Category: POSB

Posted on by — Leave a comment

POSB Calculator Setup With Prerequisites || A Complete Software For Post Office POSB Interest Calculation – Rulings Incorporated

POSB Calculator – Used To Calculate POSB Schemes With Maturity Value Based On Various Type Of Closure – Normal, Claim, PMC

POSB Calculator is a complete package and replacement for all other POSB calculator which are available in the various blog. All Offices should install this Calculator for calculating interest / maturity value and Repayment of loan, MIS to RD with interest value. Everything.. everything is available in a Single Software. 
It is my humble request to install this software in each and every Post Office SB Counter and also in your personnel Computer/Desktop for calculating POSB Interest, Maturity Value of the Account already opened or will be opened or being opened. 
Hats Off to the Developer for providing such a wonderful software to Postal Department. A special thank to the Developer(Manoj Raha) by Postal Blog on behalf of Postal Employees.
image search result of post office interest calculator

image search result of post office interest calculator
image search result of post office interest calculator
Click below link to download the POSB Calculator Software
Posted on by — Leave a comment

Interest on PPF, NSC, other small savings schemes may come down soon

  • Interest rate on small savings schemes for April to June quarter will be announced this month-end
  • Rates on small savings schemes, including PPF, are revised on quarterly basis

The government is considering a cut in interest rate on small savings schemes like Post Office deposits, Public Provident Fund (PPF), National Savings Certificate (NSC), and Senior Citizen Savings Scheme, Press Trust of India reported, citing sources. Interest rate on small savings schemes for April to June quarter will be announced this month-end.
interest may come down soon in post office small savings scheme

Despite a moderation of overall interest rate in the financial system, the government kept interest rate on small savings schemes steady for the January to March quarter. Bankers have been complaining that high rates on small savings schemes prohibit them from cutting deposit rates aggressively even though India’s biggest bank State Bank of India has cut fixed deposit rates aggressively this quarter. For example, currently five-year SBI fixed deposit fetches just 5.9%.

Rates on small savings schemes are revised on quarterly basis. Currently, PPF and NSC fetch interest rate of 7.9%. The 5-year Senior Citizens Savings Scheme currently offer an interest rate of 8.6% while post office savings deposits fetch 4%.

SBI had recently lowered interest rate on retail deposits to 3% from 3.25% earlier.

The girl child savings scheme Sukanya Samriddhi Account fetches 8.4% (compounded annually).

Since April 2016, interest rates on small saving schemes are being revised on a quarterly basis. However, the formula for fixing small savings rates based on comparable yields on government securities, as recommended by Shyamala Gopinath committee, has however not been strictly followed in some quarters.

“Had the government followed the formulas strictly, rates on different small savings instruments would now have been lower by 80-160 bps,” SBI Research said in a recent note. If the government had strictly followed the formula, PPF would have fetched around 7% this quarter, instead of current level of 7.9%.
Posted on by — Leave a comment

Major changes in POSB Schemes || Gazette Notification dated 12.12.2019

For opening of new SB Account with minimum deposit of Rs.500/- and RD minimum deposit  of Rs.100 & TD deposit minimum Rs.1000

image search result for Gazette Notification dated 12.12.2019
In SB Penalty fee Rs 100 if the minimum of balance of Rs.500/- is maintained in the POSA Account 
Old accounts which were opened on or before 12.12.2019 also have to be maintained with Minmum balance Rs.500/
1. Sukanya Samriddhi Account  can deposit multiple of  Rs.50/-
2.Public Provident Fund (PPF) initial deposit must be Rs.500 and subsequent deposit can multiple of Rs.50/-
4. SCSS close at any time. Before one year means interest paid ( already) will be recovery
5. MIS Minimum Deposit Rs.1000/-
6. The minimum amount of monthly deposit in an account shall be one hundred rupees or any sum in 
multiples of ten rupees.
7. SB Account Initial Deposit Rs.500/-  and subsequent deposit multiple of 10/- and minimum withdrawal Rs.50/-.
8. for additional cheque book Rs.2/- per cheque. 
9.TD minimum Deposit Rs.1000/- with multiple of Rs.100/-
10. TD Account PMC allowed after 6 month 
11. NSC and KVP Minimum Deposit Rs.1000 and multiple of Rs.100/-.

Posted on by — Leave a comment

Key Notes on SB Order 13/2019 || Dated 17.12.2019

Post Office Savings Account (POSA)

Minimum Deposit : Rs. 500
Maximum Deposit : No Limit
Subsequent Deposit : Rs. 10 (In Multiple Of )
Minimum Balance To Be Maintain In Saving Account With Rs. 500

Sukanya Samriddhi Account (SSA)

Minimum Deposit : Rs. 250
Maximum Deposit : Rs. 1,50,000 ( In F.Y. )
Subsequent Deposit : Rs. 50 (In Multiple Of )

Public Provided Fund (PPF)

Minimum Deposit : Rs. 500
Maximum Deposit : Rs. 1,50,000 ( In F.Y. )
Subsequent Deposit : Rs. 50 (In Multiple Of )
Senior Citizens Savings Scheme (SCSS)
Minimum Deposit : Rs. 1000 (In Multiple Of Rs. 1000 )
Maximum Deposit : Rs. 15,00,000 ( In Account )
Subsequent Deposit : No Such Provision

Monthly Income Scheme (MIS)

Minimum Deposit : Rs. 1000 (In Multiple Of Rs. 1000 )
Maximum Deposit :
For Single Account : Rs. 4,50,000
For Joint Account : Rs. 9,00,000
Subsequent Deposit : No Such Provision

Recurring Deposit Account (RD)

Minimum Deposit : Rs. 100
Maximum Deposit : No Limit
Subsequent Deposit : Rs. 10

Time Deposit Account (TD)

Minimum Deposit : Rs. 1000 (In Multiple Of Rs. 1000 )
Maximum Deposit : No Limit
Subsequent Deposit : No Such Provision
National Savings Certificates (NSC)
Minimum Deposit : Rs. 1000 (In Multiple Of Rs. 1000 )
Maximum Deposit : No Limit
Subsequent Deposit : No Such Provision

Kisan Vikas Patra (KVP)

Minimum Deposit : Rs. 1000 (In Multiple Of Rs. 1000 )
Maximum Deposit : No Limit
Subsequent Deposit : No Such Provision

Accordingly the following prominent changes have been configured in Finacle.

SSA Subsequent deposits to be in multiples of Rs.50
SSA IBB date range will be 5th to end of the month
MIS Minimum deposit will be 1000 and in multiples of 1000
TD Minimum deposit will be 1000 and in multiples of 100
NSC/KVP Minimum deposit will be 1000 and in multiples of 1000
RD Minimum deposit will 100 and in multiples of Rs. 10
PPF Subsequent deposits in multiples of 50