POSB - Basic Savings Account - in the name of Beneficiary with zero (0) balance

POSB - Basic Savings Account - in the name of Beneficiary with zero (0) balance.

(iv). Basic Savings Account:-

(a). Ministry of Finance (DEA) vide its O.M. No. 14/10/2021-NS dated 13.04.2021 duly appended notification No. G.S.R. 257(E) dated 09.04.2021 has incorporated another category of PO Savings Account called “Basic Savings Account” under new inserted paragraph 3 of Post Office Savings Account Scheme 2019 and reduction in Account Maintenance Fee on PO Savings Account. Basic Savings Account has been restored through aforesaid gazette notification.

(b). The procedure to be followed for opening and operating these accounts is given below:

i). A registered adult member of any Government Welfare Scheme can open Basic Savings Account at any Post Office including GDS Branch Post Offices.

ii). A guardian of a minor whose name is registered for any Government Welfare Scheme can also open Basic Savings Account on behalf of minor.

iii). Only one Basic Savings Account can be opened by the beneficiary and guardian of beneficiary.

iv). Any Government benefit and any other deposit can be made in these accounts.

v). Basic Savings Account will be governed by Post Office Savings Account Scheme 2019 & Government Savings Promotion General Rules,2018.

vi). Only a single account can be opened under Basic Savings Account.

vii). The depositor who desires to open Basic Savings Account under this category has to provide copy of letter/card issued by a competent authority of any State or Central Government Department mentioning name of beneficiary under any welfare scheme, copy of letter/ Aadhaar card issued by UIDAI, Account Opening Form & KYC form.

viii). The Postmaster concerned will compare copy of this document with the original under his/her dated signatures.

ix). While opening Basic Savings Accounts, scheme code and registration /enrolment /reference number of the beneficiary contained in letter/card issued by competent authority of any State of Central Government or letter/card number and date should be entered in the field provided for entering Job Card No. in Finacle/Sanchay Post and Aadhaar no. of the beneficiary.

x). All other procedures applicable to PO Savings Account i.e. Specimen Signature, issue of PR in GDS Branch Post Offices, issue of passbook etc. should be followed.

xi). Interest will be calculated and credited in Basic Savings Accounts by following the normal procedure laid down for PO Savings Account.

xii). All existing Basic Savings Account will also be incorporated and treated as Basic Savings Account.

xiii). If any Basic Savings Account Holder who does not have any other PO Savings Account, desires to avail facilities like Cheque Book, ATM Card, eBanking, mBanking may avail, subject to fulfilment of eligibility conditions for these services. For the purpose, minimum balance of Rs. 500/- is to be maintained by account holder and Basic Savings Accounts may be converted in to PO Savings Account.

xiv). All existing Zero Balance Accounts opened either under NREGS module of Sanchaya Post or opened manually for NREGA Workers or Indira Gandhi National Old Age/Widow/Disability Pensioners are treated as “Basic Savings Accounts”.

Note 1: An illiterate or a blind or visually challenged individual desiring to open an account shall personally visit the Post Office for authentication of his/her signature or thumb impression by the Accounts Office provided he/she shall be accompanied by a person known to the Accounts Office and a literate person may be authorised by the blind or visually challenged depositor to operate an Account on his/her behalf.

Note 2: An illiterate depositor shall be assisted by the Authorised Officer of Post Office for opening (filling up of forms etc.) and operating the account and thumb impression of the illiterate depositor shall be witnessed by an independent witness acceptable to the Accounts Office on each occasion of withdrawal.

Note 3: A blind or visually challenged or illiterate depositor may open joint account with literate depositor. Cheque book may also be issued in case of such Joint Account of ‘B’ Type in which first depositor is literate and signature on the cheques should be of literate depositor only.

Note 4: An individual can open a Savings Account along with another Basic Savings Account.

Source : CBS Manual corrected upto 31.12.2021, Page No. 85