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FAQ

 

FREQUENTLY ASKED QUESTIONS (F.A.Q)

 

Can a depositor pay monthly installments of Recurring deposits in advance?
In an account which has not become a discontinued account under rule 7 , deposits for not less than six monthly installments may be made in advance in any calendar month at the option of the depositor and rebate on such deposits shall be admissible as follows :

Sl.No.  Advance Deposits Rebate for an account of Rs. 10/- denomination
1. Six or more deposits but not exceeding eleven deposits made in any calendar month. One rupee.
2.  Twelve or more deposits made in any calendar month. Four rupees for every twelve deposits and one rupee for the balance, if any, of not less than six deposits.
1. For accounts of other denominations, the amounts of rebate shall be proportionate to the rates specified in sub rule (1).

( Rule amended vide MOF (DEA) G.S.R. No. 95 (E) dated 7.2.1986.)

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What is time limit for the agents to deposit the investment of the public in the Post offices?
All the transactions must be handled promptly and completed expeditiously by the agent organisation and its authorised workers/ agents leaders. The maximum time allowed shall be as follows:


(1) Deposit of money : The money must be deposited in the post office to which authorised worker/ agent is attached within five to ten days from the date of its receipt from the investor. This is subject to further condition that the deposits must be made in the post office by the last day of the month, in any case.
(2) Delivery of pass book : The pass book must be delivered to the Investor within ten days from the date of its receipt from the Post office.

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Who is the appointing authority of MKBY agents ?
The District Collectors in respect of Districts and Deputy Director of Small Savings, Corporation of Chennai in respect of Chennai city.

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What is the tenure of an agency ? Can it be renewed easily?
The agency is valid for 3 years and can be renewed on completion of this period . The agent should apply for renewal of his agency with in 45 days from the date of expiry of his agency.

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Whether trusts can invest in NSC?
Yes

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What are Pay Roll Savings Schemes?
1. PORD 2. PPF

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