Dear Comrades,
SB ORDER NO. 33/2011 : Issue of clarifications regarding premature closure of TD accounts.
2. It is requested these notifications may be circulated to all post offices for information and necessary guidance
please.
3. This issues with the approval of DDG(FS).
Sample-1 Sample-2
SB ORDER NO. 33/2011 : Issue of clarifications regarding premature closure of TD accounts.
SB
ORDER NO. 33/2011
F.No.113-01/2011-SB
Government
of India
Ministry
of Communications & IT
Department
of Posts
Dak
Bhawan, Sansad Marg,
New
Delhi-110001, Dated: 13.12.2011
To
All
Heads of Circles/Regions
Addl.
Director General, APS, New Delhi.
Subject:- Issue of
clarifications regarding premature closure of TD accounts.
Sir / Madam,
The
undersigned is directed to refer to this office SB Order No. 27/2011 dated
24.11.2011 vide which decisions taken by Min. of Finance regarding changes in
POTD scheme effective from 1.12.2011 were circulated.
2. Some circles have asked for clarifications regarding
applicability of reduction in interest rate to be charged on premature closure
of TD accounts to the old accounts. It is clarified that:-
(i) In case of premature closure of 1
Year, 2 Year, 3 Year or 5 Year account which were opened even before 1.12.2011,
if the deposit is withdrawan after 6 months but before the expiry of one year
from the date of deposit, simple interest at the rate applicable to from time
to time to post office savings account shall be payable. The rate of interest
shall be 3.5% up to the period 30.11.2011 and 4% thereafter.
(ii) In case of premature closure of 2
Year, 3 Year or 5 Year account which were opened even before 1.12.2011, if the
deposit is withdrawan after the expiry of one year from the date of deposit,
interest on such deposits shall be calculated at the rate, which shall be one
per cent less than the rate which was applicable at the time of opening of TD
account. Interest calculation tables for the TD accounts opened before
1.12.2011 and opened on or after 1.12.2011 and applied for premature closure on
or after 1.12.2011 are enclosed.
3. It is requested that this clarification and interest
calculation table may be circulated to all post offices immediately for
information and necessary guidance please.
4. This issues with the approval
of DDG(FS)
Yours
faithfully,
(Kawal
Jit Singh)
Assistant
Director (SB)
Encl:- as above.
SB ORDER NO.
32/2011 : Circulation of Notifications issued by Min. of Finance (DEA)
notifying the changes in rules of different savings schemes effective from
1.12.2011 - regarding.
SB
ORDER NO. 32/2011
F.No.113-01/2011-SB
Government
of India
Ministry
of Communications & IT
Department
of Posts
Dak
Bhawan, Sansad Marg,
New
Delhi-110001, Dated: 13.12.2011
To
All
Heads of Circles/Regions
Addl.
Director General, APS, New Delhi.
Subject:- Circulation of Notifications
issued by Min. of Finance (DEA) notifying the changes in rules of different
savings schemes effective from 1.12.2011 - regarding.
Sir / Madam,
The
undersigned is directed to refer to this office SB Orders No.22/2011 to 27/2011
dated 24.11.2011 vide which decisions taken by Min. of Finance regarding
changes in small savings schemes effective from 1.12.2011.
Following notifications
issued by MOF(DEA) are enclosed:-
(i) GSR 841(E) dated 25.11.2011
(ii) GSR 842(E) dated 25.11.2011
(iii) GSR 843(E) dated 25.11.2011
(iv) GSR 844(E) dated 25.11.2011
(v) GSR 845(E) dated 25.11.2011
(vi) GSR 846(E) dated 25.11.2011
(i)
SO No. 2681 dated 25.11.2011
(ii) SO No. 2682 dated 25.11.2011
(iii)
F.1/10/2011-NS-II dated
25.11.2011
(iv)
F.1/12/2011-NS-II dated
25.11.2011
2. It is requested these notifications may be circulated to all post offices for information and necessary guidance
please.
3. This issues with the approval of DDG(FS).
Yours
faithfully,
(Kawal
Jit Singh) Assistant
Director (SB)
SB ORDER NO.
31/2011 : Modifications in PORD Rules 1981, Post Office Monthly Income Account
Rules 1987, POTD Rules 1981, KVP Rules 1988, NSC (VIII-Issue) Rules
1989-regarding.
SB
ORDER NO. 31/2011
F.No.113-01/2011-SB
Government
of India
Ministry
of Communications & IT
Department
of Posts
Dak
Bhawan, Sansad Marg,
New
Delhi-110001, Dated: 13.12.2011
To
All
Heads of Circles/Regions
Addl.
Director General, APS, New Delhi.
Subject:- Modifications in PORD Rules 1981,
Post Office Monthly Income Account Rules 1987, POTD Rules 1981, KVP Rules 1988,
NSC (VIII-Issue) Rules 1989-regarding.
Sir / Madam,
The
undersigned is directed to enclose copies of Min. of Finance (DEA) Notification
No. GSR 740(E), GSR 741(E), GSR 742(E), GSR 743(E) and GSR 744(E) dated 04.10.2011
for information and necessary action. Changes made through these notifications
are listed below:-
(1) In case of RD accounts opened between
1st Day and 15th Day of a calendar month, the each subsequent deposit in the
account shall be made up to 15th day of the next month and in case of RD
accounts opened between 16th day and last working day of the calendar month,
the each subsequent deposit in the account shall be made up to the end of the
next calendar month.
Procedure:- This change should be made applicable
from 1.01.2012 to all old as well as new accounts. In the month of January
2012, as and when any depositor/MPKBY agent attends the post office for
subsequent deposit, a rubber stamp should be fixed on the cover and first page
of the Passbook informing the last date up to which the depositor can deposit
his monthly installment in the next month. Following is the sample of stamps:-
Sample-1 Sample-2
|
LAST DATE OF DEPOSIT IS
15th DAY OF NEXT MONTH
|
LAST DATE OF DEPOSIT IS LAST
WORKING DAY OF NEXT MONTH
|
Sample-1 is to be fixed
on the passbooks of the accounts opened between 1st and 15th Day of a month and
Sample-2 is to be fixed on the passbooks of the accounts opened between 16th
day and the last day of a month. Till the software is amended, penalty should
be charged as per old procedure i.e if the amount is not deposited up to the
last working day of the month.
(2) In case maturity value of a
discontinued RD account is retained after the date of maturity, the depositor shall
be entitled to a simple interest at the rate applicable from time to time to
post office savings account on the amount deposited from the date of maturity
till date of payment.
Procedure:- At present, interest at the rate of
9.25% was being paid on such accounts. This amendment will be made applicable
from 1.01.2012 to all old as well as new accounts. This calculation is to be
made manually till the software is modified. Difference of interest calculated
by the software and and interest calculated manually should be noted in the
Register to be maintained in manuscript for future reference.
(3) In case of premature closure of RD
accounts, simple interest at the rate applicable to post office savings account
from time to time shall be payable.
Procedure:- Presently, interest is being calculated
by the software by compounding the rate of savings account every year. This
shall be applicable to the existing RD accounts also. This calculation shall be
made manually from 1.01.2012 till the software is amended. Difference of
interest calculated by the software and interest calculated manually should be
noted in the Register to be maintained in manuscript for future reference.
(4) In case maturity value of RD Account
is retained after 10 years, Post Maturity Interest shall be payable at simple
rate of interest applicable from time to time to savings account from date of
maturity to date of payment.
Procedure:- This is a new provision which does not
exist in the software. This calculation shall be made manually from 1.01.2011
till the software is amended. This will be applicable for existing RD accounts
also. Entry of such accounts in which PMI is paid should be made in a register
to be maintained in manuscript for PMI for future reference.
(1) Maximum limit of 2 years fixed for
admissibility of Post Maturity Interest has been removed.
Procedure:- Now PMI should be paid from the date of
maturity to date of payment at the simple interest rate applicable to savings
account from time to time. The rate of interest shall be equal to the rate
applicable from the date of maturity to the date of payment at different times.
For example, if an account was matured on 26.8.2010 and the depositor attends
the post office on 15.12.2011, he will be paid PMI at the rate 3.5% from
26.8.2010 to 30.11.2011 and at the rate 4% from 1.12.2011 to 14.12.2011. This
shall be applicable to the existing as well as new investments in all schemes.
Calculations’ are to be made manually till software is amended and recorded in
the Register to be maintained in manuscript for future reference. Following
formula should be adopted while calculating the Post Maturity interest for the
number of days:-
To calculate simple
interest for number of days:- MV×R÷100×N÷365
MV= Maturity Value
R= Rate of interest
N=Number of days the
account stands
Note:- While calculating
number of days, the day on which account matures shall be counted in number of
days but the day on which payment is being taken shall not be counted.
This issues with the
approval of DDG(FS)
Yours
faithfully,
(Kawal
Jit Singh)
Assistant Director (SB)
