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Friday, August 12, 2016

Inoperative accounts in Post Offices?

MADHU AGRAWAL 
(Guinness Record Holder for letters in Newspapers) 

A written reply in Lok Sabha on 10.08.2016 mentions that there are total 346958024 (about 35 crores) savings-accounts in post-offices throughout the country with total deposit of rupees 495853 crores (about rupees five lakh crores). Apart from savings-accounts, there are also other types of deposit-accounts in post-offices. Union Minister of State for Communications however did not mention about number of inoperative accounts and balance in these accounts.

Many aged people make deposits in post-offices hiding it from their children as safety and security in old age. Family-members are unaware of deposits in post-offices after death of depositors. Department of Posts should send registered letters in name of depositors in case savings-accounts remain inoperative or deposits are not renewed/received back till three years of maturity. It will make family-members of deceased depositors aware of deposits made by the deceased ones, enabling them to claim deposit-amounts after fulfilling necessary requirements. It is unfair that Department of Posts may continue to hold such unclaimed deposits forever indefinitely. In case of return of registered letters undelivered, such unclaimed deposits should either be shown in different head or may be transferred to ‘Depositor Educative & Awareness Fund’ (DEAF).

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