Important news for those investing in various Post Office savings schemes. A major change has been made to Post Office regulations. The Post Office has significantly altered the process for making any corrections or changes to interest amounts. This will directly impact six Post Office schemes. From now on, customers will no longer be able to make any interest-related changes directly; instead, they will need to obtain approval through the maker-checker system.

The Post Office's rule changes are aimed at preventing any erroneous or unauthorized interest rate changes. This change directly impacts Post Office Savings Accounts, PPF, Sukanya Samriddhi Accounts, National Savings Scheme, Monthly Income Scheme, and Senior Citizen Savings Scheme.

Until now, changes to SBCO interest in post offices were entered only after approval from the competent authority. After this, the system didn't require a second check, and the entry was made automatically. However, this system will no longer allow this. One officer will enter the interest adjustment, and another will check it. This will reduce the likelihood of error and ensure accountability.

Interest adjustments are made through the HIARM (Interest Adjustment Register Maintenance) menu. Only the interest amount credited to the account can be changed. The principal amount cannot be changed through HIARM. The SBCO supervisor at the respective head office will register the interest adjustment, while the board's CPC supervisor will verify it.

When a customer's account requires an interest amount change, the Chief Postmaster will first review the case and related documents. The case will then be forwarded to the Divisional Head. The Divisional Head, after necessary verification, can approve or disapprove the interest adjustment. Once approved, the SBCO supervisor will thoroughly verify the account details, interest amount, date, and scheme details before recording them in the system.

According to the new postal rules, interest adjustments can be made through HIARM up to a maximum of ₹15 lakh. Any adjustments above this amount will require an application to CPRC, Chennai. Furthermore, only the BOD date can be used for interest adjustments in SCSS and MIS accounts. For savings accounts, the BOD date of the previous financial year or March 31st can be used. This new system will bring greater scrutiny and transparency to the interest adjustment process.

PC: SaamTV