SB Order 3/2006 – Senior Citizen Savings Scheme 2004 – Clarifications

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Here it is SB Order 3/2006 which contains clarifications on Senior Citizen Savings Scheme i.e. Premature closure of Account, Sanctioning limit of Death claims etc.

SB Order 3/2006

No. 79-8/2004-FS Vol.II
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dated 02.03.2006

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

Subject:- Senior Citizen Savings Scheme -2004- Clarifications.

Sir/Madam

S.No.Clarification SoughtReply of Ministry of Finacne
1.As Per the Rule 9 of Senior Citizen Savings Scheme-2004, Premature Closure of Account is permissible.

It is requested to examine and clarify that in case of premature closure of SCSS Account whether the interest is payable up to the quarter preceding the quarter in which account is closed or up to the month preceding the month in which account is prematurely closed or up to the death preceding the date of premature closure after the deduction of one & half or 1% as the case may be.
As regards interest payable on premature closure of SCSS accounts, It is clarified that interest is payable up to the end of the month preceding the month in which the account is prematurely closed.
2.As per the Ministry of Finance notification dated 16th October 2003 issued vide GSR 818 (E), a “table” is given showing limits of each authority for sanctioning deceased claim cases under under POSB General Rules 1981.

It is requested to kindly examine and clarify whether the said table shall also be applicable to Senior Citizen Savings Scheme for settlement of deceased claim cases under Rule 8(3) & (4) of the SCSS-2004. The Clarification in being sought in the light of the fact that FORM-F in SCSS-2004 has been so designed to facilitate easy settlement, irrespective of the amount. It is different from other Savings Scheme, Where various financial limits have been prescribed for settlement of claims.
The view taken by the Department of Posts that Proviso below Rule 8(4) of the Senior Citizen Savings Scheme Rules 2004 is more liberal than the delegation of other small savings schemes is hereby confirmed.

2. It is requested that the contents of these notification and O.M. may be circulated to all concerned for information, Guidance and necessary action.

3. Kindly acknowledge the receipt.

Yours faithfully
Manisha Mishra
ADG (BS&SC)

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