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Streamlined Process for SB Withdrawal: Guidelines and Best Practices

This document outlines the step-by-step procedures for successful Savings Bank (SB) withdrawal operations, including examination of the passbook, verification of signatures, and proper documentation through the SB-7 form. It highlights the role of the supervisor in validating transactions, especially for amounts exceeding Rs. 2000, and the necessary checks to ensure accuracy and compliance. The process also emphasizes the importance of maintaining accurate entries in records, ensuring minimum withdrawal limits, and the roles of both counter personnel and supervisors in the transaction process.

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Streamlined Process for SB Withdrawal: Guidelines and Best Practices

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  1. COUNTER OPERATION SB WITHDRAWAL • EXAMINE PASSBOOK & SB-7 FORM • VERIFY BALANCE & SIGNATURE & SIGN BELOW THE SIGNATURE OF DEPOSITOR • MAKE ENTRY IN RECORDS Viz PASSBOOK ETC • MAKE ENTRY IN SB-7 IN WARRANT PORTION • SEND THE DOCUMENTS TO SUPERVISOR • AFTER RECEIPT OF PAY ORDER BY SUPERVISOR OBTAIN ACQUITANCE IN SB-7 • EFFECT THE PAYMENT & RETURN PASSBOOK

  2. COUNTER OPERATION SB WITHDRAWAL • ROLE OF SUPERVISOR :- • CHECK THE ENTRY IN RECORD • VERIFY THE SIGNATURE IF AMOUNT EXCEEDS RS.2000/- • SIGN THE DOCUMENTS PRODUCED BY COUNTER PA • AUTHORISE THE TRANSACTION • TRANSFER THE RECORDS TO COUNTER PA

  3. COUNTER OPERATIONSB WITHDRAWAL BY CHEQUE • EXAMINATION OF CHEQUE • VERIFY THE SIGNATURE & BALANCE • AFFIX DATE STAMP ON BACKSIDE OF CHEQUE • NOTE DATE OF LAST TRANSACTION & BALANCE AFTER TRANSACTION & MAKE ENTRY IN RECORD • TRANSFER THE RECORD TO SUPERVISOR • ON RECEIPT OF CHEQUE FROM SUPERVISOR OBTAIN THE SIGNATURE OF PAYEE ON THE BACK SIDE OF THE CHEQUE & EFFECT PAYMENT

  4. COUNTER OPERATIONSB WITHDRAWAL BY CHEQUE • ROLE OF SUPERVISOR :- • CHECK THE ENTRY IN RECORD • VERIFY THE SIGNATURE IF AMOUNT EXCEEDS RS.2000/- & SCORE OUT THE SIGNATURE OF DEPOSITOR BY RED WAVY LINE AND PASS THE WITHDRAWAL • SIGN THE DOCUMENT PRODUCED BY COUNTER PA • RETURN CHEQUE TO COUNTER PA FOR PAYMENT

  5. CUSTOMER INFORMATION SB ACCOUNT WITHDRAWAL • FILL UP SB-7 FORM PROPERLY • HANDOVER THE SB-7 / CHEQUE, PASSBOOK TO COUNTER PA • COLLECT THE CASH FROM COUNTER PA • CHECK THE BALANCE AFTER TRANSACTION • MINIMUM WITHDRAWAL BY CASH - RS.5/-, BY CHEQUE – RS.20/- • MINIMUM BALANCE IN ORDINARY A/C RS. 50/- & CHEQUE A/C RS.500/-

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