2.Recurring Deposit
-
Upload
ankur-saini -
Category
Documents
-
view
223 -
download
0
Transcript of 2.Recurring Deposit
-
8/12/2019 2.Recurring Deposit
1/27
RECURRING DEPOSIT
ACCOUNT
1
-
8/12/2019 2.Recurring Deposit
2/27
RD- opening of a/c
Customer should properly fill up Application
(SB-3) and pay in slip (SB-103).
The following documents are to be tendered by
the customer compulsorily: -
3 copies of recent photograph
Identity Proof
Address Proof
Minimum Denomination Rs.10/- and thereafter
in multiple of Rs.5/-.2
-
8/12/2019 2.Recurring Deposit
3/27
RD- opening of a/c
Maximum - no limit
Maturity period 5 years.
For accounts opened on or after 01-12-2011maturity value for Rs 10/- Rs 738.62
Rate of interest 8.4% w.e.f 01.04.12
Opened by any adult or minor ( 10 year) or byguardian on behalf of minor.
Two adults jointly can open Account.
3
-
8/12/2019 2.Recurring Deposit
4/27
RD Opening of New Account
Procedure same as per Savings Bank new
account open except
introduction is not required Account can be opened through cheque, date
of presentation will be the date of opening
SB-26 receipt is to be prepared Entry should be made in RD Journal
Specimen signature slip is to be pasted in SS
book ( RD) 4
-
8/12/2019 2.Recurring Deposit
5/27
Opening of account (RD)On receipt of new a/c pass book from AO, it
should be given to depositor by collectingback SB-26 receipt
Acquittance for receipt of PB by depositor
obtained on reverse of SB-26It should be pasted along with office copy of
SB-26
Account number should be noted in SS book,RD journal
Date of delivery of PB is to be noted on RD
journal 5
-
8/12/2019 2.Recurring Deposit
6/27
6
-
8/12/2019 2.Recurring Deposit
7/27
7
-
8/12/2019 2.Recurring Deposit
8/27
Opening of RD account and subsequent deposits
through Pay roll savings scheme
It should be authorized by Head of the
Circle/Regional Director on a selective basis
If there is a need to have the facility of PRS
scheme, application from the institute may beobtained and sent to DO through concerned sub
divisional Inspector for necessary action
If it is authorised ,the transactions should be
through cheque only
8
-
8/12/2019 2.Recurring Deposit
9/27
Opening of a/c
Exercise 2.1 Opening of RD a/c
9
-
8/12/2019 2.Recurring Deposit
10/27
RD- subsequent deposit
Monthly installment can be deposited on any daybefore the end of the month
By cash
By cheque /DD If installment paid for previous months, default
fee @ 20 Paisa for Denomination of Rs.10/- permonth will be charged and proportionate for
other Denominations
10
-
8/12/2019 2.Recurring Deposit
11/27
RD- subsequent deposit
If installment paid in advance for 6 monthor more , rebate will be paid at the following
rate. Dn Rs. 10/- 6 month Re.1/-
12 month Rs.4/-
Proportionate for other Denominations.
11
-
8/12/2019 2.Recurring Deposit
12/27
RD Subsequent Deposit (Cash)
BPM must examine pay in slip & passbook.
Check cash tendered with pay in slip.
For default installment , recover default fee.
For advance installment , give rebate.
Make entry in RD journal
BPM should deliver pass book & counterfoilto depositor.
12
-
8/12/2019 2.Recurring Deposit
13/27
Rule No. 13
-
8/12/2019 2.Recurring Deposit
14/27
14
-
8/12/2019 2.Recurring Deposit
15/27
Subsequent deposit through
cheque Same procedure as that of SB except
Date of presentation of the cheque is the date
of deposit
Entry will be made in the pass book only after
realisation of the cheque
15
-
8/12/2019 2.Recurring Deposit
16/27
Exercise 2.2 to 2.6 on subsequent
dep., default & rebate
16
-
8/12/2019 2.Recurring Deposit
17/27
RD-interim withdrawal/loan
Interim withdrawal (RD loan)
Only one withdrawal
After one year from date of opening
After making 12 deposits
Not to be a discontinued account
Not more than 50% of balance(including advance deposits)
17
-
8/12/2019 2.Recurring Deposit
18/27
RD-interim withdrawal
Interest on withdrawal is charged at 5year TDrate of interest+ 2 % = 8.3 + 2% = 10.3 %
8.5%+2%=10.5%
Repayment
In one lump
In monthly installments
If repayment is made in monthly installments itshould be Multiple of Rs.5
Amount of withdrawal should be divisible both by 5 aswell as number of installment
Number of installment shall not exceed number of
months remaining for maturity 18
-
8/12/2019 2.Recurring Deposit
19/27
RD Withdrawal-Procedure
BPM should examine Passbook & SB-7 produced
by depositor & check whether depositor is
eligible for withdrawal
BPM must verify Signature with reference to SS
Book.
Issue SB-28 receipt
Transfer RDPB & SB-7 to AO
On receipt of PB & passed SB-7 from AO, obtain
acquittance in SB-7 & effect payment. Return
the PB to depositor after collecting SB-28 receipt19
-
8/12/2019 2.Recurring Deposit
20/27
RD LOAN/WITHDRAWAL
Exercise 2.7
20
-
8/12/2019 2.Recurring Deposit
21/27
RD- Pre Mature Closure
RD premature closure
Allowed after three(3) years If there are advance deposits- after that
period (Rebate paid need not be recovered)
Issue SB-28 receipt Forward SB-7(a) & passbook to AO
On receipt of passed warrant from AO, obtain
acquittance and pay amount.
A remark A/c closed should be made on
all pages of PB and all other records
Collect the SB-28 receipt and pasted with
office copy 21
-
8/12/2019 2.Recurring Deposit
22/27
RD-Final closure
Final closure
On completions of 5 years from the date of
opening
If the date of closure falls on a holiday- the
account is closed on previous day
Post Maturity Interest on maturity value is
allowed for a maximum period of five years
22
-
8/12/2019 2.Recurring Deposit
23/27
RD-Final closure
Account may be continued up to further
period of 5 years
With monthly deposit Without monthly deposits
Amount payable
For completed years As per the tables Completed months SB rate of interest
RD PMC procedure is to be followed 23
-
8/12/2019 2.Recurring Deposit
24/27
RD Journal
Entry of opening of account/transactionmade in existing account should be made
in the BO RD Journal.
The column of account number should beleft blank in case of new a/cs.
The new account number is to be noted
only after the same is allotted by the AO. PR number should be noted in the
Remarks column in RED INKfor new a/c.
24
-
8/12/2019 2.Recurring Deposit
25/27
-
8/12/2019 2.Recurring Deposit
26/27
26
-
8/12/2019 2.Recurring Deposit
27/27
27