Frequently Asked Questions (FAQ) on Banking

1. How can I claim payment of deceased account / certificate holder

2. How to transfer accounts and certificates?

3. How to open an account in post office and its requirements?

4. What is silent account and how to revive it?

5. What are late payment fees for recurring deposits?

6. What is the procedure for the issue of duplicate certificates?

7. How I get duplicate passbook?

8. What are the norms for issuing a Cheque Books?

9. What are the service charges for outstations cheque?

10.Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?

11.What is the minimum balance required for an account?

12.How I can get encashment of certificates / account before maturity?

1. How can I claim payment of deceased account / certificate holder?

The claimant may be the nominee or legal heir.

If there is nomination, the nominee can prefer the claim in the prescribed form alongwith death certificate.

If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim upto one lakh cane be settled.

If the claim is exceeding one lakh, claims can be settled by legal evidence ie, by probate of will or succession certificate.

2. How to transfer accounts and certificate?

For transfer of accounts- the depositor should apply in the prescribed form[lSB10(b)] or  manual application. The application can be given either in transferring office or transferee office.

For transfer of certificates- the investor should apply in the prescribed form[NC32]. The application may be given in either of the offices.

3. How to open an account in post office and its requirements?

To open an account [Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) SB3, SB103 (pay-in-slip) and specimen signature slip for SB and TD are required.

For senior citizen accounts, separate forms are to be used. For SB account introduction is compulsory.

4. What is silent account and how to revive it?

When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.

For revival, one application from the customer is required. LSG/HSG offices can revive the accounts independently. Remaining offices, HO will revive the accounts.

If the balance in the silent account is less than minimum, then Rs. 20/- will be debited towards service charges.

5. What are late payment fees for recurring deposits?

The monthly deposits should be credited on any day of the month. If the monthly instalment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (for Rs. 10/- denomination, 0.20 paise for each month of default) maximum 4 defaults are allowed.

6. What is the procedure for the issue of duplicate certificates?

The investor should apply in the prescribed form for duplicate certificate om respect of lost, stolen, destroyed, mutilated or defaced certificates (NC29).

The application shall be accompanied by a statement showing particulars of certificates and furnish an indemnity bond in the prescribed form with one or more sureties or with a bank guarantee is required.

In case of mutilated or defaced certificates, no indemnity bond is required.

Application in the prescribed form or manuscript application may be given by affixing prescribed fee in the form of postage stamp. New duplicated Passbook will be issued by sub post offices only.

Cheque books are issued in respect of cheque accounts

In cheque accounts, minimum balance should be Rs. 500/-

Cheque realisation charges for outstation cheques.

Rs. 30/- for first thousand or part

Rs. 31/- for each additional thousand or part

In case of bouncing of cheque Rs. 50/- is charges as service charge.

10.Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?

No. There is no provision. Interest amount can be credited to SB account and after that from SB to RD is permissible.

Minimum balances in respect of different types of account is given below.

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