The banks and Financial
Institutions advise its customers to open POSB Cheque Accounts at the Post
Offices in TN Circle.
The Post Office will allow
opening of such accounts after observing the due procedure and rules.
The customer has to give
post dated cheques (PDCs) for each EMI to the bank /financial institutions
against their loans taken from the banks.
These PDCs will be
released by the bank / financial institutions just before the due date for
The banks will present the
pre dated POSB cheques at the identified nodal offices along with the MIS
in CD /email and hard copy on the mutually agreed dates.
The nodal offices will
send the cheques for clearance to the participating HOs concerned.
The participating HOs will
in turn send the cheques to the POs concerned for clearance and send a
consolidated statement to the Nodal Office. Dishonoured cheques, if any,
will be returned to the respective Nodal offices for further action.
The nodal office will pay
by a single cheque for the amount realized, after deducting the commission
and penalty charges for the bounced cheques, if any along with the