An Organisation for the welfare of postal employees

Sunday, November 27, 2011

Revision of Interest rates in Post Office Savings Schemes ...Orders issued


SB Order No: 22/ 2011.

Sub: Discontinuation of Kisan Vikas Patras with effect from 01.12.2011.


Highlights:

(i) The sale of Kisan Vikas Patras (KVP) will be discontinued in Post Offices, from the close of business on Wednesday, the 30th November, 2011.

(ii) All EDBOs authorised to issue KVPs shall return the unsold KVPs to their account office and Sub Post Offices to their HPOs after tallying their stock registers duly entered in Invoice NC-13 in triplicate.

(iii) Investments in KVPs through cheques should not be accepted wef 28.11.2011, and if any cheque presented before 28.11.2011 is cleared after 30.11.2011, the amount should be refunded to the investor





SB Order No: 23/ 2011.

Sub: Revision of maturity period and maturity value of 6 years National Savings Certificates (NSC) VIII issue wef 01.12.2011.


Highlights:

(i) Maturity period revised to 5 years for NSCs issued on or after 01.12.2011.

(ii) Maturity value of the 5 year NSC will be Rs. 150.90/- for denomination of Rs. 100 and proportionate rate for any other denomination.

(iii) The existing stock of 6 years NSC (VIII) Issue shall be used to issue new certificates from 01.12.2011onwards by placing rubber stamp showing "Maturity period revised to 5 years; Maturity value revised to Rs. 150.90/-, for denomination of Rs. 100/- from 01.12.2011; Maturity value of this certificate shall be Rs.­­­­_______ after 5 years".





SB Order No: 24/ 2011.

Sub: Revision of maximum limit of subscription in a financial year, rate of interest on balance in the PPF Accounts and rate of interest charged on loan taken from PPF Accounts wef 01.12.2011.


Highlights:

(i) Existing maximum limit of subscription in a financial year of Rs. 70,000/- shall be of Rs. 1,00,000/- in existing PPF Accounts as well as new PPF Accounts to be opened on or after 01.12.2011.

(ii) The rate of interest on the subscriptions made to the fund on or after 01.12.2011 and balances at credit of the subscriber in the existing PPF account shall bear interest at the rate of 8.6% per annum.

(iii) The rate of interest charged on the loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% per annum.

(iv) The rate of interest of 1% per annum shall continue to be charged on the loans already taken or taken upto 30.11.2011.





SB Order No: 25/ 2011

Sub: Revision of maturity period, rate of interest and discontinuation of 5% bonus on maturity of Monthly Income Scheme (MIS) wef 01.12.2011.


Highlights:

(i) The maturity period of Monthly Income Accounts to be opened on or after 01.12.2011 shall be 5 years.

(ii) The rate of interest of the new MIS accounts opened on or after 01.12.2011 shall be 8.2 % pa and the interest so calculated on annual basis shall be rounded off to the nearest multiple of rupee one and for this purpose, any amount of 50 paise or more shall be treated as rupee one and any amount less than 50 paise shall be ignored.

(iii)Interest shall be paid monthly on completion of a month from the date of deposit.
There shall be no bonus admissible on maturity of the accounts opened on or after 01.12.2011.





SB Order No: 26/ 2011

Sub: Revision of interest rate on balance at credit in Post Office Savings Account wef 01.12.2011.


Highlights:

(i) The interest rate of Post Office Savings Accounts shall be 4% pa wef 01.12.2011, instead of 3.5% pa



SB Order No: 27/ 2011

Sub: Revision of rate of interest of Time Deposit Accounts wef 01.12.2011.


Highlights:

(i) The rate of interest in Time Deposit (TD) Accounts on or after 01.12.2011 will be 7.7 % for 1 year TD, 7.8 % for 2 year TD, 8.0% for 3 year TD and 8.3% for 5 year TD accounts, where the rate of interest will be compounded quarterly.

(ii) In case of premature closure of TD accounts after 01.12.2011, if the deposit is withdrawn after 6 months, but before expiry of 1 year from the date of deposit, simple interest at the rate of 4% shall be payable.

(iii) In the case of premature closure of 2 year, 3 year or 5 year TD account on or after 01.12.2011, if the deposit is withdrawn after the expiry of 1 year from the date of deposit, interest on such deposits shall be calculated at the rate, which shall be 1% lass than the rate specified for a period of a deposit of 1 year, 2 year or 3 years as mentioned in the concerned table given under Rule 7 of POTD Rules.




SB Order No: 28/ 2011

Sub: Revision of rate of interest of Reccuring Deposit (RD) Accounts wef 01.12.2011.


Highlights:

(i) The amount repayable on a RD account of Rs. 10/- denomination opened on or after 01.12.2011 shall be Rs. 738.62/-. The amount repayable on any account of any other denomination shall be proportionate to Rs. 738.62/-.





SB Order No: 29/ 2011

Sub: Revision of rate of commission payable to SAS and MPKBY agents and discontinuance of commission to PPF Agents wef 01.12.2011.


Highlights:

(i) There shall be no commission payable on PPF deposits made on or after 01.12.2011.

(ii) The revised rate of commission payable to MPKBY agents in RD deposits made on or after 01.12.2011 shall be 4%.

(iii) The revised rate of commission payable to SAS agents for deposist made in 1year TD, 2 year TD, 3year TD, 5 year TD, MIS, 5 year NSC (VIII issue) and 10 year NSC (IX issue) made on or after 01.12.2011 shall be 0.5%.

(iv)There will be no commission to SAS agents in respect of deposits made in Sr Citizens Savings Schemes.



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