Useful information regarding investment in Post Office Savings Schemes (RD/MIS/TD/NSC/KVP) through MPKBY & SAS agents
1. What is the limit of investment into TD MIS KVP NSC by Cash through SAS Agent ?
Rs.20000/- as per SB Order No.3/2011 & 8/2015
2. How many accounts can be opened by a customer in one day in one scheme through SAS Agent?
No restrictions. By cash Rs.20000/- per customer.
3. Can a SAS agent collect cash from a customer without issuing receipt for the Scheme?
No. SB Order 06/2013
4. Will a Post Office lalow a SAS agent to deposit cash on behalf of customers without any receipt?
SB Order 06/2013
5.If the value of a investment through SAS agents exceeds the prescribed cash limit can the depositor use withdrawal form or POSB Cheque to transfer funds from his SB Account to Open TD MIS KVP or NSC through SAS agents
If any Deposit wants investment of more than Rs.20000/- through SAS agents, he has to given cheque to the agent duly crossed and endorsed as per latest rules and procedures.
SB Order No.03/2011 & 8/2015
6.What are the charges for availing cheque facility in POSB Account?
Upto 10 leaves per year free. Subsequent issue Rs.2/- per cheque leaf SB Order 3/2020
7. Can a depositor use Withdrawal form for cash withdrawal form his SB account with cheque facility?
Depositor of Cheque account will have to make withdraw through cheque and not through the Ordinary form of SB withdrawal (SB-7), except special case (Rule 21 under appendix-I of POSB Manual Volume-1)
8.Can a SAS Agent work in more than one Post Office?
Yes. If it is recorded on his certificate of authority. Note-3 below 139 issued vide SB Order No.26/2020
9. Is it mandatory for MPKBY Agents to mention ASLAAS 5 number against each and every account in RD Agent list prepare for depositing at Post Office?
Yes. SB Order 6/2008
10. Is a Post Office liable to accept RD Bulk lists from MPKBY agents where ASLAAS 5 numbers are not mentioned in the Bulk lists?
No. SB order 06/2008
11. Is mentioning ASLAAS 5 number mandatory for opening of RD Accounts through an MPKEY agents ?
Yes. SB Order 06/2008
12. Can a SAS or MPKBY Agent function as a messenger on behalf of his her customer.?
No. SAS/MPKBY agents cannot act as messenger of a depositor for the purpose of withdrawal SB Order 6/2007
13.Is authorized Agents receipt is mandatory for opening TD MIS NSC KVP Accounts through agents on behalf of a customer?
Yes. BS Order 6/2013
14.What is the prescribed limit for payment through Cash on maturity or prematurity closure of RD TD MIS NSC KVP Schemes?
Less than Rs.20000/- SB Order 11/2012
15.Are KYC documents mandatory to be produced before the closure of accounts if KYV is not updated?
Yes(SB Order 02/2012 & 11/2012)
16. If maturity value exceeds the prescribed limit of cash payment can a messenger submit the application for closure of an RD TD MIS KVP NSC accounts on behalf of the depositor to transfer the maturity value to depositor SB accounts in the absense of the depositor.?
SB Order 15/2017
17. Is PAN card or Form 60 mandatory for geting payment of maturity value of any scheme which amounts Rs.50000 or above.?
Yes SB Order 2/2012
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