The postal department has given a big relief to senior citizens. Keeping in view the age of senior citizens and various types of diseases, the Department of Posts has announced to start account operation and withdrawal facility through an authorized person.
According to the circular issued by the Department of Posts, the authorized person will be allowed to operate accounts opened in the post office, including withdrawal, loan closure and premature closure of accounts etc. It is worth noting that there was no such system till now.
Under the arrangement till now, senior citizens also have to visit the post office for account transactions, account closure, premature withdrawal etc. The Department of Posts has announced this change in the circular issued on August 4. The Department of Posts says that for a long time they were getting applications from senior citizens that they are finding themselves unable to come to the post office due to increasing age and various diseases.
In such a situation, they should be given the facility to authorize any person who can complete the work for them including withdrawal of money. In view of this, the Department of Posts, in collaboration with the Ministry of Finance, has made changes in the provisions of Rule 11 of the Government Savings Promotion General Rules-2018.
Authorization process
A person authorized by senior citizens will be able to do the work of transacting in the post office account, taking loan, closing the account or premature closure of the account. However, in order to authorize a person, there are certain procedures to be followed by senior citizens.
Step 1: For this, the account holder has to first fill the SB-12 form. This form is available at any post office branch. Through this form, the account holder will allow withdrawal, loan, closure or premature etc. from his account. If the account is joint then its authorized person will have to get the signature attested.
Step 2: The account holder has to fill the correct form. For example, Form SB-7 for cash withdrawal and Form SB-7B for account closure will have to be filled. Self attested photo ID and address proof etc. of the account holder and the person to be authorized will have to be provided. SB-12 form has to be filled for every transaction.
Step 3: The authorized person will have to submit the passbook and this form. Apart from this, they will also have to submit KYC documents along with the transaction form (SB-7/SB-7B etc.)
Step 4: After this, the authorized post office staff will match the signature of the account holder available in their system. After that it will be approved by the supervisor. Only after that the payment will be released.
Keep these things in mind
Payment will be sent to Cheque/Credit/Post Office Savings Account or Bank Account. For withdrawal in savings account, payment will be made in cash only. You must also note that the authorized person will neither be an employee or an agent of the post office branch.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
