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Office Recurring Deposit Scheme helps the investors especially small investors to form a
capital to meet future needs.
Maturity value from time to time (for denomination of Rs.
10/-) :
A/c opened 01.10.1991 to
01.09.1993......................856.40
(13.5%)
02.09.1993 to
31.12.1998..................... 833.40
(12.5%)
01.01.1999 to
14.01.2000.................. ...811.15
(11.5%)
15.01.2000
to
28.02.2001........
789.60 (10.5%)
01.03.2001 to 28.02.2002 .................. 758.53
01.03.2002 to
28.03.2003 ........
....748.49
01.03.2003
onwards
...............728.90
- Deposit should be made every month within the
calendar month.
Default fee is chargeable for delayed deposit at :
0.20 P. pre month of delay, for Rs.10 Dn.
- Maximum defaults allowed in an account is four (4). After five
defaults the account is treated as 'discontinued'. Discontinued account can be
revived by paying defaulted deposits, within two months from the default. If it is not so
revived, the account cannot be continued.
- For advance deposits, including deposits for current month,
rebate is allowed at the rate:
Denomination Rs.10 advance
deposited..........Re.1/-
Denomination
Rs.12 advance deposits :
4/-
- Premature closure is permitted on completion of 3
years from the date of opening.Interest at the rate applicable to savings account
from time to time is calculated and paid.
- One withdrawal is permitted from the account on completion of
one year from the date of opening, on the conditions that :
i. At least 12 deposits should have been made.
ii. Account should not have been discontinued one.
iii. Amount not exceeding 50% of the balance is permitted.
iv. Withdrawal may be repaid in one lump or in monthly
installments.
v. Interest is payable at the rate of 15% till the date of repayment.
- After maturity of the account, it can be continued for a
further period of 5 years with or without further deposits. During this extended period,
the account can be closed at any time. Post maturity interest is paid at the prescribed
rate.
- Under the protected savings scheme, on the death of depositor
before maturity of the account, the legal heir is entitled to get full maturity value,
subject to the conditions :
i. Age of the depositor at the time of opening should be between 18 and
53.
ii. Benefit limited to the
maturity value of Rs.50/- denomination.
iii. Account should not have been
discontinued as on the date of death.
iv. At least two years should have
been completed.
v. At least 24 deposits
should have been made.
vi. For the first 24 months no
default or withdrawal should be outstanding.
vii. Claim should ;be preferred
within ONE YEAR from date of death of the depositor.
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