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Recurring Deposit

• SB-3 and pay in slip to be filled in.• The following documents are compulsory

– One copy of recent photograph– Identity Proof– Address Proof

• Minimum Denomination ` 10/- and thereafter in multiple of ` 5/-.

Customer Information – A/c Opening

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• Maximum - no limit• Maturity period 5 years.• Current maturity value for ` 10/- ` 746.51• Opened by any adult or minor ( 10 year) or by

guardian on behalf of minor.• Two adults jointly can open Account.

Customer Information – A/c Opening

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• Procedure same as opening of SB A/c • If opened through cheque, date of

realisation will be the date of opening

Customer Information – A/c Opening

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RD ` 10 Denomination Maturity Value PERIOD Maturity Value

for ` 10 Dn. From To

01/03/2001 28/02/2002 ` 758.5301/03/2002 28/02/2003 ` 748.4901/03/2003 30/11/2011 ` 728.9001/12/2011 31/03/2012 ` 738.6201/04/2012 31/03/2013 ` 746.5101/04/2013 31/03/2014 ` 744.5301/04/2014 Till Date ` 746.51

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• In case of PMC, simple interest at the rate applicable to POSB account from time to time shall be payable.

6

Customer Information – A/c Opening

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PTC, Mys-1015/08/2014 1.1.7

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Exercise

Exercise 3.2.1

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• Monthly installment can be deposited– By cash– By cheque

• Subsequent monthly deposits for RD accounts opened between – 1st and 15th should be deposited before 15th of next month– 16th and last working day should be deposited before last

working day of next month

• If installment not paid as above, default fee @ 5 Paisa for Denomination of ` 5 will be charged and proportionately for other Denominations

Customer Information – Subsequent Deposit

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• If installment paid in advance for 6 month or more , rebate will be paid at the following rate.– Dn ` 10/- 6 months ` 1/- 12 months ` 4/-– Proportionate for other Denominations.

Customer Information – Subsequent Deposit

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• Examine pay in slip & passbook.• Check cash tendered with pay in slip.• For default installment, recover default fee.• For advance installment, give rebate.• Make entry in the system & transfer SB-103 to supervisor.• After authorization by SPM, update the Passbook• On receipt of counter foil from supervisor, deliver counter

foil and passbook to depositor.• If there is monthly default(s), first accept defaulted deposit

with DF and then accept current month deposit.

Customer Information – Subsequent Deposit

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PTC, Mys-1015/08/2014 1.1.13

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• Check the record & authorize in the system.• Return pay in slip to counter Postal Assistant.

Supervisor Role – Subsequent Deposit

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Exercise

Exercise 3.2.2 to 3.2.6

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Pay Roll Savings Scheme• Employees in a firm / factory / institutions / offices /

bank etc. need not come to post office to make deposits. Instead they may authorize the pay disbursing officer to deduct the monthly deposits from their salary

• The group leader will after deducting the deposit amount from the salary will prepare a list called “Pay Roll List” (through Agent Portal in CBS Pos)and present it to the post office along with passbooks concerned and the pay-in-slip for the entire amount.

• Group leader is entitled for a commission of 2.5%15/08/2014 PTC, Mys-10 1.1.17

Mahila Pradhan Kshetriya Bachat Yojana

• An agency scheme for mobilising RD deposits• This agency system is open only for women• Agents canvas deposits and credit in POs along

with schedule and single pay-in-slip• They are entitled for a commission of 4%

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• Accept the cheque along with pay in slip & scrutinize it.

• Date of credit of cheque into government accounts shall be treated as date of deposit

• Cheque to be sent to HO as remittance• Update entry in passbook after realization of

cheque.

Deposit through Cheque

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• Interim withdrawal (RD loan)– Only one withdrawal– After one year from date of opening– After making 12 deposits– Not to be a discontinued account– Not more than 50% of balance (including

advance deposits)

Customer Information – RD Loan

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• Interest on withdrawal is charged at 5year TD rate of interest+ 2 %

• Repayment • In one lump• In monthly installments

• If repayment is made in monthly installments it should be– Multiple of ` 5– Amount of withdrawal should be divisible both by 5 as well

as number of installment– Number of installment shall not exceed number of months

remaining for maturity

Customer Information – RD Loan

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• Examine Passbook & SB-7 produced by depositor & check whether depositor is eligible for withdrawal

• Verify Signature.• Make Relevant Entries in SB-7 & in the system.• Transfer SB-7 to supervisor.• After authorization by supervisor, update passbook• On receipt of SB-7 from supervisor, deliver

passbook to depositor & obtain acquittance in SB-7 & effect payment.

Customer Information – RD Loan

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• Check SB-7• Sign warrant of payment• Authorize/post entry in the system • Return SB-7 to counter Postal Assistant

Customer Information – RD Loan

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Exercise

Exercise 3.2.8 & 3.2.9

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• RD premature closure– Allowed after three years– If there are advance deposits- after that period

(Rebate paid need not be recovered)– Interest allowed at the rate applicable to savings

account from time to time– Default fee and interest on withdrawal if any

collected to be refunded

RULE NO : 105-106 POSB Manual Volume -I

Customer Information – RD PMC

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Exercise

Exercise 3.2.10

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• Final closure– On completion of 5 years from the date of

opening– If the date falls on a holiday- closed on previous

day– Post Maturity Interest on maturity value is allowed

at SB rate of interest applicable from time to time.

Customer Information – RD Closure

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Protected Savings Scheme

• Under PSS Scheme if the depositor dies, full maturity value is paid to the nominee/legal heir

• Conditions :– The total benefit admissible for all such accounts

shall be restricted to as admissible for an account of denomination of ` 50

– The age of the depositor at the time of opening the account should be between 18 and 53 years

– The instalments should have been paid for 24 months

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Protected Savings Scheme

– 2 years should have been completed– During first 24 months, no withdrawal should have

taken place–  Account should not be a discontinued one– Claim should be preferred within one year from

the date of death of the depositor–  The Head Postmaster will settle the claims

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• Account may be continued further for 5 years – With monthly deposit– Without monthly deposits

• Amount payable– For completed years As per the tables– Completed months SB rate of interest

RD Continued beyond Maturity

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