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)