Important changes in POSB - with immediate effect from 12.12.2019

Important changes in POSB - with immediate effect from 12.12.2019

SUKANYA SAMMIRITHI ACCOUNT (SSA)
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.

PUBLIC PROVIDENT FUND ACCOUNT
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.

MONTHLY INCOME SCHEME (MIS)
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.

Post Office Savings Account ( POSA)
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

TIME DEPOSIT ( TD)
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

  

RECURRING DEPOSITS (RD)
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.