SB ORDER NO. 31/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 20.01.2012
CORRIGENDUM-III
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Subject:- Clarification regarding default fee in RD and calculation of Post Maturity Interest.
Sir / Madam,
The
undersigned is directed to refer to this office letter of even number
dated 13.12.2011 (SB Order No.31/2011) and Corrigendum-I issued on
20.12.2011 and Corrigendum-II issued on 02.01.2012 on the subject. This
office is still receiving phone calls regarding charging of default fee
in RD from 1.1.2012 under modified rules and calculation of PMI.
Following further clarifications are issued on the subject:-
In case of RD
Since the rule of default fee and the software have not been amended, no default fee is to be charged if the above rule is not followed till the rule and software is amended. Default
fee provision will remain the same. This rules has been got modified to
avoid rush of RD work in the last week of a month. Amendment in the
rule for charging default fee shall be taken up with Min. of Finance
once the work of putting stamps on all the RD Passbooks is completed and
depositors become familiar about the change.
In case of PMI
It is further clarified that PMI is to be calculated for the complete month from the date of maturity and remaining part of the month is to be ignored. Revised example is given below:-
if an
account was matured on 26.8.2009 and the depositor attends the post
office on 30.01.2012, he/she will be paid PMI at the rate 3.5% from
26.08.2009 to 25.12.2011 (28 complete months) and at the rate 4% from
26.12.2011 to 25.01.2012 (one complete month). Period from 26.1.2012 to
30.1.2012 (being part of month) will be ignored.
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB
