RECURRING DEPOSIT - SUBSEQUENT DEPOSIT
Subsequent deposits in RD accounts can be made in any one of the following modes: -
(i) Cash
(ii) Crossed Cheque or demand draft or Pay order drawn in favour of Postmaster of the Office
(iii) By automatic transfer from depositor's savings account
(iv) By withdrawal from a savings account
(v) Intra-operable Internet Banking
(vi) Intra-operable Mobile Banking
(vii) Transfer from IPPB Account and
(viii) any other electronic mode approved by DOP & RBI
2. Deposits by automatic transfer from Savings Accounts is allowed in the following cases:
(a) From the savings account of a depositor to RD account (s) in his/her own name.
(b) From the savings account of a depositor to RD account(s) standing in the name of his/her spouse and/or dependent children.
(c) From a savings account of joint depositors to RD account(s) standing in the names of the same joint depositors.
(d) From joint “B” Type savings account to RD account in the name(s) of dependent children of either of the joint accounts holder.
3. The following conditions are to be observed in the above cases :
(a) The Savings Account and RD Account(s) should be operated at any CBS office.
(b) The depositor(s) will not be allowed to make cash deposits in the RD accounts after once having applied for the facility of automatic transfer unless the arrangement is revoked in writing.
(c) The transfer of the amount will be made on 15th of the month and on previous working day if 15th happens to be Sunday or Holiday. If on the date on which the work is taken up, the balance at credit of the depositor(s) in the savings account is insufficient for the purpose, no transfer will be effected for that month. It will be treated as default. No intimation or warning of this fact is to be given by the post office and it will be for the depositor(s) to ensure the availability of sufficient funds in the savings account.
4. Standing Instructions:
(i) Standing Instruction (SI) can be given either at the time of opening of RD account or subsequently for automatic transfer of deposit amount from the Savings account.
(ii). When Standing Instruction is given, the Counter Assistant will satisfy himself whether the applicant is eligible for the facility.
(iii) On the 15th of each month or if 15th happens to be a holiday/Sunday, on the previous working day of each month a batch file will be run by the FINACLE CBS application to execute Standing Instructions.
(iv) In case the balance in the savings account is found to be insufficient for effecting the transfer on these days, the Standing Instruction will show as failed and the depositor will be deemed to have defaulted in the payment of the concerned instalment.
(v). In case where Standing Instruction failed in a month due to insufficient balance in the Savings Account, in the succeeding month Standing Instruction will not get executed. Depositor has to give in writing for cancellation of Standing Instruction. After cancellation of Standing Instruction, Depositor can deposit the monthly instalments along with default fee by cash.
(vi). When a RD account is to be treated as 'discontinued' on account of such defaults, the facility of automatic transfer will be simultaneously discontinued.
(vii) On receipt of intimation of death of a depositor in writing from the legal heir/nominee, SI will be cancelled
5. By withdrawal from a Savings Account:
(a) When a depositor presents an application for withdrawal along with passbook from his/her savings account standing opened at any CBS Post Office and amount is within the prescribed limit of Inter-SOL transactions, it should be accepted. The depositor should be asked to give pay-in-slip also for the deposit in RD. The SB withdrawal should be processed in the usual manner and suitable note be made in the pay-in-slip pertaining to the RD deposit.
Note: - In Branch Offices, the above procedure will apply only if withdrawals of amount are
within the limit to which they can allow withdrawal without reference to the Head
Office/Account Office.
(b) The passbook should be produced by the depositor at any CBS post office in the month of January, April, July and October for entry of the transactions therein. If this requirement is not fulfilled, the depositor will have to accept the balances shown in the account in CBS Application.
6. Rebate on Deposits paid in Advance
(1). Under the provisions of NSRD Scheme 2019, deposits can be made in advance at the option of the depositor and rebate at the following rate is admissible.
Number of Advance deposits Rebate for an account of denomination of Rs. 100/-
6 to 11 Deposits Rs. 10/- (Ten)
12 to 17 Deposits Rs. 40/- (Forty)
18 to 23 Deposits Rs. 50/- (Fifty)
24 to 29 Deposits Rs. 80/- (Eighty)
30 to 35 Deposits Rs. 90/- (Ninety)
36 to 41 Deposits Rs. 120/- (One hundred and twenty)
42 to 47 Deposits Rs. 130/- (One hundred and thirty)
48 to 53 Deposits Rs. 160/- (One hundred and sixty)
54 to 59 Deposits Rs. 170/- (One hundred and seventy)
60 Deposits Rs. 200/- (Two hundred)
(2). For accounts of other denominations, the amount of rebate will be proportionate to the rates specified above.
(3). The rebate is to be allowed on advance deposits made for 6 RD months inclusive of the deposit for the current month.
(4). The rebate will not apply on a pro-rata basis for advance deposits for period not in multiple of six months. For example, if deposits are made for less than 6 RD months, no rebate is to be allowed. On an advance deposit covering 7 to 11 RD months, the rebate that can be allowed will be the same as admissible for a six RD monthly advance deposits and for deposits for periods more than 12 months and less than 18 months it will be the same as admissible in the case of a 12 RD monthly advance deposits.
(5). In respect of an account becoming discontinued in terms of NSRD Rules 2019, rebate on advance deposits will be admissible only if all the arrear instalments with penalty are paid along with the advance deposits within 2 RD months from the RD month of fourth default.
(6). The rebate for six monthly deposits or more made in advance may be given to the account holder irrespective of whether the amount was deposited in one lump sum in any RD month or on different dates in any RD month. Where deposits are made on different dates, the rebate shall be paid at the time of deposit which makes advance deposit for six or more months, as the case may be.
(7). The depositor will present amount of advance deposits for 6 months or more, as the case may be, less the amount of rebate admissible thereon along with the pay-in-slip. These deposits will be entered in the Passbook through Passbook printer. In the pay-in-slip the full amount of the instalments paid in advance and amount of rebate will be shown separately in the relevant columns.
(8). The gross amount of deposit will be taken into account under RD deposits and the amount of rebate under the head “Rebate paid on advance deposits in RD accounts” in the post office accounts, The amount will be accounted in the GL concerned. If required, Postmaster may check the GL concerned.
(9). Grant of rebate on deposits paid in advance by cheque: Advance deposits by cheque will also be of the net amount. When account will be funded after cheque clearance, CBS system will automatically post rebate entries and the amount is accounted in concerned GLs. If the cheque is dishonoured, similar procedure prescribed for savings account should be followed.
7. Acceptance of Deposits in Absence of the Passbook
The presentation of the Passbook is necessary for making a deposit in a RD account of an illiterate depositor or where account stands in BO. In all other cases, deposits should be accepted without production of the Passbook and Passbook can be updated from the Passbook printer as and when presented by the depositor or his/her agent. It is the responsibility of the customer to update his/her passbook at least once in 6 months.
