When it comes to withdrawals from Savings Bank (SB) Cheque Accounts in the post office, the general rule is : if an account is converted into a cheque account, transactions should be through the cheque itself. However, the are some cases where customers might need an exception.
General Rule: Withdrawal Through Cheque
A depositor with a Savings Bank with cheque facility(SB) account is expected to perform all withdrawals using the cheque provided. Just keep in mind the below steps for cheque-based withdrawals:
- Written & Signed in Ink: The cheque must be written and signed using ink or a ballpoint pen.
- No Alterations or Damage: It should not be torn, mutilated, or carry any corrections.
- Minimum Withdrawal Amount: The cheque must be for at least Rs. 50/-.
- Proper Signature Verification: The depositor’s signature on the cheque must match the one in the FINACLE CBS Software.
- Issued through Finacle only: The cheque must come from the cheque book supplied to the depositor through the FINACLE CBS system.
- Joint Accounts: If it’s a joint account:
- Joint-A: All depositors must sign, and all signatures must match those on record.
- Joint-B: Relevant instructions for authorization apply.
Exception: Withdrawal Through a Withdrawal Slip (SB-7)
There are instances where a depositor, even with a cheque account, might need to use a withdrawal form (SB-7). This can happen if cheque books are unavailable or if there are delays in issuing new cheque books— a reality in some post offices. Here’s what you should consider when processing such requests:
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Verification of Genuineness: The postmaster must be satisfied that the request is legitimate. This involves cross-checking with the passbook, which must be presented alongside the withdrawal slip.
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Passbook Presentation: The depositor is required to show their passbook, which the postmaster must carefully verify.
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Postmaster’s Discretion: If the postmaster is confident about the authenticity of the withdrawal, they have the authority to allow the transaction, even without a cheque. This is to ensure that customers aren’t inconvenienced due to supply issues of cheque books.
Why This Flexibility Matters
The provision to allow withdrawal using a form is crucial in situations where customers face difficulties due to operational hurdles like the non-availability of cheque books. This flexibility ensures that depositors can continue to access their funds without disruption, particularly when it involves investments in POSB schemes where prompt deposits can be critical.
While the rules emphasize the use of cheques, they also provide a safety net for customers. It’s a balancing act between adhering to the procedures and providing customer convenience. The discretion granted to the postmaster reflects an understanding of practical challenges, ensuring that the essence of service remains customer-centric even within a structured framework.
In summary, though withdrawals from SB cheque accounts are primarily intended to be done using cheques, there is room for exceptions under genuine circumstances—allowing flexibility without compromising on the integrity of the verification process.