SB Commission to BPM : The POSB offers a 1% commission on the net accretion amount, provided it is not less than Rs. 500. This calculation excludes deposits made in March but includes withdrawals made in March.
The commission rate for net annual Savings Bank (SB) Deposits is fixed at 1%, as specified in Para 3(1) of Appendix VIII of the POSB (CBS) Manual. For 1-year Time Deposits (TD), the commission is 0.5%, and for 2/3-year TDs, it is 1.0%.
Interestingly, all Branch Post Masters (BPMs) have the opportunity to claim a 1% SB commission that often goes unclaimed. The advent of the CSI SAP system has made it convenient to cross-check these amounts.
⏵Read Also : TD Commission to BPM Form Download
To claim the SB commission, the following steps are to be followed:
1. Calculate the total deposit from April to February within a financial year.
2. Calculate the total withdrawal from April to March in the same financial year.
Calculate the net aggregation using the formula:
The claimable amount is determined by taking 1% of the net difference between the total deposit and withdrawal amounts. This value must be positive to be eligible for the SB commission.
The authority responsible for sanctioning the claim is the Service Post Master (SPM), and the process is similar to claiming TD commission by BPMs. The claimed amounts can be easily verified in the CSI SAP system using the T-CODEs:
1. FAGLL03
2. GL code for SB deposit: 8800100010
3. GL code for SB withdrawal: 4800100010
4. Choose one of the GL codes initially.
5. Set the company code as DOPI.
6. Specify the fiscal year as 2019.
7. Press Ctrl+F1.
8. Input the Profit Centre of the Branch Office (BO) concerned.
9. Press Ctrl+S.
10. Press F8.
Review the displayed values; note that month 1 corresponds to April, and month 12 corresponds to March of the financial year.
SB Commission Form BPM
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| SB Commission Form |