PM CARES for Children Scheme 2021 (SOP).
Step – 1 Process at Post Offices
Beneficiaries will be identified by District Magistrate
For every beneficiary, opening of BASIC SAVINGS Account is mandatory with welfare scheme code PRFTS
Collect two Account Opening Forms (One for Basic Savings Account & Another one for PM CARES for Children Account
CIFs will be created for both District Magistrate and Beneficiary, if already not available
If the beneficiary is below 18 years, Open Basic Savings Account in the name of Beneficiary under the guardianship of Dist. Magistrate and DM will also be nominee
If the beneficiary is above 18 years, Open Basic Savings Account in the name of Beneficiary with nomination as per the AOF
Print the Passbook for Basic Saving Account and hand over to the District Magistrate
Basic Savings Account will be opened only as Single Account and not as Joint Account
No KYC Documents are to be collected for DM and KYC documents of Beneficiary are to be collected
Transfer of Fund
• Fund Transfer will be done by Ministry of Women and Child Development
• Funds for opening of PM CARES for Children Scheme Account will be transferred directly to Basic Savings Account of the beneficiaries from PM CARES Fund Account at Canara Bank through National Automated Clearing House (NACH)
Step – 2 Process at Chennai GPO
• Process will start after transfer of fund in Basic Savings Accounts
• CEPT will provide all technical support and share the list of CIF IDs and SOL IDs linked with the beneficiaries of the Scheme
Open PM CARES Children Scheme Account (Menu – HOACCTD)
If the beneficiary is Minor, open Joint Account in the name of Beneficiary and DM. DM will be also be the nominee. Scheme Code - PCFTD
If the beneficiary is not Minor, open Single Account in the name of Beneficiary and nominee(s) will be the same as in Basic Savings A/C. Scheme Code -PCMIS
Funding of PCFTD and PCMIS Accounts is to be done by debiting Basic Savings Account
Repayment Account / Interest Credit Account will be Basic Savings Account Number
Transfer all the PCFTD and PCMIS accounts to the SOLs where the Basic Savings Account is opened
Step – 3 Process at Post Office
• Process will start after transfer of the PM CARES for Children Accounts from Chennai GPO to Post Office concerned.
• Chennai GPO/CEPT will share the SOL wise details of account opened under PM CARES fund with Circle/CBS (CPC).
Post Office concerned shall print the Passbook(s) of PM CARES for Children Scheme Account and Hand over to District Magistrate
Write the Account Number in the AOF which was already given by the DMs
• PCFTD type account will be Joint Account and shall have the deposit amount depending on the age of the beneficiary
• PCMIS type account will be Single Account and shall have the deposit of Rs. 10 Lakh.
• Premature closure of PM CARES for Children Account is allowed only on the death of the Beneficiary
• If the account is of PCFTD (if the beneficiary is minor), the original deposit amount will be refunded to District Magistrate who is Joint Account Holder
• If the account is of PCMIS (if the beneficiary is major), the original deposit amount will be refunded to the Nominee(s)
Step – 4 Process at Post Office
When the beneficiary attains the age of 18 years
Get the revised AOF with nominee details for both Basic Savings Account and PM CARES for Children Account
Convert the PM CARES for Children Account from Joint to Single Account • Account will become PCMIS Type Account
When the beneficiary attains the age of 23, the account will be closed and payment will be made to the Beneficiary
• Monthly Interest Income from PCMIS Account will be credited in the linked Basic Savings Account
• Interest rate applicable to MIS Scheme is payable for PCMIS type account
• Account will mature when the beneficiary attains the age of 23 years.
• After the maturity, no post-maturity interest is allowed.
