MUMBAI (CU)_The Department of Posts of India recently announced plans to minimise Post Office Savings Bank related fraud cases, which have seen a significant increase over the recent past. As a result, post office account holders will undergo increased security measures and restrictions on their transactions above a certain limit.
According to a circular issued by the Department, the account holder’s mobile number has to be updated in order to conduct any transaction exceeding ₹20,000. In the case of a transaction above ₹50,000, the customer’s Permanent Account Number (PAN) must be checked and must be updated if necessary before initiating the transaction.
In a situation where the depositor’s mobile number is required to be changed, the post office must obtain a separate written application from such depositor. Once the mobile number and the PAN are updated, the transaction may be conducted according to the prescribed procedure, the circular said.
In the Government Savings Promotion General Rules of 2018, it is also recommended that an individual who fails to submit the PAN at the time of opening an account, may do so to the Accounts Office within a period of six months from the date of the opening of the account. If the depositor has opened the account prior to the date of this notification but had not submitted the PAN, he shall do so within a period of six months from the date of this notification.
“At any time during visit/inspection, data analysing, public complaints etc., if it is noticed that incorrect/wrong mobile number/PAN was updated or mobile number/PAN was not updated by the counter PA/Supervisor concerned as prescribed above, stern action should be taken against the erring official by the disciplinary authority concerned,” the circular read.
It added that the regulations were revised in view of Post Office Savings Bank related fraud cases which have increased over the recent past. Therefore, there is a growing need for extra checks in the system to minimise and eliminate opportunities for misappropriation and fraud, the Department said.
