168. Reinvestment of maturedCertificate/Deposits through agents
The investors can reinvest Depositors’ matured accounts/certificates through the agents. The agents will be entitled to the commission for such investments. The amount of reinvestment shall not exceed the maturity value of the matured account/certificate. The date of reinvestment and the date of maturity should be same.
(1). For re-investment of full maturity value or part thereof either by account holder directly or through SAS agent, the account/certificate holder has to either maintain or open a new Post Office Savings Account in the post office.
(2). Re-investment of maturity value through withdrawal form (SB-7) or POSB Cheque is allowed. However, new investment is allowed only through Cash (up to Rs.20,000/-) or By cheque.
(3). The procedure for reinvestment is given below:
(i) The agent will issue authorized agent receipt of the documents mentioned below from the Authorized Agent Receipt Book (Cheque) with suitable remarks and hand it over to the account holder as prescribed in the SAS Agency rules. Particulars of the matured deposit/certificates which are to be reinvested will be written in place of cheque number on the receipt.
(ii) Where account holder desires to re-invest his/her maturity value through SAS agent in any of (TD/MIS/KVP/NSC) schemes, the account holder shall handover the following documents to SAS agent after obtaining one copy of Authorized Agent Receipt :-
a) Passbook/Certificate (KVP/NSC) matured.
b) Account Closure Form (SB-7A)
c) Account Opening Form (AOF) of new scheme with pay-in-slip
d) Withdrawal Form (SB-7) along with passbook or POSB Cheque of PO Savings Account.
Note: - If KYC documents have not submitted by the depositor earlier as prescribed and KYC guidelines issued from time to time, he/she shall also submit required KYC documents.
(iii) In acquittance portion of account closure form (SB-7A) or backside of pre-printed
KVP/NSC, account holder shall write ‘Credit maturity value into my Post Office Savings Account No. ………………” and sign.
(iv) In acquittance portion of withdrawal form (SB-7) of Post Office Savings Account or on the backside of POSB cheque, account holder shall write ‘For Re-investment in ________ scheme in lieu of closed A/c No. ………….. for Rs. ………………through the agent……………………………………..(name of agent and C.A. number) and sign.
(v) The counter PA of post office shall check documents received and if all documents are in order, follow the procedure as prescribed in the rules for closure of an existing account and transfer maturity value into the account holder’s Post Office Savings Account.
(vi) Supervisor shall verify the closure of account.
(vii) After closure of account, counter PA shall open new account under account holder/minor CIF and during account opening, funding of amount mentioned in Withdrawal Form (SB-7) or POSB Cheque shall be done by transfer from account holder’s Post Office Savings Account.
(viii) Select agency code of the concerned agent during account opening.
(ix) Supervisor shall verify the new account opening and funding of account.
(x) Counter PA shall handover the passbook of new account opened, cancelled passbook of closed account and authorized agent receipt duly affix date stamp to the SAS Agent.
(xi) SAS agent will handover passbooks of new account cancelled passbook of closed account to the account holder and take back account holders copy of Authorized Agent Receipt and paste on agent’s copy of Authorized Agent Receipt.
Note: (i) The reinvestment can be made either for the amount equal to or less amount and up to maturity value credited.
Note: (ii) The re-investment can only be made under same CIF and in the name of account holder/one of the joint holders/minor under the guardianship of the account holder i.e. The account holder (s) of the matured account shall be the sole account holder or one of the joint account holders or the guardian of the minor / person of unsound mind as the case may be, of the new account opened under reinvestment.
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