IPO Exam 2019: Post Office Saving Schemes

1. How can I claim payment of deceased account / certificate holder?
   The claimant may be the nominee or legal heir. 
   If there is nomination, the nominee can prefer the claim in the prescribed form along with death certificate. 
   If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim up to one lakh can be settled. 
   If the claim is exceeding one lakh, claims can be settled by legal evidence ie, by probate of will or succession certificate.
2. How to transfer accounts and certificate?
   For transfer of accounts- the depositor should apply in the prescribed form SB10(b) or manual application. The application can be given either in transferring office or transferee office.
   For transfer of certificates- the investor should apply in the prescribed form[NC32]. The application may be given in either of the offices.
3. How to open an account in post office and its requirements?
   To open an account [Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) SB3, SB103 (pay-in-slip) and specimen signature slip for SB and TD are required.
   For senior citizen accounts, separate forms are to be used. For SB account introduction is compulsory.
4. What is silent account and how to revive it?
   When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.
   For revival, one application from the customer is required. LSG/HSG offices can revive the accounts independently. Remaining offices, HO will revive the accounts.
   If the balance in the silent account is less than minimum, then INR. 20/- will be debited towards service charges.
5. What are late payment fees for recurring deposits?
   The monthly deposits should be credited on any day of the month. If the monthly installment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (for INR. 10/- denomination, 0.020 rs for each month of default) maximum 4 defaults are allowed.
6. What is the procedure for the issue of duplicate certificates?
   The investor should apply in the prescribed form for duplicate certificate in respect of lost, stolen, destroyed, mutilated or defaced certificates (NC29).
   The application shall be accompanied by a statement showing particulars of certificates and furnish an indemnity bond in the prescribed form with one or more sureties or with a bank guarantee is required.
   In case of mutilated or defaced certificates, no indemnity bond is required.
7. How I get duplicate passbook?
   Application in the prescribed form or manuscript application may be given by affixing prescribed fee in the form of postage stamp. New duplicated Passbook will be issued by sub post offices only.
8. What are the norms for issuing a Cheque Books?
   Cheque books are issued in respect of Cheque accounts. 
   In a Cheque account, minimum balance should be INR. 500/-
9. What are the service charges for outstations Cheque?
   Cheque realization charges for outstation Cheque. 
   INR. 30/- for first thousand or part 
   INR. 31/- for each additional thousand or part 
   In case of bouncing of Cheque INR. 50/- is charges as service charge.
10. Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?
    No. There is no provision. Interest amount can be credited to SB account and after that from SB to RD is permissible.
11. What is the minimum balance required for an account?
    Minimum balances in respect of different types of account is given below.
    Minimum balances in respect of different types of account.

SB(Cheque account) INR. 500/- SB(non Cheque account) INR. 50/- MIS INR. 1500/- TD INR. 200/- PPF INR. 500/- Senior Citizen INR. 1000/-

How I can get encashment of certificates / account before maturity?

encashment of certificates / account before maturity for different account

NSCs (VIII Issue)	Maturity period 5 years (for certificates issued on or after .01.11.2011). No premature encasement possible.
Different Savings Accounts
SB	Can be closed at any time
RD	Premature closure permissible after 3 years - only SB rate is permissible
TD	Premature closure permissible after 6 months
MIS	Premature closure permissible after 1 year
Senior Citizen	Premature closure after 1 year

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  13. Are there any charges for the use of ATM Card ?

         Charges in respect of different types of ATM transactions are given below.

ATM transaction / charge details

Daily ATM cash withdrawal limit	INR. 25000/-
Cash withdrawal limit per transaction	INR. 10000/-
Charges for transactions done at DOP ATMs	Free (Both Financial & Non Financial) with a limit of 5 Financial transactions per day
Permissible free transactions at other Bank ATMs (per month)	Metro Cities - 3 free transactions (Both Financial & Non Financial) Non Metro Cities - 5 free transactions (Both Financial & Non Financial)
Charges after exceeding permissible free transaction limit at other Bank ATMs	Financial & Non Financial Transactions - Rs 20 + Applicable GST