SB order 09/2015 Premature closure of POTD accounts before 6 months-clarification

SB order 09/2015 Premature closure of POTD accounts

1. Premature closure of POTD accounts before 6 months should not done as per the SB order 09/2015.
2. Directorate received references from various circles regarding mis-use of amended POTD rule 8(a) by some SAS agents/BPM's to earn undue commission..
3. The competent authorty reviewed 8(a) and 8 (aa) of POTD rules 1981 and decided to refer back the issue to MOF(DEA) for restoring rule 8(a) and allowing renewal of POTD accounts in CBS post offices after maturity date without restrictions placed in the table under POTD rule-6(3).
4. Hence it is further decided that awaiting amendment by MOF(DEA), Post Offices will not allow to close the POTD accounts before 6 months from the date of receipt.
5. But in Finacle POTD accounts are renewed automatically in a batch, hence these acocunts can be closed because already maturity period is completed.
6. For Director copy regarding the SB order 09/2015 click the below attachment for reference.