POSB Interest Certificate Fees Clarification – No Charges for Interest Certificate Generation as per SB Order 38/2021 | Karnataka Postal Circle

To

Postmaster-General (FS)

North Karnataka, Dharwad – 580001

South Karnataka, Bengaluru-560001

Bengaluru HQ Region, Bengaluru-560001

No. FS/10/02/02/DakAdalat dated at Bengaluru the 09.08.2022

Subject: Imposing fees on Interest Certificate of POSB accounts – reg

Reference: Issue taken up during Dak Adalat dated 10.08.22

With reference to the subject above, it is brought to the notice of this office during Dak Adalat that post offices are charging Rs.20/- + 18% GST for issue of Interest Certificates to POSB customers.

Please refer to instructions contained in SB Order No.38/2021 dated 23.11.2021 wherein it is clarified that no charges are applicable for issuance of interest certificate to a POSB account holder and the same can be obtained from any CBS post office.

Further, SB Order No.01/2021 dated 23.02.2021 prescribes fee/charges to be collected for issuance of statement of account or deposit receipt, which needs to be continued with.

The “Interest Certificate” for POSB customers is generated with menu CINTC in Finacle for which no charges are to be collected from depositors. “Statement of Account/ Deposit receipt” is generated using the menu HPSP in Finacle for which charges prescribed in SB Order No.01/2021 are applicable.

It is hereby requested to ensure wide circulation of this clarification for better implementation of SB orders at Post office counters.

BBNB PASIS (Manning a father star) / Assistant Director (Technology & FS)

BSB Business School of Banking / Co-Chief Postmaster-General,

Belfast University, Bangkok - 405 208 / Karnataka Circle, Bengaluru - 560 001

Key Points:

• Interest Certificates: No fees should be charged or issuing Interest Certificates (generated via CINTC menu in Finacle) as per SB Order No.38/2021.
• Statements/Deposit Receipts: Fees apply for Statements of Account or Deposit Receipts (generated via HPSP menu) as per SB Order No.01/2021.
• Clarification Request: The notice urges widespread dissemination of these instructions to ensure compliance.