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Tuesday, 9 July 2019

RD Withdrawal Interest - Clarification

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For withdrawal made on or after – interest rate 1st January, 2005

2 per cent over and above the interest rate applicable to the deposits made for a period of five years under the POTD Rules, 1981, on the date of withdrawal. [MOF (DEA) Notification No. GSR. 838 (E) dated 27.12.2004].

In the case of repayment in one lump sum, interest at the rate specified in sub rule (3) shall be calculated on the amount of withdrawal for full calendar months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid. If the repayment with interest is made on or before the 10th of a month, no interest shall be payable for that month.

Source :- SAPOST


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