Important changes in POSB - with immediate effect from 12.12.2019




Opening
Rs. 250

multiples
Rs.50

Minimum
Rs.250 / for a financial year.

Default fee
Rs.50

Maximum
Rs.1.5 Lakh / per FY

PMC
In case of death of child
Any time
PMC
In case of death of guardian
After 5 years
PMC
In case of any serious illness to the child
After 5 years

Withdrawal


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
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.
Period
15 years

Maturity
21 Years
** 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.


Opening
Rs. 500

multiples
Rs.50


Minimum

Rs.500 / for a financial year.
A/C failed to maintain Rs.500/- in a FY is a discontinued account.


Default fee


Rs.50
** 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.

Maximum

Rs.1.5 Lakh
** Maximum amount includes the deposit made towards the defaulted years excluding the default fee.

Loan
Eligible after 1 year and before
5years
25% of amount at the end of the second year immediately preceding the year in which the loan is applied  for


Repayment of Loan
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.
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.


Closure


After 15 years
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.



Extension`



5 years block.
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.



PMC



Allowed only after 5 years.
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.


SENIOR   CITIZENS SAVINGS SCHEME (SCSS)
Opening
Rs.1000

multiples
Rs.1000

Maximum
Rs.15 Lakhs


Eligibility

Any individual who attains the age of 60
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
Maturity
5 years


PMC

At any time.
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.

Extension`

Allowed for 3 years.
The option should be given before expiry of one year from the date of maturity.

Only one extension is allowed.



Opening
Rs.1000

multiples
Rs.1000


Maximum
Rs.4.5 Lakhs – single a/c

Rs.9 lakhs – Joint account. 

Maturity
5 years



PMC


Allowed after 1 year.
>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.



Opening
Rs.500

Subsequent deposits
Rs.10

Maximum
No limit


  
Withdrawal
  
  
Rs.50/- Minimum
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.

Account maintenance Fee
Rs.100 / per financial year

For non-maintenance of
Rs.500
If the balance in the account becomes NIL

The account will automatically closed. This is applicable for silent accounts also.
 Cheque book
10 leaves per year –Free
Subsequent issue – Rs.2/per cheque



Deposit – Minimum
Rs.1000

Multiples
Rs.100

Maximum
No limit




Maturity
1 Year

2 Year

3 Year

5 Year




Extension


Allowed only twice
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.



PMC



Not allowed before expiry of 6 months.
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

  
Opening
Rs.100

multiples
Rs.10

Maximum
No limit

Maturity
5 years


Defaults

4 defaults allowed.
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.

Advance  deposits

Allowed up to 5 years.
For every  6 months – Rs.10 ( 100 Rs. Dn) For every 12 months – Rs.40 (100 Rs. DN)

PMC
Allowed after expiry of 3 years.

Extension
Allowed up to a maximum of 5 years.
With or without deposits.

Protected Savings Scheme

 Age – 18 to 55
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
Loan
Allowed after 1 year
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.



National  Savings Certificate  (NSC )
Opening
Rs.1000

multiples
Rs.100

Maximum
No limit.

Maturity
5 years


  
PMC
  
  
Generally not allowed.
Except

1)  On death of the single holder.

2)  On forfeiture by a pledgee.

3)  When ordered by a court.



KISAN VIKAS PATRAS (KVP )
Opening
Rs.1000

multiples
Rs.100

Maximum
No limit.

Maturity
9 years 5 months.


PMC
Allowed after 2 years 6 months.



Please see Gazette Notification for more details


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