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Monday, June 23, 2014

Disbursement of interest on the amount of Fixed Deposit of a person with disability by Money Order.

Ministry of Communications & IT
Department of Posts
(F.S. Division)
Dak Bhawan, Sansad Marg, 
New Delhi, Dated 16.11.2012
The Chief Commissioner
O/o The Chief Commissioner For Person with Disabilities
Min of Social Justice and Empowerment
Department of Disability Affairs
Sarojini House, 6, Bhagwan Dass Road
New Delhi -110001

      Sub: Disbursement of interest on the amount of Fixed Deposit of a person with disability                  by Money Order.

Kindly refer to your office letter No. 29/1102/12-13 dated 12.09.2012 on the subject.

The undersigned is directed to say that there is a scheme called Monthly Income Scheme in post offices where money is deposited for a fixed period of 5 years and interest is paid on the monthly basis @8.5%.  In this Scheme, payment of monthly interest can be taken either by coming to post office or by giving a Standing Instruction for credit of monthly interest into post office savings account of the depositor standing in same post office.

Keeping in view the requirement of the customer and the circumstances mentioned in the representation forwarded by your office, this office has taken a decision to provide additional facility of payment of interest at the doorstep through Money order after deducting MO Commission and cost of MO forms.  In this connection, instructions have been issued to all post offices to offer this facility as and when any customer requests for the same.

It is requested that the Sh. Kanan may be advised to approach any nearby post office to avail this facility.

This issues with the approval of DDG(FS)

Yours faithfully,
(Kawal Jit Singh)
Assistant Director
Savings Bank

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