Acting upon the complaint of several investors in small savings scheme of the post office, the department of Post via its order dated December 2, 2019 has notified that investors can now deposit a cheque of any amount into their small savings scheme including PPF, SSY, post office RD and savings account at any of the non-home post office branch. Previously, there was a cap on this amount at Rs. 25,000. Implying that small savings schemes account holders cannot deposit a cheque worth over Rs. 25,000 in non-home post office branch.
The order states, “AII POSB Cheques issued by any CBS Post Office, if presented at any CBS Post Office should be treated as AT PAR cheques and should not be sent for clearing. No POSB Cheque for more than Rs.25000/- should be accepted for cash withdrawal at other SOLs in a day. However, POSB cheque can be accepted at other SOLs without restriction of amount, for credit in POSB/RDIPPF/SSA accounts, subject to the limits, if any, prescribed in the scheme.”
In accordance with the order, if POSB or post office savings bank’s cheque issued by any of the CBS branch is presented at the post office, the same will be acceptable at any of the post office for the credit against an individual’s RD, savings, PPF or SSY account. Nonetheless, if the same cheque is presented for withdrawing funds from any other non-home post office branch, the maximum amount that can be withdrawn remains at Rs. 25,000
After the revision in rule concerning limit for accepting cheque into different post office accounts in non-home branch, account holders will be able to deposit cheque of any amount into their small savings accounts at any of the CBS post office branch.