Relaxation in Provisions in National Savings Schemes – No Default fee till May, 2020 – SB Order 20/2020
Relaxation in Provisions in National Savings Schemes: – Subscribers of the RD Account may deposit the installment of May, 2020 in their RD account till 30 June, 2020 and no revival fee (Default) shall be charged
SB Order No. 20/2020
Govt. of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Dethi-110001
All Head of Circles/Regions
Subject ; Regarding relaxation in provisions in National Savings Schemes.
The undersigned is directed to Say that vide memorandum no. 14/1/2020-NS dated 11.05.2020 & 15.05.2020 . Govt. of India, Ministry of Finance, Department of Economic Affairs (Budget Division) have informed the followings in view of the prevailing COVID-19 situation:-
(A) Subscribers of RD Account who Could not deposit the advance installments to get the benefit of rebate during the lock down period May deposit the same up to 30.06.2020. The rebate admissible as per the scheme provisions will be available at the time of deposit of advance installments.
(B) Subscribers of the RD account may deposit the installment of May, 2020 in their RD Account till 30 June. 2020 and no revival fee (Default) shall be charged.
(C) If the account is to be continued as per Paragraph 7(2) of RD Scheme, 1981 or Paragraph 6(2) of RD Scheme, 2019 the same shall be done by the depositor till 30th June, 2020 by submitting the pending monthly installments. In such case, no default fee shall be charged for the period of March, April and May, 2020,
2. Accordingly necessary amendments are being made in Finacle. Non-CBS Post Offices should also take necessary action accordingly as per the above instructions.
3. It is requested to circulate it to all concerned for information and necessary action. The same may also be placed on the notice board of the all Post Offices in public areas.
4. This issues with the approval of Competent Authority.
(Devenars Shanna )
Assistant Director (SB)
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