PLATAFORMA , INFRAESTRUCTURA

Note :- These instructions will generally apply to Head Offices where the SB work has not been computerised and the work is done manually.

73. (1) The calculation of interest in respect of the post office savings accounts for each year is due to commence on the 10th of the March. The interest calculation on dormant accounts (accounts having no transactions during the year) may be started from 1st March so that the work may be completed by 31st March. The Postmaster will ensure that the calculation of interest is commenced from the prescribed dates.

(2) As far as possible, the work should be entrusted to the ledger Assistant concerned and if it is felt that any particular ledger Assistant will not be able to complete the work by 31st March, the work may be entrusted to any other official of the SB Branch for timely calculation of the interest.

(3) The Postmaster will also ensure that the Adding and Listing machines, wherever supplied, are kept in proper working order. In case the machine goes out of order, it should be got repaired immediately.

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(4) Any shortage of staff, either in SB Branch or SBCO will adversely affect the progress of interest calculation, checking of interest, preparation of the interest statement, posting of interest in the pass books and agreement of binders with reference to interest statement. As such, shortage of staff, if any, should be immediately brought to the notice of the authorities concerned by the Postmaster and matter pursued for immediate remedial action.

(5) The interest is payable on the lowest balance at credit for the depositor in each calendar month between the close of the tenth day and the end of the month. This is called the interest bearing balance. For an account opened at a sub or branch office, the actual date of deposits and withdrawals in sub or branch office should be taken into account.

(6) The interest will be calculated by each head office annually in respect of all accounts standing under its jurisdiction. Immediately after posting of transaction of the 10th March in the ledger cards, ledger Assistant should take up the totalling of interest bearing balances for the year and calculation of interest. If during the remaining days of the month withdrawal takes place in an account in which interest has already been calculated, the calculation should be corrected at the time of posting of transaction.

(7) A rubber stamp "Interest for 20...Rs...” should be affixed after the last entry in March in the ledger card. The impression of the rubber stamp should be straight and should not go beyond the deposit and withdrawal column or across more than one line. Each ledger Assistant may be given a separate rubber stamp.

(8) The calculation of interest for the year will be done from the interest Tables supplied to the head post offices. The amount of interest thus calculated should be added to the balance in the account at the close of 31st March and the opening balance as on 1st April arrived at as in the illustration given below.

Date Deposit Rs. P. Withdrawal Rs. P. Balance Rs. P. Totals of IBBs 26.3.2003 1500.00 12,000 1.4.2003 Interest for 2002- 03 (Rubber stamp) 35.00 1535.00

for interest calculation. If the total interest for the year in the account is less than one rupee, no interest will be allowed. Further if the total amount of interest admissible during the year is less than one rupee but more than 97 paisa, it should not be rounded off to one rupee.

(10) After the 31st March as soon as calculation and posting of interest in all the accounts in a binder is completed, the binder should be handed over to the Control Organisation for checking of the interest calculations as per standing instructions.

(11) The mistakes detected by the Control Organisation will be noted in a separate manuscript register showing the account number, amount of interest calculated by the post office, the correct interest calculated by the Control Organisation and the percentage of mistakes in the binder. The register will be sent to the Postmaster for making necessary corrections in the ledger cards and intimating the correction to the sub office, if in the meantime interest has already been added in the pass book, for incorporating the correction in its ledger and the pass book. The register will thereafter be returned by the Postmaster to the Control Organisation after recording a certificate that the needful has been done.

(12) If during checking of the interest calculations the Control Organisation detects mistakes in more than 5% of the accounts checked in each binder, the binder will be returned to the Postmaster for getting the calculation of all the accounts rechecked by the ledger Assistant who had previously calculated the interest.

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(13) The re-checked binder will be sent by the Postmaster to the in-charge, SBCO for test check in order to see that the re-checking by the ledger Assistant has been done satisfactorily. If during the course of test check, the in-charge SBCO finds more than 5 mistakes in the rechecked binder irrespective of the number of accounts in it, the OT A admissible for the calculation of interest for this binder will be disallowed to the ledger Assistant due to unsatisfactory performance of the work. The incharge SBCO will get the binder rechecked 100% by the P.A. of the Control Organisation.

(14) The calculation and posting of interest by the Ledger Assistants and its checking by the Postal Assistants of the SBCO is to be done on OT basis beyond working hours. The norms for the number of accounts per hour for the purpose of overtime for the calculation and posting of interest by the S.B. Branch and for checking of interest calculation by the SBCO have been fixed from 1990-91 onwards as under :-

Types of Accounts

Outturn for calculation and posting of interest by the SB Branch

Out term for checking of interest by the SBCO

(i) All type of Accounts

35 Accounts per hour. 35 Accounts per hour.

Note :- The work of impressing rubber stamp on the ledger cards is to be done by the Ledger Assistant and no Group D official is to be employed for this purpose.

(15) The record of actual OT performed should be kept for each official of SB branch and SBCO in the following form of register :-

Date Hours of attendance

From To

Total hours of work Particulars of binders in which interest calculated/ checked. 1 2 3 4 Number of accounts in which interest calculated/ checked Signature of the official Signature of the Postmaster/Official Incharge of SBCO Remarks 5 6 7 8

The register should be securely kept in each office and referred to at the time of preparation of checking of OTA bills.

(16) The official (ledger Assistant and PA in the SBCO) should put in a minimum overtime for 3 hours on week days before he can claim payment of OTA on Sundays and Holidays which is at higher rate. The OTA will be sanctioned with reference to the actual hours of OT duty put in on any day. Normal OTA rules will apply for claiming OTA.

Note :- There is no bar to the officials of SB and SBCO Branches being called for on OT duty during holidays for calculation and checking of interest so as to complete the work within the prescribed time.

(17) If any official performs OT duty more than the maximum number of hours per month prescribed for the purpose (viz. 70 hours) the relaxation of the Head of the Circle will have to be obtained by the Postmaster before the OTA is paid to the official.

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(18) A fortnightly statement in the following form may be submitted beginning from 15th March to the Accounts Officer, ICO (SB) showing the progress of calculation of interest.

Name of Head Office Total No. of binders Approximate total number of accounts

Number of Accounts in which interest calculated During the fortnight (a) Progressive total (b) 1 2 3 4

No. of binder transferred to SBCO for checking

of interest

No. of binders for which interest statement prepared 5 6 (a) (b) (a) (b) During the fortnight Progressive total During the fortnight Progressive Total

(19) The checking of interest and preparation of interest statement by the SBCO will be started from 1st April. The information in the column No.5 and 6 of the statement may, "therefore, be furnished in the fortnightly statements from 15th April onwards. These statements may be discontinued after the completion of the preparation of the interest statement. The agreement of interest statement has no concern with this statement.

(20) The Inspecting Officers will see whether an OT duty register for calculation/checking of SB interest has been maintained properly by the SB Branch and SBCO. The hours of attendance and the number of accounts in which interest was calculated/checked on week days and Sundays/holidays have been shown correctly. It will also be seen whether the register was duly checked by the Postmaster/Incharge SBCO. In view of these checks it is essential that the OT duty register shall be maintained and checked properly.

(21) From 1.4.2003 the interest statement to be prepared for the year 2002-2003 will be Interest cum silent accounts statement. The copy of this statement will be sent to all the sub offices including Time Scale Sub Offices and not to ED sub offices and branch offices. The ED sub offices and branch offices will send the pass books for entry of interest to the head office or Account office as the case may be as at present.

ENTRY OF INTEREST IN PASS BOOKS IN HEAD OFFICE AND ED SUB OFFICES AND