Mandatory Use of Savings Account for Credit of Maturity/Premature values, Monthly/Quarterly/Yearly interest in case of MIS/SCSS/TD accounts and investments from 01st December 2017
W.e.f 01.12.2017 as per SB order 15/2017
1.On closure of any account either on maturity or on premature (other than SB account), the closure amount shall be paid only by credit into a SB Account from 01.12.2017
2. Interest in respect of all MIS/SCSS and TD accounts shall also be paid only by credit into SB Account from 01.12.2017
3.No Postmaster Cheque should be issued against any closed account/certificate
and if any depositor attends post office for closing of any account not having linked SB Account by that date, a BASIC SAVINGS ACCOUNT should be opened under this same ClF on the same day without asking for separate ACCOUNT OPENING FORM (AOF) by selecting SBBAS as scheme code.
and account should be closed and closure proceed should be credited to that SB account.