The gist of the SB Order 9/2021 is that the customers can now collect their periodical interest and either premature closure or maturity of RD/MIS/SCSS/TD/KVP/NSC Accounts into their bank account directly through ECS Outward mode.
Neither a customer need to open a POSA account nor the account needs to be closed by cheque mode as most of the customers are interested in much more prompt settlement of their investment.
This order has been issued by keeping in mind that most of the POs are unable to issue cheque and had to rely on their respective HOs for account closure through Cheque mode.
Chennai GPO will act as nodal office. In closure the Chennai GPO ECS Outward Credit Suspense account (600001000098) will be auto populated. Even though the ECS Outward account can be editable, the SOLs shouldn’t edit it
The customers will get their credits on D+1 days (D-Date of closure)
This facility is currently not available to SB, PPF, SSA, NSS87, NSS92 and bulk closure of certificates through CNSBCV menu
The Chennai GPO will adjust the ECS Outward Credit along with respective SOLs on the next day with concerned account numbers.
Most importantly, the POs must ensure the zeroing of office account SOL ID + 098