Reinvestment through SAS Agents in Post Office

Reinvestment through SAS Agents

SAS agents are entitled to earn a commission for reinvesting matured accounts or certificates. To reinvest, the investor must provide the agent with the necessary documents, including:

• Matured passbook or certificate (KVP/NSC)
• Account Closure Form (SB-7A)
• Account Opening Form (AOF) for the new scheme with a pay-in-slip
• Withdrawal Form (SB-7) along with the passbook or POSB Cheque of the Post Office Savings Account

Reinvestment Process

The account holder must write "Credit maturity value into my Post Office Savings Account No. ………………" and sign in the acquittance portion of the account closure form (SB-7A) or on the backside of the pre-printed KVP/NSC.

The account holder must write "For Re-investment in ____scheme in lieu of closed A/c No. ………….. for Rs. ………………through the agent……………………………………..(name of agent and C.A. number)" and sign in the acquittance portion of the withdrawal form (SB-7) of the Post Office Savings Account or on the backside of the POSB cheque.

Reinvestment through Withdrawal Form (SB-7) or POSB Cheque

Reinvestment of maturity value is allowed through withdrawal form (SB-7) or POSB cheque. However, new investments can only be made through cash (up to Rs.20,000) or by cheque.