Monday, December 10, 2007

Pension Account by Joint holders

No. 113 – 10/2004-SB (Pt.) 20.7.07
Sub: - Amendment to Rule 4 of Post Office Saving Account Rule 1981 regarding opening of Pension Account.
This office is receiving number of references for allowing opening of Pension Account by Joint holders. The matter was referred to Min. of Finance. Now, item 3 of the table below Rule 4 (Pension Account) of Post Office Saving Account Rules, 1981 has been amended by MOF vide its notification dated 11.7.2007 issued vide File No. 2/5/2006-NSII. Copy of this amendment is enclosed.
2. As a result of this amendment, a pensioner can now open pension account either individually or jointly with his or her spouse in whose favor an authorization for family pension exists in the Pension Payment Order. In case of withdrawal from Joint Pension Account, either of the joint account holders can make withdrawals.
3. At present the retired employees of Railways, Telecom and Postal departments can draw pension through pension account opened for this purpose. With this amendment, this restriction has been withdrawn. Now, retired employee of any govt. department can draw pension through pension account. For this purpose, the department concerned will have to approach this office for acceptance of terms and conditions as laid down for Railways and Telecom departments.
4. The existing Railway, Telecom and Postal pensioners can also convert their existing pension account into joint account. For this, the procedure laid down for conversion of single saving account into joint saving account may be followed with the exception that the concerned Postmaster/Sub Postmaster will verify the name of joint holder (spouse) mentioned in revised SB 3 with that of PPO and ensure that this joint holder is authorized person to draw family pension as mentioned in the PPO.
5. It is requested that this may kindly be brought to the notice of all Post Offices immediately for information, guidance and necessary action.
This issues with the approval of DDG (FS)
GOI MOF No. 2/5/2006 – NS II dated 11.7.2007
GSR. (E) :- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Account Rules, 1981, namely :-
(1) These rules may be called the Post Office Savings Account (Amendment) Rules, 2007.
(2)They shall come into force on the date of their publication in the official Gazette
2. In the Post Office Savings Account Rules, 1981, in rule 4, in the Table, in iterm No. 3 (Pension Account)

(i) Under column 2, for the entry, the following entry shall be substituted, namely:-
“A pensioner either individually or jointly with his or her spouse in whose favor an authorization for family pension exists in the pension payment order”.

(ii) Under column 5, for entry (b), the following entry shall be substituted, namely:-
“(b) In case of individual accounts, the pensioner and in case of joint account, either of the joint account holders, for making withdrawals”

3 comments:

SUNDARVARATHAN.K said...

No patch / provision found to have been made in the SanchayPost Ver5.0 [SB software used in computerised Pos ] to convert the Single Pension account in to Joint account. Kindly highlight this issue to the Directorate.

Sundaravarathan.K System manager PondicherryHO email:svarathan02@yahoo.com

viswanath_HR_TIPS said...

Sir I would like what action taken by unions at chq level of Delhi regarding RTP PA/SA service for regularization's of service from the date of entry into the department not for a date after their absorption. I have represented the issue to the president of India on 27.5.08 through E mail and I was asked by the president secretariat on 16.6.08 in written acknowledgment that my represent ion has sent to communication minister N DELHI and I was asked to in touch with minister of communication or the DG posts . But all of sudden I have a received a communication in written from SSPO< Visakhapatnam division on a plain paper(not typed duly signed by the SSPO< Visakhapatnam's)that my representation has got examined and according circle/directorate INFRASTRUCTURE my request is not acceded as informed by regional office Visakhapatnam's.
My version that I do not know the infrastructure wording I have applied for paper cutting for I st half year 1981 sorting assistant in RMS V division, in the paper cutting there is no wording of either the short duty clerk advertisement or to fill the vacancies of RTP SA.I have imparted required training from 15.5.1981 along with other 25 other out side Direct recruitment candidates all has sent for theoretical training at PTC Mysore.
Later also that is second half year 1981 recruitment to 1984 I half year to there are several direct recruitments were took place leaving only few that 6 members of 1981 I st half year recruitment candidates(50 department promoter's also got promoted during that period).
I do not know how the natural justice done on their own accord what is stand of union so far when the issue is under lying for two and half decades, is there any remedial measure. I want justice now ,I don't want ant financial benefit but the entire service render by me form from 15.5.1981 should count for all purposes including pay fixation from 1.1.2006( I have worked as sorting assistant on regular basis from 03.2.1983 to 19.6.1983 and reverted to RTP SA at RMS V division from 20.6.2008 the that service is not taken for pay fixation and increment and TBOP promotion from .
Second I have absorbed from 27.1.89 and working as TBOP postal assistant at WRS HO Visakhapatnam.
pl do justice on the issue .
murali my e mail ID murali_viswanadh@rediffmail.com
mobile 91.9290016534 pl try provide justice on par with others who have now enjoying.and try understand ,my feeling sir.

Parmar Yogesh said...

I AM A GO IN IA&AD. MY OFFICE REFUSED TO OPEN JOINT ACCOUNT WITH SPOUSE FOR MY PENSION. WHAT CAN I DO?. PL HELP ME. IF I CAN OPEN JOINT ACCOUNT PL FORWARD A COPY OF NOTIFICATION OR ORDER THEREOF.