PAYMENT OF DEPOSITS/CERTIFICATES BELONG TO MINORS- A CLARIFICATION REGARDING.
SB ORDER NO. 8/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 25.05.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Subject: - Payment of deposits/certificates belong to minors- a clarification regarding.
Sir / Madam,
The undersigned is directed to say that this office is in receipt of complaints regarding insistence of issuing cheques of maturity/premature value of deposits/certificates in the name of minors instead of guardians by some post offices when at the time of payment, the minor not attained majority causing hardship to the depositors/certificate holders.
2. This issue has been examined in detail in this office and based on the provisions made in Section 10 of the Government Savings Bank Act 1873 and Section 5 of the Government Savings Certificate Act 1959, following clarification is being issued:-
In case of accounts:-
Payment of deposits to minor or guardian:-
(a) In case of Minor Account opened by guardian on behalf of minor where at the time of payment minor not attained majority, all payments should be made to the guardian after taking prescribed certificate. In case, minor attained majority before date of payment, prescribed procedure for conversion of account from the name of guardian to the name of minor who attained majority should be followed and payment should not be made to the guardian.
(ii) In case of individual accounts opened by minors of the age of 10 years or above in Savings/RD/TD or MIS schemes, all payments should be made to the minor himself who made the deposits irrespective of minor attained majority or not.
In case of certificates:-
Payment of certificates to minor or guardian:-
(i) In case of certificates purchased by guardian on behalf of minor, where at the time of payment, minor not attained majority, all payments should be made to the guardian after taking prescribed certificate. In case, minor attained majority before date of payment, prescribed procedure for conversion of certificate from the name of guardian to the name of minor who attained majority should be followed and payment should not be made to the guardian.
(ii) In case of certificates applied by minor and issued in the name of minor, all payments should be made to the minor himself who applied for issue of certificates irrespective of minor attained majority or not.
3. It is requested to bring this clarification to the notice all post offices for strict compliance.
4. This issues with the approval of DDG(FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
