The Senior Superintendent of Post Offices, Madurai Division, has issued important guidelines to address issues related to short/excess interest payments during claim closures and complaints regarding premature closures of Post Office Savings Schemes. These instructions aim to ensure smooth operations and compliance with CBS procedures.
Key Instructions for Closure/Premature Closure in CBS
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Death Claim Closure:
- Interest must be regularized based on the date of death of the depositor.
- Claim closure should not be processed without interest table regularization in Finacle.
- Before closing the account, a trial closure must be performed as per Rule 91 of the POSB CBS Manual.
- No excess interest payment should be made under any circumstances.
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CIF Merger Restrictions:
- CIF merger should not be done in TDA schemes, PPF, or SSA, as per CPC Chennai’s instructions.
- If the claim amount is paid through a POSB account with CIF merger, it may result in short interest payment if the account is not matured.
- Payments should preferably be made via cheque or ECS, instead of crediting to a POSB account.
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Premature Closure of POSB Accounts:
- For all POSB accounts (except SSA/PPF), a trial closure must be performed as per Rule 91 of the POSB CBS Manual.
- For SSA/PPF accounts, the interest table regularization must be verified before processing closure or premature closure.
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Auto-Renewal of Accounts:
- Auto-renewal should be processed only if the depositor has explicitly requested it in the Account Opening Form (AOF).
Any irregular closure or premature closure will be reviewed seriously. Post Offices must ensure strict adherence to these guidelines to avoid discrepancies and customer complaints.
Issued by:
Senior Superintendent of Post Offices
Madurai Division, Madurai – 625002
