You can complete the KYC process related to mutual funds at your nearest post office. The Postal Department has started a new system in collaboration with AMFI, an organization of mutual fund industry, through which more than 1.64 lakh post offices across the country will now do the work of KYC verification and document collection.

The Department of Posts (DoP) and the Association of Mutual Funds in India (AMFI) have signed an agreement, under which more than 1.64 lakh post offices across the country will now provide the facility of KYC verification and submission of documents. Now you will not have to run around anywhere for KYC. You can easily fill your form by going to the nearest post office, submit the documents and the employees there will also help you.

What is KYC?

KYC i.e. Know Your Customer is a process in which your identity and address are verified. This ensures that the person investing is genuine.

Which documents will be required?

For KYC, you will have to provide any one of these identity and address proofs.

• Aadhar card
• Passport
• Driving License
• Voter ID
• NREGA Job Card (Signed by Government Official)
• Letter issued from National Population Register

How will this feature work?

The post office staff themselves will help you fill the form, check the documents and send them to the mutual fund companies. AMFI is running this service on behalf of its member mutual fund companies so that the investor’s information can reach KYC Validated status in the records of the KYC agency.

How to know whether your KYC is done or not?

• Visit the website of any mutual fund or registrar.
• Find the link to check KYC Status.
• Enter your PAN number.
• The status will be displayed – Validated / Registered / On Hold / Rejected
• Meaning of KYC status
• KYC Validated: You can do any transaction comfortably.
• KYC Registered: Old investments will work, KYC will have to be done again before investing in new funds.
• On Hold or Rejected: Documents may be incomplete or PAN is not linked to Aadhaar, needs to be rectified first.
• Now, all these works will be done in the post office, which will make investing easier even in villages and towns.

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At the same time, bonus has been approved by the Railways to the employees. Meanwhile, orders have now been issued by the Department of Posts on payment of ex gratia including poster bonus and PLB for its employees. For this, calculation and policy rules have also been fixed, which is necessary for the employees to know. Soon the amount of bonus will be seen in the account of the employees.

According to the order issued, it has been directed to convey the approval of the President of India for payment of Productivity Linked Bonus equivalent to 60 (sixty) days’ emoluments to the employees of the Department of Posts in MTS/Group ‘C’ and Non-Gazetted Group ‘B’ . Ex-gratia payment of bonus to Gramin Dak Sevaks, who are regularly engaged after completing all engagement formalities, and also ad-hoc payment of bonus to temporary laborers awarded temporary status for 60 (sixty) days for the same period To be paid equal to allowance/wages.

Productivity Linked Bonus will be calculated on the basis of the following formula:-

Average Emoluments X Number of Bonus Days
30.4 (Average Number of Days in a Month)

• “Emoluments” for regular departmental employees include Basic Pay in the Pay Matrix, Dearness Pay, Allowance to Faculty Members in Training Institutes, Deputation (Duty) Allowance, Dearness Allowance and Training Allowance. 7000/- (Rupees seven thousand only) in any month during the accounting year 2021-22, the emoluments will be limited to Rs.7000/- (Rupees seven thousand only) per month only.
• Dividing the “average emoluments” for a regular employee by twelve, the total salary for the period from 1.4.2021 to 31.03.2022 during the year 2021-22, each month’s salary will get Rs.7000/- per month . However, for EOL and DICE-NON periods in a given month, proportionate deduction will be required from the ceiling of Rs.7000/-.
• In the case of employees who were under suspension during the accounting year, or who were charged with death or both, the Explanation Order issued under Para 1 and 3 respectively of this Officer’s Order No. 26-8/80-PAP ( Pt.I) dated 11.6.1981 and No. 26-4/87-PAP (Pt.II) dated 8.2.1988 shall be applicable.
• Those employees who have resigned/retired or left the service or went on deputation within the Department of Posts or who have gone on deputation outside the Department of Posts after 31.03.2022 will also be entitled to bonus. In the case of all such employees, the admissible productivity linked bonus shall be as per the provisions of paras 2.1 to 2.3 above.

Gramin Dak Sevak (GDS)

• In respect of GDS who were on duty throughout the year during 2021-22, the average monthly Time Related Continuity Allowance will be calculated as Time Related Continuity Allowance (TRCA) and 1.4. From 2021 to 31.3.2022 divided by 12. Where Time Related Continuity Allowance exceeds Rs.7000/-. Allowance in any month during this period will be limited to Rs.7000/- per month. The ex-gratia payment of bonus can be calculated by applying the bonus formula as given below:

Average TRCA x Number of Bonus Days
30.4 (Average Number of Days in a Month)

• In respect of those GDS who were engaged in short term vacancies in Postman / MTS cadre, the O.M. No. 23-01/2019-GDS dated 23.10.2019, the allowance drawn by option will not count towards ex-gratia bonus calculation for either officiating or incumbent GDS. ,
• If a GDS has been on duty for a part of the year by way of fresh appointment, or to be removed from duty, or to leave the service, he shall be entitled to a proportionate ex-gratia bonus calculated by applying the procedure laid down in para 3.1 above. will be paid.
• Those Gramin Dak Sevaks who have resigned/discharged or left the service after 31.03.2022 will also be entitled for proportionate ex-gratia bonus. In the case of all such Gramin Dak Sevaks, the ex-gratia bonus admissible will be as per the provisions of para 3.1 above.
• In the case of Gramin Dak Sevaks who were deferred during the accounting year, or on whom death-non was imposed, or both, vide this Office Order No. 26-08/ 80-PAP (Pt-I) dated 11.6.1981 and No. 26-04/87-PAP(P.II]) dated 8.2.1988 shall come into force.

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They will go to the nearest post office at their convenience and complete the process of submitting their living certificate to the postal workers. This certificate of their survival will automatically reach the concerned bank or treasury through the department. Earlier there was a scheme for pensioners to submit the living certificate to the Treasury or the concerned bank. The pensioners had to visit the concerned treasury or bank to submit the living certificate.

Now pensioners can submit their survival certificate at their nearest post offices. According to the information received from the Department of Posts, the department has implemented the system of submission of living certificates of pensioners in 1 lakh 55 thousand 600 post offices in the country. After the implementation of this system, pensioners will not have to make rounds of banks and treasury. On submission of the certificate at the nearest post office, it will reach the concerned bank or treasury online.

Pensioners will get benefit

Pensioners of hilly areas especially Uttarakhand will get more benefit of this scheme. In hilly districts, pensioners have to travel inaccessible roads to reach the treasury or bank and pay high fares in vehicles. Now they will be able to submit the living certificate at the nearest post office.

There may be connectivity problems

In general, in many parts of the mountainous areas, people are still not getting the support of communication service. Many post offices are also facing the problem of net connectivity. In such a situation, the pensioners here may face problems.

The Department of Posts has implemented the system of submission of living certificates of pensioners in almost all post offices, the benefits of which will reach them. Especially the pensioners of hilly areas will get increased relief from this arrangement. This system has been operated in more than 1.5 lakh post offices across the country.

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