SB Order 18/2023: New Process for Payment POSB Non-Migrated accounts

1) No voucher posting for SB manual payment in CSI.

2) Scheme wise separate office accounts created in finacle for Principal & Interest payment.

3) These office accounts only accessible in HO.

4) A checklist named as Case History introduce for verification of manual cases before payment.

5) SO will accept the case fill point 1 to 10 of case history performa & forward the case to HO along with PB/CC/KYC/Closure Voucher.

6) Incharge SBCO will give recommendation in point 11 of case history & Send the case to DH for sanction of payment.(For Cash Cert. issued before 01.07.2016 HO APM will verify point 11)

7) After receipt of sanction from DO. it's to ensure that payment of non migrated account will be made through SB A/c. or account payee Chq only. ( No ECS )

8) For payment use HTM menu Dr. - Respective Office Accounts & Cr. - SB Acc/PM Cheq Acc. ( To be done by 2 Supervisors in HO )

(Fill all details in HTM menu as prescribed in SOP for proper reflection of closure in Long Book/Discharge Journal)

9) Send voucher to SBCO.

10) Preserve a copy of case history & sanction in HO guard file.

11) Send one copy of case history to SO concern after noting date of payment & transaction ID.