“Forward ever, backward never: onwards with Breaking Through”
26/11/2016

Instructions regarding the wedding expenses withdrawal in the DOP
Instructions to be communicated regarding the wedding expenses withdrawal  are given below for  circulation as directed

For wedding expenses, the Government has allowed withdrawal limit as Rs.250000-. A patch for the same is being deployed in Finacle.

As per RBI guidelines / DoP rulings, the officials should check all the relevant documents and obtain the declarations from the customer requesting for withdrawal from their POSB account in connection with wedding expenses.

The following conditions are mandatory for withdrawal in respect of wedding expenses:
KYC documents should have been submitted for the account; PAN card should have been updated. These checks are done on the CIF of the account holder.

The maximum withdrawal allowed is  Rs.250000 or the closing balance of the account as on 08/11/2016, whichever is lesser and subject to the minimum balance limits applicable on the account. ( Rs.50 for non-cheque accounts and Rs.500 for cheque accounts)

The user has to  select / enter the report code as WEDLM against transaction report code field in CTM / HTM menu for such transactions.​​


SBCO is advised to monitor the high value withdrawals at all the POs under their control. Report on such transactions can be generated using HFTR / HFTI menu with the Report Code field filled as WEDLM, on a daily basis.


With regards

Giriraj Ponnambalam
Deputy Manager (FSI)
Centre for Excellence in Postal Technology, Chennai 600002
044-28543481, +91 94441 08080
giriraj@indiapost.gov.in​​


MinimumBalanceInSaving Accounts

New Delhi: November 25,2016
Reserve Bank of India (RBI) vide its circular dated August 10, 2012 on Financial Inclusion – Access to Banking Services – Basic Saving Bank Deposit Account, advised all Scheduled Commercial Banks to offer a ‘Basic Savings Bank Deposit Account’ which shall not have the requirement of any minimum balance. In terms of aforesaid circular, banks have been advised to offer Facility of ATM card or ATM-cum-Debit Card to all BSBD account holders without any charges.

In other cases, as per extant instructions, with effect from April 1, 2015, banks have to follow additional guidelines on levy of penal charges for non-maintenance of minimum balance in savings bank account which include – notifying the customer clearly by SMS/email/letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable; penal charges may be recovered under intimation to the account holder; the policy on penal charges to be so levied may be decided with the approval of Board of the Bank and the penal charges should be directly proportionate to the extent of shortfall observed. It should be ensured that such penal charges are reasonable and not out of line with the average cost of providing the services. It should be ensured that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.


PIB Release/DL/2063

 
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