ADMISSIBILITIES OF POST MATURITY INTEREST IN RD A/C PARTY EXTENDED WITH MONTHLY DEPOSITS AND WITH OUT MONTHLY DEPOSITS -CLARIFICATIONS-REGARDING PO RD RULE 1981
As per letter no 111-02/09 Sb dtd 1/10/09 the depositor extended the a/c for some period with monthly deposits but retained the maturity value for further period without making any monthly deposits.
the formula is as follows=( Maturity value for a/c continued with monthly desposits as per Rule 10 table 41 x M.V for a/c continued without monthly deposits as per Rule 11 table given under42÷ MV for the a/c for 5 years Rule 12 Table 43
For eg:
a depositor opended an a/c on 1/4/03 and extended the a/c with monthly deposits for 1 year. He came on 2/4/11 for closure of the a/c it can be calculated as follows
As per table 41 MV is 910.08 he is eligible for the benifit of Rs 845 as per table 42
he will get an amount =910.08 x 845.69 ÷728.9
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As per letter no 111-02/09 Sb dtd 1/10/09 the depositor extended the a/c for some period with monthly deposits but retained the maturity value for further period without making any monthly deposits.
the formula is as follows=( Maturity value for a/c continued with monthly desposits as per Rule 10 table 41 x M.V for a/c continued without monthly deposits as per Rule 11 table given under42÷ MV for the a/c for 5 years Rule 12 Table 43
For eg:
a depositor opended an a/c on 1/4/03 and extended the a/c with monthly deposits for 1 year. He came on 2/4/11 for closure of the a/c it can be calculated as follows
As per table 41 MV is 910.08 he is eligible for the benifit of Rs 845 as per table 42
he will get an amount =910.08 x 845.69 ÷728.9
