SB Orders 2012

S.B Order No	Description	Download Link
01/2012	Action Plan to “Identify potential areas of corruption related to Departmental activities/functions and develop action plan to mitigate them”- implementation of the action plan regarding.	Click Here
02/2012	Taking of Know Your Customer(KYC) documents at the time of credit of maturity value and cash withdrawal from savings account opened without KYC Documents.	Click Here
03/2012	Release of Sanchaya 6.6.1	Click Here
04/2012	Revision in Interest Rates of Small Savings Schemes w.e.f 1st April 2012.	Click Here
05/2012	Revision in Interest Rates of Small Savings Schemes w.e.f 1st April 2012	Click Here
06/2012	Introduction of Facility of transfer of quarterly interest of Sr. Citizen Saving Sheme  to any bank account through  ECS –release of SCSS &  MIS Ver 2.5.5 and Ver 3.1.5 by SDC kolkata	Click Here
07/2012	Circulation of Notification issued by Min of Finance (DEA) notifying the changes in interest rates of different saving schemes effective from 01.04.2012 regarding	Click Here
08/2012	Settlement of claims  where the claimant or near relatives  are residing or depositor died in abroad	Click Here
09/2012	Introduction of the depositor at the time of opening of saving account	Click Here
10/2012	Change in text of column No.2 printed in the standarized uniform savings bank passbook from page No.2 to 24	Click Here
11/2012	Measure to taken for prevention of frauds	Click Here
12/2012	Revision in interest Rates of small savings Scheme w.e.f  1st April 2012-Interest tables of Time Deposit accounts opened on or after 01.04.2012	Click Here
13/2012	Extension of facility of withdrawal of quarterly interest of SCSS accounts through Money to MIS accounts-reg	Click Here
14/2012	Circulatuion of master Circular NO.1 on Anti Money laundering	Click Here
15/2012	Problems in Sanchay Post software in handling extended Sr. Citizen savings scheme Accounts	Click Here
16/2012	Purchase of NSCby an adult on behalf of Minor –a clarification regarding	Click H

SB Order No.05/2012

SB Order No.05/2012

 No.113-01/2011-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001.

Date: 19.04.2012

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:- Revision in Interest Rates of Small Savings Schemes w.e.f 1st April 2012.

Sir / Madam, 

The undersigned is directed to refer to this office SB Order No.4/2012 vide which it was conveyed that 

MOF(DEA) vide its OM No. 6-1/2011-NS-II (Pt.) dated 26.03.2012, has revised interest rates of Small Savings Schemes from 1st of April 2012. Revise interest rates were also conveyed. 

2. It is further informed that maturity value of a 5 Years RD account opened on or after 1.4.2012 with monthly deposit of Rs.10/- shall be Rs.746.51 and in case of 5 Years NSC VIII-Issue, maturity value of a 

certificate of Rs.100/- purchased on or after 1.4.2012 shall be Rs. 152.35 after 5 years. In case of 10 Years NSCIX-Issue, maturity value of a certificate of Rs.100/- purchased on or after 1.4.2012 shall be Rs.238.87. 

3. This is for information of the field staff as well as general public and Notifications will be circulated as an received from MOF(DEA). 

4. This issues with the approval of DDG(FS) 

Yours faithfully,

(Kawal Jit Singh)

Assistant Director (SB)

Copy to:-

1. DDG(FS)/DDG(VIG)/JS&FA/DDG(PAF)/DDG(RB)/DDG (Estt.)/DDG(PG & Inspections)/DDG (PCO)

2. Director (FS)/Director (CBS), Dak Bhawan.
3. Director of Audit (P&T), Delhi.
4. Resident Audit Officer, Room No.517-B, Dak Bhawan, New Delhi.
5. All Directors/Dy. Directors of Accounts, Postal
6. Director, Postal Staff College, Ghaziabad.
7. All Directors, Postal Training Centres.
8. Director PTC Mysore for uploading the SB order on India Post Web Site.
9. A.D (Tech), SDC Chennai O/o CPMG T.N.Circle, Chennai.
10. AD /Inspection/PF/Vigilance
11. All Accounts Officers ICO(SB)
12. All recognized unions.
13. MOF(DEA), NS-II, North Block, New Delhi
14. Director, NSI, CGO Complex,’A’Wing, 4th Floor, Seminary Hills, Nagpur-440006
15. PS to Member (T)
16. PPS to Secretary Posts

Revised post office interest rates from 01/04/2012

Revised interest rates from 01/04/2012

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Revision of Interest rates in Post Office Savings Schemes with effect from 01-12-2011...

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.Small Savings interest rates hiked- Ministry of Finance orders dt.11.11.2011

No. 6-1/2011-NS.II (Pt.)

Ministry of Finance

Department of Economic Affairs

(Budget Division)

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New Delhi, the 11th November, 2011.

OFFICE MEMORANDUM

Sub:  Decisions on the recommendations of the Committee for

          Comprehensive Review of National Small Savings Fund (NSSF).

The Thirteenth Finance Commission in its Report had, inter alia, recommended that all aspects of the design and administration of the NSSF be examined with the aim of bringing transparency, market linked rates and other much needed reforms to the scheme. As a follow up of this recommendation, the Government had constituted a Committee on 8th July, 2010, headed by Smt. Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India for comprehensive review of NSSF. The terms of reference of the Committee included review of the existing parameters for the small saving schemes in operation and recommend mechanisms to make them more flexible and market linked; review of the existing terms of the loans extended from the NSSF to the Centre and States and recommend on the changes required in the arrangement of lending the net collection of small savings to Centre and States; review of other possible investment opportunities for the net collections from small savings and the repayment proceeds of NSSF loans extended to States and Centre; review of the administrative arrangement including the cost of operation; and review of the incentives offered on the small savings investments by the States.

No limit for retaining balance in single as well as joint savings account

SB ORDER NO. 20/2011 

No. F.No.113-23/2005-SB

Government of India 

Ministry of Communications & IT 

Department of Posts 

Dak Bhawan, Sansad Marg, 

New Delhi-110001,

Dated: 27.09.2011 

To All Heads of Circles/Regions Addl. Director General, APS, New Delhi.


Subject:- Removal of ceiling of maximum balance to be retained in a post office savings account- amendment to Rule-4 of the Post Office Savings Account Rules 1981 regarding. 

Sir / Madam, 

The undersigned is directed to say that issue of removal of ceiling of Rs.1 lac in single savings account and Rs.2 Lac in Joint Savings Account fixed in the year 2000 was under consideration in the Min. of Finance (DEA). This issue was linked to the benefit of exemption in Income Tax on the interest earned in Post Office Savings Account under Section10(15) (i) of Income Tax Act, 1961 by the CBDT and Min. of Finance (DEA). After sustained efforts on the part of this Directorate, Min. of Finance (DEA) has now amended Rule-4 of the Post Office Savings Account Rules 1981 vide G.S.R.681(E) F.No.2/5/2006-NS-II dated 15.9.2011 (copy enclosed). Some major benefits of this amendment are given below: 

(i) From 1.10.2011, there will be no limit for retaining balance in single as well as joint savings account. 

(ii) A depositor or depositor(s) can deposit any amount into single as well as joint savings account. 

(iii) Maturity value of any savings instrument can be credited into savings account of the depositor standing in the same post office irrespective of the balance in the account. 

(i) Any cheque either issued by Postmaster or any other authority irrespective of any amount can be credited into post office savings account irrespective of the balance in the account. 

(ii) From the Financial year 2011-12, Interest income of Rs.3500/- in the case of single account and Rs.7000/- in case of Joint account will be exempted from Income Tax. (Section 10(15) (i) of Income Tax Act, 1961 amended vide Notification No. 32/2010 {F.No. 173/13/2011-IT A.I}/S.O.1296(E) dated 03.06.2011) 

(iii) It is the duty of the depositor(s) to show the interest income earned from Post Office Savings Account(s) beyond the limit prescribed above in the Income Tax return and pay due Income Tax. 

1. It is requested that all field units may be directed to give wide publicity to these changes in the shape of Public Notice and printing of leaflets. 

2. This issues with the approval of DDG(FS). 

Yours faithfully, 
(Kawal Jit Singh) 

Assistant Director (SB) 

Extension of PPF Scheme up to Post Offices with sanctioned strength of 2+1 (‘A’ class post office) w.e.f 1.7.2011

SB ORDER NO. 7/2011

F.No.32-01/2011-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001, Dated: 25.05.2011

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject: - Extension of PPF Scheme up to Post Offices with sanctioned strength of 2+1 (‘A’ class post office) w.e.f 1.7.2011.

Sir / Madam,

The undersigned is directed to say that PPF Scheme was introduced by the Government through PPF Act 1968 and was initially made operational through designated bank branches. The Scheme was introduced up to Head Post Level w.e.f 1.1.1979 and further extended up to LSG Post Offices w.e.f 1.7.1988. A review has been undertaken in this office to expand its operations to other Post Offices and it has been decided to expand the operation of this scheme up to ‘A’ class post offices i.e where one SPM and 2 PAs are sanctioned

2. The scheme will be made operational in such post offices w.e.f 1.7.2011. It is pertinent to mention that the scheme is a centralized one under which second set of data is to be maintained in SBSO at HPOs like savings account and all functions like Opening of account, registration of nomination, Interest Calculation, Sanction of Loan, Sanction of Withdrawal, Closure Sanction etc. are to be done at HPO level.

3. It is requested to circulate this letter to all Head Post Offices and ‘A’ Class post offices along with sufficient copies of all related forms/ledgers so that no one can find it difficult to make the scheme operational. It may also be ensured that working strength of such post offices may not become single handed at any point of time. Copy of PPF Rules framed by Min. of Finance under PPF Act 1968 and PPF operative rules given in POSB Manual Vol-I are enclosed for circulation to such post offices.

This issues with the approval of Secretary Posts.

Yours faithfully,

(Kawal Jit Singh)

Assistant Director (SB