PA Exam Materials - Examination point of view - 18
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
701. The authorized balances of a S.O. consist of (i) the maximum and maximum amount of money that should and can be held on any day, and (ii) the maximum balance to be held in postage and other (non-postal) stamps and day. [Rule 102 - VI Part III]
702. The cash bag should be weighed and the weight noted both in words and figures in the 'Remarks' column of the B.O. account, on the label of the bag and on the B.O. daily account.
703. The cash bag should always be sent to the account office by the BPM enclosed in the B.O. bag.
Points to remember in respect of National Small Savings Scheme :
704. If a depositor fails to submit his PAN within a period of six months from the date of the opening of the account, the account shall cease to be operational till the time PAN is submitted.
705. In Joint Account, identity documents of all the depositors are needed.
706. In accounts on behalf of minor or person of unsound mind, the identity documents of the guardian are needed.
707. Account opened through, the agent shall affix signature and mention the particulars of his agency on the identity documents.
708. In case of change of address, the depositor shall submit the relevant identity document with updated address within a period of three months.
709. In case of deposit by means of a cheque, the date of realisation of the cheque shall be the date of deposit.
710. No interest shall be payable on an account opened or maintained, or on a deposit made, in contravention of rules.
711. In an account which has matured but not closed, the eligible balance in the account shall continue to earn interest at the rate applicable to the Post Office Savings Account till the closure of the account.
712. Any interest credited erroneously to an account shall be reversed immediately on the detection under written intimation to the depositor.
713. On death of minor or person of unsound mind, the eligible balance shall be paid to the nominee (or to guardian if nomination is unavailable)
714. On death of guardian, the succeeding guardian shall be eligible to operate the account of the Minor or the person of unsound mind.
715. Nomination is mandatory for all types of accounts. Maximum four individuals can be nominated.
716. Nomination stands cancelled on: death of all the nominee, transfer of the account as security (pledging).
717. If depositor is illiterate, attestation by two witnesses is required while making/altering nomination. No witness is necessary for literate depositors.
718. The passbook shall contain: Customer Identification number, Name and address of Accounts Office, System generated unique accounts number, Name of the scheme, Name and address of the depositors, Type of account (single or joint-A or Joint-B or Minor or authorized), Amount of deposit, Date of deposit, date of extension and date of maturity, Nomination registration number and date.
719. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account. He may continue the account if he has no other single account in this Scheme. If he already has another account, this account shall have to be closed.
720. Deposits and Withdrawals in respect of SB :
a. Minimum initial deposit: INR.500.
b. Minimum subsequent deposit: INR.10.
c. Maximum deposit: No limit.
d. Minimum withdrawal: INR.50.
e. All deposits and withdrawals are allowed in whole rupee only.
f. No withdrawal is permitted that will reduce the balance below INR.500.
g. Rate of interest is revised by MoF quarterly.
h. The interest is allowed for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month.
i. If balance falls below INR.500 between the tenth and end of the month, no interest is allowed for that month.
j. If an account is closed during a year, interest shall be allowed upto the previous month of the closing month.
721. On death of an account holder, the interest in his account shall be paid only in the end of the month preceding the month in which the account is closed.
722. A cheque book of ten leaves may be issued free of charge in a year. Subsequent issue of cheque book shall be charged at two rupees per cheque leaf.
723. An account becomes 'Silent Accounts' if no deposit or withdrawal has taken place for three complete years. Transaction is allowed only after revival of silent account.
724. Credit of interest in a Silent Account shall not be treated as a transaction.
725. The account may be closed at any time by the account holder.
726. For opening of RD accounts minimum denomination: INR.100 (or above in multiples of INR.10.)
727. Maximum 4 defaults allowed in a RD account.
728. Upto 4 defaults, the account holder may extend the maturity period by as many months as the number of defaults and deposit the defaulted installments during the extended period.
729. If more than four defaults, the account is treated as 'discontinued.’
730. Revival of 'discontinued RD account' is allowed only within a period of two months from the month of the fourth default.
731. Revival fee: INR.1 for every INR.100 of a defaulted installment for each month of default.
732. Advance deposits cannot be made in a 'discontinued account.' Advance deposits can be made in any month during the currency of account ie. at the time of opening of the account or any time thereafter.
733. Minimum six-monthly installments including the current month shall be made to be eligible for rebate.
734. If the advance deposits are made for a period less than 12 months, the rebate will be that of 6 monthly advance deposits only.
735. Rebate is given irrespective of whether the amount was deposited in one lump sum in any calendar month or on different dates in any calendar month.
736. Advance deposits may be made for any period up to five years.
737. Premature closure: Allowed after three years. Interest as the same rate at the Post Office Savings Account.
738. Loan can be availed in RD account under the conditions: The account should not be a discontinued one. Account should have completed minimum one year. Minimum of 12 monthly installments should have been made.Maximum available loan amount is 50% of the balance at credit including that of advance deposits made.
739. The loan may be repaid, at any time during the currency of the account in one lump sum or in equal monthly installments.
740. Simple interest at the rate of 2% over and above the RD interest rate is applicable to the loan. If repaid in one lump sum, interest shall be calculated on the amount of loan from the date of withdrawal to the date of repayment.
PLEASE READ AND KEEP MEMORY THE FOLLOWING POINTS
READ FOR THE EXAMINATION PURPOSE
701. The authorized balances of a S.O. consist of (i) the maximum and maximum amount of money that should and can be held on any day, and (ii) the maximum balance to be held in postage and other (non-postal) stamps and day. [Rule 102 - VI Part III]
702. The cash bag should be weighed and the weight noted both in words and figures in the 'Remarks' column of the B.O. account, on the label of the bag and on the B.O. daily account.
703. The cash bag should always be sent to the account office by the BPM enclosed in the B.O. bag.
Points to remember in respect of National Small Savings Scheme :
704. If a depositor fails to submit his PAN within a period of six months from the date of the opening of the account, the account shall cease to be operational till the time PAN is submitted.
705. In Joint Account, identity documents of all the depositors are needed.
706. In accounts on behalf of minor or person of unsound mind, the identity documents of the guardian are needed.
707. Account opened through, the agent shall affix signature and mention the particulars of his agency on the identity documents.
708. In case of change of address, the depositor shall submit the relevant identity document with updated address within a period of three months.
709. In case of deposit by means of a cheque, the date of realisation of the cheque shall be the date of deposit.
710. No interest shall be payable on an account opened or maintained, or on a deposit made, in contravention of rules.
711. In an account which has matured but not closed, the eligible balance in the account shall continue to earn interest at the rate applicable to the Post Office Savings Account till the closure of the account.
712. Any interest credited erroneously to an account shall be reversed immediately on the detection under written intimation to the depositor.
713. On death of minor or person of unsound mind, the eligible balance shall be paid to the nominee (or to guardian if nomination is unavailable)
714. On death of guardian, the succeeding guardian shall be eligible to operate the account of the Minor or the person of unsound mind.
715. Nomination is mandatory for all types of accounts. Maximum four individuals can be nominated.
716. Nomination stands cancelled on: death of all the nominee, transfer of the account as security (pledging).
717. If depositor is illiterate, attestation by two witnesses is required while making/altering nomination. No witness is necessary for literate depositors.
718. The passbook shall contain: Customer Identification number, Name and address of Accounts Office, System generated unique accounts number, Name of the scheme, Name and address of the depositors, Type of account (single or joint-A or Joint-B or Minor or authorized), Amount of deposit, Date of deposit, date of extension and date of maturity, Nomination registration number and date.
719. On the death of one of the account holder in a joint account, the surviving account holder shall be treated as the sole owner of the account. He may continue the account if he has no other single account in this Scheme. If he already has another account, this account shall have to be closed.
720. Deposits and Withdrawals in respect of SB :
a. Minimum initial deposit: INR.500.
b. Minimum subsequent deposit: INR.10.
c. Maximum deposit: No limit.
d. Minimum withdrawal: INR.50.
e. All deposits and withdrawals are allowed in whole rupee only.
f. No withdrawal is permitted that will reduce the balance below INR.500.
g. Rate of interest is revised by MoF quarterly.
h. The interest is allowed for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month.
i. If balance falls below INR.500 between the tenth and end of the month, no interest is allowed for that month.
j. If an account is closed during a year, interest shall be allowed upto the previous month of the closing month.
721. On death of an account holder, the interest in his account shall be paid only in the end of the month preceding the month in which the account is closed.
722. A cheque book of ten leaves may be issued free of charge in a year. Subsequent issue of cheque book shall be charged at two rupees per cheque leaf.
723. An account becomes 'Silent Accounts' if no deposit or withdrawal has taken place for three complete years. Transaction is allowed only after revival of silent account.
724. Credit of interest in a Silent Account shall not be treated as a transaction.
725. The account may be closed at any time by the account holder.
726. For opening of RD accounts minimum denomination: INR.100 (or above in multiples of INR.10.)
727. Maximum 4 defaults allowed in a RD account.
728. Upto 4 defaults, the account holder may extend the maturity period by as many months as the number of defaults and deposit the defaulted installments during the extended period.
729. If more than four defaults, the account is treated as 'discontinued.’
730. Revival of 'discontinued RD account' is allowed only within a period of two months from the month of the fourth default.
731. Revival fee: INR.1 for every INR.100 of a defaulted installment for each month of default.
732. Advance deposits cannot be made in a 'discontinued account.' Advance deposits can be made in any month during the currency of account ie. at the time of opening of the account or any time thereafter.
733. Minimum six-monthly installments including the current month shall be made to be eligible for rebate.
734. If the advance deposits are made for a period less than 12 months, the rebate will be that of 6 monthly advance deposits only.
735. Rebate is given irrespective of whether the amount was deposited in one lump sum in any calendar month or on different dates in any calendar month.
736. Advance deposits may be made for any period up to five years.
737. Premature closure: Allowed after three years. Interest as the same rate at the Post Office Savings Account.
738. Loan can be availed in RD account under the conditions: The account should not be a discontinued one. Account should have completed minimum one year. Minimum of 12 monthly installments should have been made.Maximum available loan amount is 50% of the balance at credit including that of advance deposits made.
739. The loan may be repaid, at any time during the currency of the account in one lump sum or in equal monthly installments.
740. Simple interest at the rate of 2% over and above the RD interest rate is applicable to the loan. If repaid in one lump sum, interest shall be calculated on the amount of loan from the date of withdrawal to the date of repayment.
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