Savings Account is yet to be implemented. Hence, it is decided to withdraw the permission granted to Department of Posts vide O.M No. 1/3/2017-NS dated 03.08.2017. Hence, the interest and maturity proceeds of Small Savings Instruments operated by Department of Posts may be paid to the depositors through any of the following mode:
(i) Depositor’s Savings Account standing at Post Office
(ii) Depositor’s Savings Account standing at any Commercial Bank
(iii) Cheque
(iv) Cash
3. This has the approval of Secretary (Economic Affairs): –
(Rajesh Panwar)
Deputy Director

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