Premature Closure of account before the lock up period prescribed for Small Savings Schemes :: India Post

Introduction ::

If any request for premature closure of account before the lock up period prescribed, due to any reasons like medical treatment, expenses towards educational purpose etc, is received from any Depositor along with the documentary proof, the Circle may after proper verification of genuineness of the reasons mentioned by the Depositor, take up the case with Directorate, for premature closure of account in relaxation of rules by Ministry of Finance.

These steps should be followed ::

(A). Submit the application of the account holder / depositor with verification particulars

of the account i.e. name of account holder, type of account, date of opening of the account,details of accounts office, address of the account holder, outstanding balance in the account and details of withdrawals if any made from the account earlier.

(B). Submit the documentary proof for the reasons stated by the applicant. In case of

submission of the Medical certificates / prescription of self or dependents of the applicant, it should be submitted along with the estimated cost of treatment with sign and seal of the hospital / competent authority of the hospital informing particulars of illness and required treatment.

(C). In case application is submitted for medical purpose and cost of treatment is less than the amount standing in the account, Circle must intimate whether the treatment can be done by withdrawal (if there is provision in respective scheme) from the account instead of closure.

(D). The regularization cases should be sent along with application from the account

holder / depositor and copy of the Account Opening Form in the format below.

(E). Recommendation of the Head of the Circle should be mentioned keeping in view the

circumstances, financial position and request of the applicant. Relaxation cases should be

forwarded to Directorate after ensuring that the proposal is complete in all respect and case is duly recommended by the Head of the Circle.

Source :: SB Order 03/2022, POSB CBS MANUAL Corrected up to 31.12.2022 [Appendix XVII – Handling of Cases for Relaxation in Rules]

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