Here is important news for those investing in Post Office savings schemes. The Post Office has introduced a significant change to the process of revising or altering interest amounts. Now, interest-related adjustments cannot be made directly; instead, approval must be obtained under the ‘Maker-Checker’ system. The primary objective of this move is to prevent errors or unauthorized changes to interest calculations. This change will affect Post Office savings accounts, PPF, Sukanya Samriddhi accounts, National Savings Schemes, Monthly Income Schemes, and Senior Citizen Savings Schemes.
What is the rule now? Previously, the entry for interest modification was made by the SBCO Supervisor following approval from the competent authority. There was no subsequent system check, and the entry was automatically verified. Under the new system, this procedure will change: one official will enter the interest adjustment, while another official must review and verify it. This will minimize the risk of errors and ensure accountability.
Interest adjustment is carried out using the HIARM (Inter-Adjustment Register Maintenance) menu. Only the accrued interest amount in an account can be modified; the principal amount cannot be altered via HIARM. The SBCO Supervisor at the concerned Head Office will enter the interest adjustment, while the Circle CPC Supervisor will verify it.
How does the process work?
If an adjustment to the interest amount in an account is required, the Head Postmaster will first examine the case and the relevant documents. Subsequently, the matter will be forwarded to the Divisional Head. After conducting the necessary verification, the Divisional Head may either approve or reject the adjustment. Once approval is granted, the SBCO Supervisor must enter the details into the system after thoroughly verifying the account information, interest amount, date, and scheme details. Adjustment up to a maximum of ₹5 lakh
Under the new rules, interest adjustments of up to ₹5 lakh can be processed via HIARM. Any adjustment exceeding this amount must be referred to CPRC, Chennai. Additionally, for interest adjustments in SCSS and MIS accounts, only the BOD (Beginning of Day) date can be used. Savings accounts may use either the BOD date or March 31st of the previous financial year. This new system will bring greater scrutiny and transparency to the interest adjustment process.
