Verification of High Value Withdrawal of 10000 and above in Savings Accounts in Post Offices
Govt. of India
Ministry of Communications
Department of Posts
Dak Bhawan, New Delhi – 110001
All Heads of Circles
Subject: Verification of High Value Withdrawal of ₹ 10,000/- and above in Savings Accounts at Branch Post Offices and Single Handed Post Offices – Reg.
Madam / Sir,
References were received from Punjab, Gujarat and Karnataka Circles seeking the clarification on verification of high value withdrawal of ₹ 10,000/- and above in Savings Accounts at Single Handed Post Offices.
2. In this connection, it is clarified that
(i). Verification of withdrawals of ₹ 10,000/- and above at Single Handed Post Offices has been dispensed with and verification is prescribed only for the withdrawals in respect of Branch Post Offices, vide SB Order No. 9/2018 dated 17.07.2018.
(ii). However, in the latest POSB CBS Manual (corrected up to 31.12.2021), note has been added under Rule 64 as follows.
“It will be the special responsibility of the Heads of Circle to see that all the preventive measures / checks are exercised meticulously and every effort made to nip frauds in the bud. The Heads of Circles are also free to devise any further special checks they want to carry out in the light of local circumstances. However, the overall endeavour should be to minimise the incidence of SB frauds and tone up the Divisional Administrations.”
(iii). Accordingly the Heads of Circle are free to devise any special check(s) they want to carry out in the light of local circumstances as preventive measure to minimise the incidences of Savings Bank frauds.
3. This is issued with the approval of the Competent Authority.
(T C VIJAYAN)
Asst. Director (SB-I)