Directorate Instructions regarding RD/TD/MIS Premature Closure

Directorate Instructions regarding RD/TD/MIS Premature Closure

Now PMC of all savings categories in DOP is only allowed in presence of Depositor

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         I am directed to convey the observation of competent authority made during a recent review meeting of Loss & Fraud cases held in Directorate on 27.03.2019. In some of the fraud cases committed in the past the modus operand adopted was premature closure of RD/MIS/TD Accounts without the knowledge of the depositors by making payments to agents or by crediting the amount to fake POSB Accounts. Therefore, the competent authority has desired that premature closure of RD/TD/MIS and other schemes may be allowed only if depositors are personally present. You are therefore requested to issue necessary instructions to all concerned to ensure this