FINANCIAL RETAIL SERVICES

Clearance and remittance of cheques:

As on date we have tie – up with TVS Finance, Centurion Bank, Bajaj Finance and HDFC Bank for collection and remittance of cheques. In this service Rs.30/- for cheques realized and Rs.70/- per cheques dishonored is being charged.

The company will advise his clients to open SB cheque accounts in the nearest Sub Post Office of their area. The clients should be advised to keep the minimum balance required for a cheque account.

The Department of Posts will advise all its Head and sub post offices to open SB accounts for the clients observing usual formalities.

The company will collect the cheques issued by its clients in favour of the company for the amount due to be paid by them every month.

The company on collect ion of cheques drawn on post offices within Karnataka Circle, will present them every month on the date to be mutually agreed to along with the Management Information (MIS) System Reports in prescribed format, as the designated post office which will function as the nodal Office.

The Department of Posts shall receive the PO SB cheques which will be sent to the Head Post Offices concerned for collection and realization thereof.

On receipt of the intimation of the amount realized from the participating Head Post Offices to the Nodal HPO the same will be consolidated and paid to the company by a crossed cheque in their favour. The cheque will be given in the company’s name within fifteen working days of the date of the cheques presented by them at the Nodal HPO.

The cheque that is not honoured will be returned to the company as immediately as possible.