Post issuing outdated cheques

AURANGABAD: The postal department continues to issue State Bank of Hyderabad (SBH) cheques, seven months after the bank was merged with the

State Bank of India

(SBI).

Several investors who have invested in the

National Savings Certificate

(NSC) scheme are making rounds of the postal department everyday requesting for fresh cheques, but in vain.

The scheme has no maximum limit of investment. It is specially designed for government employees, businessmen and other salaried classes who come under the ambit of Income Tax. On maturity of the invested amount, the investor gets returns to the tune of 7.8 per cent with tax rebates to an extent.

Pensioner

Ashok Malu

told TOI, “For almost a month, I am making the rounds of the postal department seeking a fresh cheque. Everyone here is passing the buck.”

Over five years back Malu had purchased six certificates, worth Rs 10,000 each. The NSC investment matured last month.

Almost all such NSC investors, who have been recently issued cheques bearing the maturity amount are facing the same problem.

None of the authorities at the postal department are ready to take charge of the situation and resolve the issue.

According to some victims of the situation, postal department employees are also allegedly pressuring people to open bank accounts with SBI.

Postal department authorities failed to justify the use of SBH cheques, which are being rejected by most banks.

Despite several attempts, the Aurangabad post master general could not be reached for comment. Meanwhile, an official with the postal department, on the condition of anonymity, refuted the allegations made by the investors. He said, “Nobody has highlighted the issue to the superiors.”


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