Dear Comrades,
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:
20.01.2012
CORRIGENDUM-III
To
All Heads of
Circles/Regions
Addl. Director General,
APS, New Delhi.
Subject:- Clarification
regarding default fee in RD and calculation of Post Maturity
Interest.
Sir /
Madam,
The undersigned is
directed to refer to this office letter of even number dated 13.12.2011 (SB
Order No.31/2011) and Corrigendum-I issued on 20.12.2011 and Corrigendum-II
issued on 02.01.2012 on the subject. This office is still receiving phone calls
regarding charging of default fee in RD from 1.1.2012 under modified rules and
calculation of PMI. Following further clarifications are issued on the
subject:-
In case of
RD
Since the rule of
default fee and the software have not been amended, no default
fee is to be charged if the above rule is not followed till the rule and
software is amended. Default fee provision
will remain the same. This rules has been got modified to avoid rush of RD work
in the last week of a month. Amendment in the rule for charging default fee
shall be taken up with Min. of Finance once the work of putting stamps on all
the RD Passbooks is completed and depositors become familiar about the
change.
In case of
PMI
It is further clarified
that PMI is to be
calculated for the complete month from the date of maturity and remaining part
of the month is to be ignored. Revised example is given
below:-
if an account was
matured on 26.8.2009 and the depositor attends the post office on 30.01.2012,
he/she will be paid PMI at the rate 3.5% from 26.08.2009 to 25.12.2011 (28
complete months) and at the rate 4% from 26.12.2011 to 25.01.2012 (one complete
month). Period from 26.1.2012 to 30.1.2012 (being part of month) will be
ignored.
Yours
faithfully,
(Kawal Jit
Singh)
Assistant Director (SB