Important changes in POSB - with immediate effect from 12.12.2019
Opening
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Rs. 250
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multiples
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Rs.50
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Minimum
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Rs.250 / for a financial year.
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Default fee
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Rs.50
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Maximum
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Rs.1.5 Lakh / per FY
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PMC
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In case of death of child
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Any time
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PMC
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In case of death of guardian
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After 5 years
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PMC
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In case of any serious illness to the child
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After 5 years
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Withdrawal
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If the girl child attains the age of 18 or passing 10th standard
whichever is earlier
In one lump sum or in installments not exceeding 5
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50 % of amount in the preceding year in which withdrawal is applied
Documentary proof for admission
or a fee-slip offered by the institution
Restricted to the actual fee and other charges required at the time
of admission or the fee slip issued by the institution.
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Period
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15 years
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Maturity
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21 Years
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** Before 21 years closure is allowed for the purpose of marriage
of the depositor.
An affidavit is to be obtained from the notary public & confirming
the age of the depositor. ( Exceeding 18)
However the closure of account for marriage is not allowed before
one month and after 3 months from the intended date of marriage.
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Opening
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Rs. 500
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multiples
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Rs.50
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Minimum
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Rs.500 / for a financial year.
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A/C failed to maintain Rs.500/- in a FY is a discontinued account.
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Default fee
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Rs.50
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** Holder of a discontinued account is not eligible to open a new account before closure of that a/c
** Loan and partial withdrawal is not allowed in the discontinued
account.
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Maximum
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Rs.1.5 Lakh
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** Maximum amount includes the deposit made towards the defaulted
years excluding the default fee.
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Loan
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Eligible after 1 year and before
5years
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25% of amount at the end of the second year immediately preceding
the year in which the loan is applied for
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Repayment of Loan
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In one lump sum or in installments
Any time after expiry of 5 years
Allowed only once in a year.
Not allowed in a discontinued account.
Not allowed for an account
having outstanding loan or int.
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Shall be repaid within 36 months.
If paid within 36 months the rate of loan interest is 1%. The interest
should be paid not more than 2 monthly installments.
If not then loan interest is 6 %
50% of amount at the end of the preceding year OR 50% of at credit
at the end of the 4th year immediately preceding the year of withdrawal.
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Closure
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After 15 years
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The account can be continued after 15 years without deposits.
One withdrawal in each year upto any amount is allowed in this period.
If the account is continued without deposit for one year, no option
is given to continue with deposits.
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Extension`
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5 years block.
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The option should be given before expiry of one year from the date
of maturity.
Option for extension once given cannot be withdrawn.
Partial withdrawal is allowed upto 60% for the
5 years period. Allowed in one or in yearly installments.
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PMC
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Allowed only after 5 years.
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1) Treatment of serious illness
for self, spouse, children, or dependent parents.
2) Higher education for self,
or for children.
3) Change in residency status
of the depositor.
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SENIOR CITIZENS
SAVINGS SCHEME (SCSS)
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||
Opening
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Rs.1000
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multiples
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Rs.1000
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Maximum
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Rs.15 Lakhs
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Eligibility
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Any individual who attains the age of 60
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For retired personnel from the age 55 to 60 with a condition that
the a/c should be opened within a month from the date of receipt of retirement
benefits.
** For defence personal the age will be 50
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Maturity
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5 years
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PMC
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At any time.
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Less than one year – The interest paid will be recovered.
>more than 1 year & less than 2 year – 1.5 %
of the deposit will be deducted.
> After 2 years up to 5 years – 1 %
For extended accounts PMC will be allowed after expiry of one year
from the date of extension.
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Extension`
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Allowed for 3 years.
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The option should be given before expiry of one year from the date
of maturity.
Only one extension is allowed.
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Opening
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Rs.1000
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multiples
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Rs.1000
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Maximum
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Rs.4.5 Lakhs – single a/c
Rs.9 lakhs – Joint account.
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Maturity
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5 years
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PMC
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Allowed after 1 year.
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>more than 1 year & less than 3 year – 2 % of the deposit
will be deducted.
> After 3 years up to 5 years – 1 % of the deposit will be deducted.
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Opening
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Rs.500
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Subsequent deposits
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Rs.10
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Maximum
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No limit
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Withdrawal
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Rs.50/- Minimum
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No withdrawal will be allowed if the balance goes below Rs.500.
If the minimum balance is less than Rs.500/- for the accounts opened
earlier 12.12.2019 . The depositor may be allowed to bring the balance to Rs.500/- within a period
of one year.
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Account maintenance Fee
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Rs.100 / per financial year
For non-maintenance of
Rs.500
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If the balance in the account becomes NIL
The account will automatically closed. This is applicable for silent
accounts also.
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Cheque book
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10 leaves per year –Free
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Subsequent issue – Rs.2/per cheque
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Deposit – Minimum
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Rs.1000
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Multiples
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Rs.100
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Maximum
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No limit
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Maturity
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1 Year
2 Year
3 Year
5 Year
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Extension
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Allowed only twice
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The time limit for exercising the option for extension is given below.
1 Year – 6 months from maturity
2 Year-12 months from maturity
3 Year & 5 Year – 18 Months. From maturity.
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PMC
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Not allowed before expiry of 6 months.
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6 months to 1 year - SB ROI (4%)
After 1 year, @ rate specified for 1 year, 2 year, 3 year – 2%
If a 5 year TD is closed after 4 years,
3 Yr. TD rate of interest is applicable
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Opening
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Rs.100
|
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multiples
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Rs.10
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Maximum
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No limit
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Maturity
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5 years
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Defaults
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4 defaults allowed.
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If there are more than 4 defaults the account is treated as discontinued
and shall be revived within 2 months from the 4th default.
Revival fee @ 1Re for every 100 Rs is applicable.
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Advance deposits
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Allowed up to 5 years.
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For every 6 months – Rs.10
( 100 Rs. Dn) For every 12 months – Rs.40 (100 Rs. DN)
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PMC
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Allowed after expiry of 3 years.
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Extension
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Allowed up to a maximum of 5 years.
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With or without deposits.
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Protected Savings Scheme
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Age – 18 to 55
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1) Not a discontinued account.
2) 24 months should be completed.
3) No default allowed for
first 24 months.
4) No loan has been made in
the first 24 months.
5) Allowed for a maximum of
Rs.100 Dn.
Account for more than one account.
6) Should be applied within 1 year from the date of death of the depositor
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Loan
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Allowed after 1 year
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ROI - Simple Interest @ RD account
rate of interest + 2 %
Repayment of loan in one lump sum or in installments.
Repayment of loan in multiples of 10Rs.
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National
Savings Certificate (NSC )
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Opening
|
Rs.1000
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|
multiples
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Rs.100
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Maximum
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No limit.
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Maturity
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5 years
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PMC
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Generally not allowed.
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Except
1) On death of the single
holder.
2) On forfeiture by a pledgee.
3) When ordered by a court.
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KISAN
VIKAS PATRAS (KVP )
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Opening
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Rs.1000
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multiples
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Rs.100
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Maximum
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No limit.
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Maturity
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9 years 5 months.
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PMC
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Allowed after 2 years 6 months.
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