RD ACCOUNTS DEFAULTS RULE

DEFAULTS IN RD A/Cs-

1.     @ 10 paise for every Rs 5/- per month and proportionate on other denominations.

2.     Maximum four defaults are permitted if not deposited with defaults fee.

3.     If total defaults installments exceeds four, the a/c shall be treated as discontinued & revival of such account is permitted within a period of two form the fifth defaults by making deposit of defaults installments in lump sum with prescribed defaults fee.

4.     Seven defaults are permitted for RD account as to be opened by defense personal in field post office, will not applicable to civilian defense employees and other depositors.

RD DEFAULTS CALCULATION FORMULA BY WARRANT OFFICER VINAY YADAV-

               

Df Fee = n(n+1)Denomination

      100

Where ‘n’ is the no of defaults.

                                        Thanks to htttp://wopostbank.blogspt.in 

Closure of RD discontinued account –

Final value = Maturity valueX No of deposit made

                                    60