T IPOS DE ENTREVISTA

131.Categories of accounts :- (1) The Time Deposit Accounts are of four categories, viz. 1-year account, 2-year account, 3-year account and 5-year account. The deposit in the account shall be an integral multiple of two hundred rupees w.e.f. 25.7.2003 The deposit will be entered in the pass book relating to the particular category of the account. The Time Deposit Accounts are governed by the Post Office Time Deposit Rules, 1981. Only one deposit can be made in one account.

(2) Types of accounts :- The following types of individual accounts may be opened in Time Deposits.

(i) Single Account may be opened by :-

(a) A person who has attained the age of majority and who is of sound mind. (b) A minor who has attained the age of 10 years. (c) A guardian on behalf of a minor. (d) (i) A guardian of a person of unsound mind. (ii) Superintendent of Mental Hospital where a person of unsound mind is confined.

(ii) Joint Account (a) ‘A’ Type : To be opened by two adults payable to both jointly or survivor. (b) ‘B’ Type : To be opened by two adults payable to either of the depositors or survivor.

Important Note :- The opening of new accounts under the headings B-Group Accounts C-Institutioal Accounts and D-Other Accounts has been discontinued w.e.f. 13.5.2005. The existing accounts opened before 13.5,2005 will continue till maturity and will not be extended further. The withdrawals from these accounts will be allowed to be made in accordance with the existing rules.

(3) Number of accounts and limit of deposits :- An adult can open one or more accounts either in his own name or jointly with another. A minor can open one or more accounts to be operated upon by him or the guardian on his behalf. More than one account can be opened under all categories. There is no limit to the amount of deposit in an account.

132. Forms :- The following forms will mainly be used for this scheme.

(i) Application form :- An application for opening of a Time Deposit account will be made in the form (SB-3). When the account is opened through an authorized agent, the remark “Through authorized agent…..(name and authority number )” should be made on the top of the application.

(ii) Time Deposit journal :- The RD Journal (SB-77) is to be used for T.D. accounts in E.D. sub offices and branch offices.

(iii) Time Deposit Ledger :- This will be maintained in form (SB-108) Annexure-I which should be used in head offices and departmental sub offices. In the form of ledger the right half of the page contains columns for recording interest payment. For each category of account a separate ledger will be maintained. Each ledger will contain 150 leafs for 300 accounts serially numbered from 1 to 300 – one page for each account. Since only one deposit is allowed in one account, a single page in the ledger will be sufficient for any type of account. When the deposit is prematurely repaid, necessary remark will be made in the columns for interest that remains blank as there will be no further payment of interest.

Note:- A new format of ledger (SB-1) common for all SB schemes has been devised which will be brought into use when printed and supplied to post offices.

(iv) Consolidated Journal of Deposits and Withdrawals :- The form (SB-109) will be used for these accounts.

(v) Pass Book :- The Time Deposit pass book will be issued in form (SB-5) revised for all categories of account. The amount of deposit and repayment in TD accounts should be written both in words and figures in the pass book. In order to denote the correct category of account one of the four digits may be scored out from 1/2/3/5 as the case may be appearing on the title cover of the pass book.

Note: A new format of the pass book (SB-5) common for all SB Schemes has been desired which will be brought into use when printed and supplied to the post offices.

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(vi) Pay-in-Slip :- The form SB 103 will be used for deposit in these accounts. When deposit is made through an authorized agent a remark “Through authorized agent ……. (Name and authority No.)” should be made on the pay-in-slip.

(vii) Long Book (SB-58) :- A separate long book for each category of account, viz, 1-year, 2-year, 3-year and 5-year will be maintained in the Head Office and Departmental Sub Offices by the Postmaster/Sub Postmaster. Entries will be made by him in this long book as and when transactions take place and are checked by him. The total of all the columns will be struck after the close of the list of transactions by the Postmaster/SPM. The Postmaster/SPM will sign below the totals of each day in the long book in token of having carried out the check.

(ix) Preliminary Receipt :- The ED Sub Offices and Branch Post Offices will issue preliminary receipt (SB-26) for new accounts from the same book as is used for SB accounts, for each of the four categories of accounts. The words “Time Deposit” should be entered in manuscript by means of a rubber stamp on the top of each receipt. The words “SB accounts” will be scored out or suitably corrected as “Time Deposit Accounts”.

(x) Specimen Signature Book :- It will be prepared in form (SB-6) which is used for SB accounts. (xi) List of Transactions :- It will be used in form (SB-60) meant for SB Accounts. The word “Time Deposit” will be written in place of ‘SB’ on the top of the list.

(xii) Application for payment of interest/repayment of deposit for Time Deposit Accounts :- The form of application for withdrawal (SB-7)(SB-7A) will be used for payment of interest/repayment of deposit.

Note:- The Head Office will assign separate blocks of account numbers for each office under each category of account as in the case of SB/RD accounts.

132. A Opening of an account :- (1) The instructions relating to the opening of Savings Accopunts will apply mutatis mutandis except that in Extra Departmental Sub Offices, entries will be made in the Time Deposit Journal instead of the ledger.

(2) If the deposit is made by cheque, demand draft, etc. the date of credit of the cheque or other instrument will be date of its encashment and not the date of its presentation. The procedure to be followed by the head and sub offices when the TD account is opened by cheque may be seen at para 33 of this book. The procedure for collection of cheques and their credit in the account followed in savings accounts will be followed in Time Deposit accounts also. No commission will be charged for collection charges on local cheques. The collection charges as prescribed for savings accounts will be levied on outstation cheques deposits in T.D. accounts. The depositor of a T.D. account will be required to pay the collection charges on outstanding cheque in cash while tendering the cheque for deposit. This will be done at the same counter. The depositor will enter the collection charges that are paid, in the pay-in-slip. The counter Assistant will credit the collection charges under UCR, with necessary remark in the receipt in form ACG-67 as “Being collection charges for outstation cheque No……….dated………..drawn on …………..Bank ………..(name of branch) deposited in T.D. account No. ……… The ACG-67 receipt will be attached to the pay-in-slip. The depositor will have the collection charges receipted in the counterfoil of the pay-in-slip. The Sub Postmaster in the sub office and the ledger Assistant and the APM(SB) in the Head Office will see that due collection charges have been collected by the counter Assistant.

Note:- The form (SB-3) omits the request for crediting of annual interest on Time Deposit Account into the depositor’s savings account. In case the facility is required, the depositor has to give a separate application to that effect as he has to do now for a subsequent request.

Repayment of deposits and payment of annual interest

133(i) The deposit made in a Time Deposit account is repayable at the end of the period of deposit, e.g. a deposit made in a 5-year account on 1.4.2001 is repayable on 1.4.2006.

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(ii) Time Deposits carry interest at rates prescribed from time to time. The interest is payable annually. While calculating interest it will be rounded off to the nearest one rupee as is done in savings accounts.

falls on Sunday or a Postal holiday, the payment should be deemed to be due on the business day immediately preceding the date of maturity or the date of payment of annual interest.

(iv) According to Rule 5 (i) of P.O. (TD) Rules, 1981 the amount of deposit in Time-Deposit Account should be in multiples of two hundred rupees. Instances have come to notice where some post offices have opened Time Deposit Accounts with the amounts which were not in multiples of Rs. 200/-. In case where the amounts are not in multiples of Rs. 200/-, the amount in multiples of Rs. 200/- may be retained in the accounts and the balance refunded to the depositors without interest.

134. Procedure for payment of interest and repayment of deposit :-

The following procedure will be followed for the payment of annual interest and repayment of deposit.

(a) Head Office :- The interest payable will be worked out and noted in the ledger and pass-book on presentation of the pass book for interest. If it is a 1-year account, the amount of interest will be repaid along with the principal. In the case 2,3,5-year account, if the depositor desires to take payment of interest, the same will be paid after obtaining from the depositor an application for withdrawal in the prescribed form of application for withdrawal (SB-7) in the same manner as prescribed for Savings Bank withdrawals. The amount will be paid either in cash or by cheque at the option of the depositor. In case, the depositor desires to have the amount of interest credited to his Post Office Savings Account standing open in the same office, a remark to this effect will be made by him on the warrant of payment side over the signature. The amount of interest, thus, credited to Post Office Savings Account will be shown as withdrawal from Time Deposit Account and as a deposit in the savings account in the normal manner.

(b) Departmental Sub Office:- (i) The procedure laid down for Head Office will be followed mutatis mutandis.

(ii) The payment will be made either in cash or by cheque. If the payment is desired by cheque, the sub postmaster will obtain cheque for the required amount in the name of the depositor from the head office.

(c) Extra Departmental Sub Office :- (i) In the case of 1-year Time Deposit Accounts, the interest will be paid along with the repayment of deposit. When a depositor presents his pass book he should be asked to give an application for withdrawal for the total amount of deposit to be repaid and the annual interest due thereon. The pass book and the application for withdrawal should be taken from him and receipt in form (SB-28) given to him noting therein the amount of deposit in the pass book. The pass book along with application for withdrawal will then be sent to head office for sanction as in the case of closure of savings accounts. On receipt back from the head office the pass book with the warrant of payment, the amount will be paid to the depositor in the normal manner and the pass book delivered to him after obtaining a receipt for the closed pass book on the back of receipt (SB-28).

(ii) In the case of 2-year, 3-year and 5-year account, the Sub Postmaster should forward the pass book and application for withdrawal to the head office. The head office will calculate the interest due in the account and return the documents to the sub postmaster, entered in the S.B. slip as in the case of sanction of withdrawal from savings account beyond the power of the sub postmaster. Payment will be made by the sub postmaster as in the case of normal Savings Bank withdrawal.

(d) Branch Office :- In the case of 1-year Time Deposit Accounts, the same procedure prescribed for E.D. sub offices will be followed mutatis mutandis. In the case of 2-year, 3-year and 5-year accounts, the Branch Postmaster will forward the pass book and application for withdrawal to the Account Office. The account office will calculate the annual interest due in the account and return the documents to the Branch Postmaster by an entry in the branch office slip. Payment will be made by the Branch Postmaster as in the case of normal Savings Bank withdrawal. When the warrant of payment is received from the branch office after payment, action will be taken as if the payment has been made in the Account Office. The

name of the branch office will be noted in the remarks column of the list of transactions.

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135. Procedure for entry of interest :- The following procedure will be followed for entry of interest in pass book, T.D. ledger, Time Deposit Journal and list of transactions :-

(i) Pass Book :- The pass book (SB-5H) has been revised. It is meant for all types of accounts. The first two pages are meant for making entry of deposit, repayment and balance after the transaction. The next two pages are meant for making entries of repayment of annual interest.

(ii) Time Deposit Ledger :- This will be maintained in form (SB- 108) which should be used in head offices and departmental sub offices. In the form of ledger the right half of the page contains columns for recording interest payment. For each category of account, a separate ledger will be maintained. Each ledger will contain 300 accounts serially numbered from 1 to 300 – one page for each account. Since only one deposit is allowed in one account, a single page in the ledger will be sufficient for any type of account. When the deposit is prematurely repaid, necessary remark will be made using the columns for interest that remain blank as there will be no further payment of interest.

(iii) Time Deposit Journal :- The entry of interest will be made in the column for withdrawal like ordinary withdrawals and the following remark will be made in the remarks column of the Journal.

“Interest for the deposit dated _________ for the year_______

Against the original entry of deposit for which the interest is repaid, the figure I/date, II/date, III/date, IV/date and V/date will also be noted in the remarks column of the journal to indicate whether the interest relates to the first, second, third, fourth or fifth year. Whenever the interest is paid at the end of second, third, fourth or fifth year, the entries against the original deposit should be verified to see whether the interest has already been paid or not. As and when the principal amount is repaid, a suitable remark showing the date on which the amount is paid will be made against the original entry of deposit in the remarks column of the journal. Whenever the deposit is repaid the original entry of deposit will be verified to see that the amount stands unpaid before effecting payment.

(iv) List of Transactions :- The form (SB-60) meant for list of savings accounts will be used by indicating the words “Time Deposit” at the top of the list in manuscript. The amount of interest will be shown in both the columns of withdrawal and interest to enable the Control Organisation to correctly book the amount of interest. When deposits are made through an authorized agent, this should be indicated in the remarks column of the list.

136.Credit of annual interest in savings account :- In the case of 2/3/5-year account, the depositor may request the Post Office to credit the annual interest in his Post Office savings account if it stands in the same office. This facility will not be available at E.D. sub offices and branch offices. The following procedure will be followed.

(i) The depositor will present an application to the Post Office where the account stands requesting for the credit of the annual interest due on the Time Deposit account in his savings account. He should furnish the number of Time Deposit account and the number of savings account in the application.

(ii) On receipt of the application, the counter Assistant should compare the signature on the application with the specimen signature on record and, if it agrees, give an acknowledgement to the depositor for the application. If there is any discrepancy in the specimen signature it should be got attested in the manner prescribed in rule 36. In head office the counter Assistant should then transfer the application to the ledger Assistant under acquittance in his receipt book. The ledger Assistant should make an entry in the ledger of the Time Deposit account “Annual interest to be credited in the savings

account No. _________vide application kept at serial number ___________of Guard Book”. He should then place the ledger and application before the Postmaster who will examine the documents and place his initial on the application form and against the entry in the ledger. All such application should be kept in a separate guard book serially numbered.

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(iii) The particulars of all such applications should be entered in a register to be maintained in the following form.

Sl. Time Category of Savings Amount of

No. Deposit account Account interest

Account No. (2/3/5-year) No.

1 2 3 4 5

Date of credit

In savings account Remarks

Due Actual

6 7 8

Sufficient space should be left between the entries in the register so that all annual interest payments can be entered i.e. 2 lines should be left for 2-year account, 3 lines for 3-year account and 5 lines for 5-year account. In larger offices separate registers may be kept if considered necessary.

(iv) To enable a watch being kept over the prompt transfer of the interest to the savings account, separate pages of the register should be allotted for each month, the entries in the register should be scrutinized and action initiated to have the interest transferred to the savings account positively on the due date. When the interest becomes due, the counter Assistant should exercise the checks as detailed in rule 134 above.

(v) The counter Assistant should then prepare a withdrawal form in the prescribed form for the amount of interest after calculating the amount due. Only the warrant of payment side of the application for withdrawal in the prescribed form need be filled. An entry should be made at the top of the form “For credit of interest in the savings account number ____________”. The warrant of payment will be signed by the Postmaster/Sub Postmaster. The amount will be simultaneously credited in the S.B. ledger card/ledger concerned. A Pay-in-Slip for the credit will be prepared by the P.A. and signed by the