post office (DOP) has stated that Recurring Deposit (RD) investors They will get refund of additional default charges paid as a result of system failure. In a notification issued on August 31, the Department of Posts said, “This action was taken in response to the problems faced by RD depositors and MPKBY agents as a result of failure of CBS Finacle system in the last few working days of August 2022.” , 2022.

As per the notification dated 31st August, the department has stated who will get the refund and what will happen:

“The default fee for the month of August 2022 and the additional default fee collected for the previous months shall be refunded in respect of accounts opened during the period on the sixteenth day and the last working day of the calendar month.

(I). Refund of default fee to RD depositors whose accounts are operated through MPKBY agents will be done centrally by CEPT, Chennai. The default fee collected on 01.09.2022 and 02.09.2022 will be refunded and will be credited to the Commission Credit Savings Account of the respective MPKBY Agents.

(ii) The agents should in turn refund the default fee collected from the depositors to the depositors. They will submit a declaration to this effect Post Office When submitting your schedule for the next cycle.

(iii). In respect of individual depositors, Circle will refund the default fee, subject to the conditions set out in para (i) above.

(iv). If an account is closed due to system failure and any complaint/representation is received from the depositors, Circle may take action to restore the account to live status by removing the freeze.

The department directed that the post offices are required to make deposits as per the extant rules as it has been decided to refund the default fee collected as a result of system failure.