When a customer wants re-investment from one scheme maturity value to another scheme, customer should be asked if he/she has a Savings Account in any CBS Post Office.
If yes, then signature in that account available in the system should be tallied with the signature on the Closure Form.
If Not, customer should be asked to pen a new savings account under the same CID(fresh KYC documents and Form should be taken if account/certificate matured belong to Pre-migration period).
Customer should write on the receipt side of the Account Closure Form or Certificate, the amount to be re-invested, name of scheme and Savings Account number under his/her signatures.
In case of new AOF presented for re-investment, under the field “Mode of Deposit”, he/she has to write savings account number. In such case, no separate withdrawal form is required to be given and this transaction should be treated as non-cash transaction for the purpose of eligibility of commission to agents (if AOF contains details of agent).
Once Postmaster/Sub Postmaster is sure about the genuineness of the depositor (from signatures/photograph /any other identification), total maturity value + interest should be credited into that Savings Account and then amount to be re-invested should be debited/withdrawn from this Savings Account and credited/deposited in the concerned new account while funding.
No re-investment should be accepted if customer does not have a savings account in a CBS Post Office or customer is not ready to open new savings account, in such a case, payment should be made by Postmaster Cheque only.
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