HAPPY NEW YEAR 2018 TO ALL MEMBERS

Thursday, December 14, 2017

MANDATORY USE OF SAVINGS ACCOUNT FOR CREDIT OF MATURITY/PREMATURE VALUE W.E.F 15.12.2017

ADDENDUM TO SB ORDER NO. 15 / 2017

     Mandatory use of Savings Account for credit of maturity/premature value, monthly/quarterly/yearly interest in case of MIS/SCSS/TD accounts and investments from 15.12.2017

 1. On closure of any account either on maturity or on premature (other than SB account), the closure amount shall be paid only by credit into a SB Account from 15.12.2017

2. Interest in respect of all MIS/SCSS and TD accounts shall also be paid only by credit into SB Account from 15.12.2017

3. No Postmaster Cheque should be issued against any closed account/certificate and if any depositor attends post office for closing of any account not having linked SB Account by that date, a BASIC SAVINGS ACCOUNT should be opened under this same ClF on the same day without asking for separate ACCOUNT OPENING FORM (AOF) by selecting SBBAS as scheme code. and account should be closed and closure proceed should be credited to that SB account.

Press Information Bureau
Government of India
Ministry of Finance

13-December-2017 17:15 IST

            Extension of deadline till 31.3.18 for submission of Aadhaar number, and Permanent Account Number or Form 60 by client to the reporting entity  After considering various representations received and inputs received from Banks, it has been decided to notify 31stMarch, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity. Necessary notification in this regard has been issued.

            It may be recalled that earlier Under the provisions of Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017, published in the Extraordinary Gazette of India vide G.S.R. 538 (E) dated 01.06.2017, it was provided that

            i)      In case the client, eligible to be enrolled for Aadhaar and obtain a Permanent Account Number does not submit the Aadhaar number or the Permanent Account Number at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of six months from the date of the commencement of the account based relationship. Provided that the clients, eligible to be enrolled for Aadhaar and obtain the Permanent Account Number, already having an account based relationship with reporting entities prior to date of this notification, the client shall submit the Aadhaar number and Permanent Account Number by 31st December, 2017.

            (ii)    In case the client fails to submit the Aadhaar number and Permanent Account Number within the aforesaid six months period, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.  Provided that in case client already having an account based relationship with reporting entities prior to date of this notification fails to submit the Aadhaar number and Permanent Account Number by 31st December, 2017, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.
DSM/SBS/KA (PIB 13.12.2017)
NATIONAL ANOMALY COMMITTEE






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