Sunday, February 19, 2012

Post Office Savings Schemes at a glance - 5 Years Recrurring Deposit Account


Ready Reckoner 
5 Years Recurring Deposit:
1. Can be opened in multiple of Rs.5/- subject to a minimum of Rs.10/-
2. A depositor can open more than one account in his name or jointly in the same Post Office
2. Subsequent Deposits ( To be implemented after development of required package in Sanchay Post)
Period of Opening of R D Account
Period deposit of subsequent deposit
Between 1st Day and 15th Day of calendar month
Up to 15th day of  next month
Between 16th Day and last working of a calendar month
Up to the last working day of next calendar  month
Deposit by Cheque : Date of presentation is the date of deposit
3. The depositor may extend the maturity period  by as many months as the number of defaults  and deposit the defaulted installments if there are not more than four defaults  in monthly deposits.
4. In case of more than four defaults, the account can be revived within a period of two months  from the month of fifth default failing which it will be treated as discontinued.
5. Default fine : 10 paise for every 5 rupees per month
6.Rebate: No rebate for less than 6 months
On advance deposit of 6 months
One rupee for an account of Rs.10 denomination
On advance deposit of 12 months
Rs.4/- for every 12 deposits  and one rupee for the balance, if any  of not less than 6 months for an account of Rs.10 denomination
7. Premature closure : After three years from the date of opening. Simple interest at the rate applicable from time to time to P O S B Account shall be payable.
8. Maturity Value of Discontinued RD Account - Simple interest at the rate applicable from time to time to P O S B Account on the amount deposited  from the date of maturity till date of payment shall be paid.
9. Maturity Value of R D Account retained after 10 years : PMI shall be payable at the rate applicable from time to time to P O S B Account from the date of maturity to date of payment.
10 : Only one withdrawal  not exceeding 50% of the deposits made is allowed  during the currency of one R D Account  after one year of operation with 12 monthly deposits if it has not become discontinued .
11. Maturity Value : ( For Rs.10 denomination )

R D Account opened in between 01.03.2003 and 30.11.2011 
R D Account opened  on or after 01.12.2011
728.90
738.62
12. Amount inclusive of interest  payable on a R D Account of Rs.10 denomination if continued after maturity period of 5 years
Year
Opened in between 01.03.2003 and 30.11.2011
Opened on or after 01.12.2011
With  
Monthly Deposit
Without
Monthly Deposit
With
Monthly Deposit
Without
Monthly Deposit
One
910.08
785.15
924.80
799.50
Two
1105.24
845.69
1126.32
865.41
Three
1315.45
910.62
1344.46
936.75
Four
1541.87
981.18
1580.58
1013.97
Five
1785.76
1056.87
1836.17
1097.55
13. Amount Payable to legal heir or nominee on death of a depositor on a R D Account of Rs.10 denomination
No. of deposits made
Opened in between 01.03.2003 and 30.11.2011
Opened on or after 01.12.2011

No. of deposits made
Opened in between 01.03.2003 and 30.11.2011
Opened on or after 01.12.2011
1 to 11
Deposits made
Deposits made
36
402.95
406.44
12
124.12
125.09
37
415.43
420.48
13
134.81
135.95
38
427.98
433.33
14
145.56
146.88
39
440.61
446.27
15
156.37
157.88
40
453.32
459.29
16
167.23
168.95
41
466.10
472.40
17
178.15
180.09
42
478.96
485.59
18
189.13
191.31
43
491.90
498.88
19
200.16
202.59
44
504.91
512.25
20
211.25
213.95
45
518.00
525.70
21
222.39
225.37
46
531.18
539.25
22
233.60
236.87
47
544.43
552.89
23
244.86
248.45
48
560.69
566.62
24
256.85
260.10
49
574.24
580.44
25
268.29
272.12
50
587.86
594.35
26
279.79
283.94
51
601.58
608.35
27
291.35
295.84
52
615.38
622.44
28
302.97
307.81
53
629.26
636.63
29
314.66
319.86
54
643.23
650.92
30
326.41
331.99
55
657.29
665.29
31
338.22
344.20
56
671.43
679.76
32
350.10
356.49
57
685.67
694.33
33
362.04
368.86
58
699.99
709.00
34
374.04
381.30
59
714.40
723.76
35
386.11
393.83
60
728.90
738.62












Compiled by : Bruhaspati Samal, Secretary, AIPEU, Gr.-C, Bhubaneswar Division and Postmaster, Sahidnagar MDG, 
Posted by: AIPEDEU,Odisha Circle.
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