![]() ![]() ![]() Premature closure of time deposit accountĪn account holder will be allowed to prematurely withdraw the time deposit account after six months of opening the account. With effect from July 1, 2019, the following interest rates have been prevailing on time deposits in the post office. Interest rates of post office time deposit According to the India Post guidelines, if the date of payment of annual interest falls on a Sunday or on the day of a postal holiday, the amount will be paid on the business day preceding the actual date of payment. In the calculation of the interest payable, the amount will be rounded off to the nearest one rupee. Meanwhile, the interest will be paid annually. The deposit in the account will be repaid at the end of the deposit period. Repayment of deposits and payment of annual interest Account Closure Form: SB-7A will be used to close the time deposit account.Application for payment of interest in time deposit accounts: Form SB-7 will have to be used for the payment of interest.Pay-in-slip: For deposits into these accounts, form SB 103 will be used.These amounts should be written in words as well as figures. However, in case of the passbook printer not working, the entries may be made by hand by mentioning the amount of deposit and repayment in the account. According to the India Post guidelines, the passbook entries should be made using a passbook printer. CBS Pass Book: A common passbook will be used for which form SB-5A, common for NSC, KVP and TD, will have to be filled.Consolidated Journal of Deposits and Withdrawals, which is generated by from the Finacle Core Banking Solutions (CBS) system.Time Deposit Journal: The RD Journal has to be used for time deposit accounts at the extra-departmental branch offices.While opening a time deposit account, a funding transaction is mandatory. Account Opening Form (AOF): To apply for a time deposit account, the common Account Opening Form is used.Post Office Monthly Income Scheme (POMIS) Calculation 2023: What Rs 9 lakh or Rs 15 lakh deposit will give ![]()
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