SB Order 25/2022 – Freezing of Accounts maturity beyond 3 Years
SB Order 25/2022 : Freezing of Post office accounts (POSB) matured but not closed after 3 years of maturity.
|Letter Number||FS- 13/7/2020-FS-Part(1)|
|Issued by||Department of Posts|
|Subject||SB Order 25/2022 – Freezing of Accounts maturity beyond 3 Years|
|Signed By||Asstt. Director (SB-ll)|
|Download PDF||Click Here|
As part of continuous improvement in making the CBS system robust, incremental changes are implemented to ensure that the risk of misappropriation involved in CBS operations is minimized.
2. In view of the safety of depositors’ hard-earned money and ensuring effective KYC compliance, competent authority has decided to freeze those MIS/SCSS/TD/KVP/NSC/RD accounts which have been matured till 30.09.2019 but not closed.
3. The details of freeze code is as under: –
- Freeze reason code: INOP: – Inoperative more than 3 years.
- Cutoff date: -30.09.2019 (i.e. account matured 3 years ago and remains live).
- (iii)Schemes identified: – MIS/SCSS/TD/KVPAISC/RD (matured but not extended)/PPF (matured but not extended)
4. Standard Operating Procedure for handling of accounts/certificates marked freeze under reason code “INOP: – Inoperative more than 3 years” to be followed in this regard is enclosed herewith.
5. It is requested to circulate it to all concerned for information, guidance and necessary action.
This issues with the approval of competent authority.SB-Order-No-25_2022