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Automatic Credit is a facility
through which funds can be transferred from a specified account to
another account, at the request of the depositor. This
facility is available in respect of Savings Bank Accounts,
Recurring Deposit Accounts and Monthly Income Scheme Accounts.
Automatic Credit is allowed as
follows :
Monthly Income Scheme Account to Savings Account
Savings Account to Recurring Deposit Account
Pre-requisites :
The Savings/Recurring Deposit/Monthly Income Scheme Accounts
should
be maintained in the same post office
The transfer is allowed only
when both the accounts are held in the
depositor's name and / or
his spouse and / or his dependent children.
In
case of Savings Accounts from which Automatic Credit to Recurring
Deposit
Account has been opted for,
sufficient balance should be maintained.
In
case of Recurring Deposit Accounts for which Automatic Credit from
Savings Account has been opted for, no cash deposits are allowed.
In
case of Monthly Income Scheme Accounts for which Automatic Credit
to
Savings Account has been opted for, no withdrawals are allowed.
The depositor can opt in / out of this facility by presenting a
written request at the concerned Post Office.
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