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Tuesday 24 September 2013

SB order regarding Maturity/Pre-maturity

Divisional office order no. LR2/SB/RD/Misc/RLG/Brs Dn/ dated 19.09.2013

Ref: CO no. - INV/Z-23/6/2011 dtaed 10.09.13

Payment of closure/pre-mature closures of accounts for amount Rs. 20,000/- and above encashment of pre-mature/matured cash certificates of amount Rs. 20,000/- and above must be paid through Account Payee cheques. Option of payment of matured/pre-matured proceeds through transfer to savings bank account may be entertained simultaneously provided ‘KYC’ norms must be updated in respect of such SB account prior to making transfer of pre-matured/matured proceeds of MIS/RD/TD accounts etc. and option for transfer to SB account must be authenticated by depositor under his dated signature on SB – 7A form as per departmental instructions communicated vide Directorate’s letter No. 113-11/2003-SB dated 28.09.2006 ; letter No. 113-11/2003-SB dated 19.02.2008 and letter No. 113-11/2003-SB dated 06.09.2012.

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