7 If in any RD account there is monthly default amount that the depositor has

7 if in any rd account there is monthly default

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7. If in any RD account, there is monthly default amount, that the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non-CBS Post offices.
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8. In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government accounts shall be treated as date of deposit. 9. Amount withdrawn should be repaid, either as a single lump sum amount or through EMIs. Interest (2% over and above the interest rate) should be paid by the individual on the amount withdrawn. Amount withdrawn needs to be repaid, with interest, before the RD matures. 10. Premature Closure : The holder of an account may prematurely close the account after three years from the date of opening of the account provided that interest at the rate applicable from time to time to post office savings account shall be payable on such premature closure of account. However, no premature closure of account is permissible until the period for which the advanced deposits made. 11. An account continued after maturity of 5 years may be closed by the depositor at any time. 12. On the death of the depositor in a single account or of both the depositors in a joint account, no further deposits shall be made in the account. 13. If there are only one or two surviving nominees or legal heirs, he or they may continue the account and receive repayment of the amount inclusive of interest as if the account has been opened by them. 14. Repayment of full maturity value on the death of the depositor if (i) The age of the depositor or depositors, as the case may be, at the time of opening the account is not less than 18 years and not more than 53 years. (ii) The first twenty-four monthly deposit have been made without default. 15. There is rebate on advance deposit of at least 6 instalments. Number of Advance Deposits Quantum of Rebate 6-11 10% of the advance More than 11 40% for 12 deposits & 10% after 12 deposits Comparable RD Rates (More than 7% p.a.) –DHFL Bank, Nainital Bank, Yes Bank, Bandhan Bank, Deutsche Bank, City Union Bank, Bhartiya Mahila Bank, Karur Vysya Bank, Laksmi Vilas Bank, Tamiland Mercentile Bank Ltd
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Post Office Time Deposit (FD) RATE 1 Yr – 7.0% p.a. quarterly compounded 2 Yrs - 7.0% p.a. quarterly compounded 3 Yrs - 7.0% p.a. quarterly compounded 5 Yrs - 7.8% p.a. quarterly compounded PREMATURE WITHDRAWAL Allowed ( 10. ) TAX BENEFITS There is no tax benefit on deposits with less than five-year tenure. The five-year deposit qualifies for tax deductions of Rs 150000 under Section 80C on the sum deposited. Tax on interest after Rs 10,000. MIN-MAX LIMIT MIN - Rs 200 in multiples of Rs 200 MAX – No Limit 1. Nomination facility is available at the time of opening and also after opening of account. 2. Account can be transferred from one post office to another.
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