POSB Interest Calculator - updated - 01/04/2014)

POSB Interest Calculator

(Last updated - 01/04/2014)

CLICK HERE to Download Interest Calculator.xlsx (Excel File) (1235 kb) 

CLICK HERE to Download the excel file in '.rar" format (512 kb)

CLICK HERE to Download the excel file in '.zip' format (536 kb)

Features in this File:

        Updated on 01/04/2014:

• New Interest rates w.e.f. 01/04/2014 configured for RD, TD schemes. Old interest rates can also be calculated by entering the concerned Date of opening 
• RD PMC Calculator link is added in the Main page of Calculator.
• Option for calculation of "Maturity Amount for Discontinued/Extended RD accounts" is provided in RD-View more Link.
• "Print Tables/Forms" link is provided in Main calculator page to Print Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms. (Ready reckoners and tables have been updated for new interest rates w.e.f 01.04.2014)
• Changes have been made for PMC of TD accounts before 1 year.

      Updated on 12/05/2013: (As per suggestion/request received from users)

• In SCSS "View more" link, Initial partial interest and Final partial interest payable (for fraction of days) according to the date of opening will be displayed in addition to the quarterly interest payable for SCSS deposit. For SCSS PMC also, final partial interest applicable will be displayed. 
• Possibility of extension of SCSS account will be displayed along with the interest rate applicable for such accounts. 
• To calculate maturity amount of Discontinued/Extended RD accounts, option has been included In RD "View more" link, and the the same will be displayed if 5 years completed. 
• Navigation link to "Home page" has been uniformly placed in all pages at bottom.

    

     Updated on 28/04/2013:

• "MIS Total Interest" shown in the table for Today's date (i.e.,Date of Opening is not entered and left as blank cell) has been corrected for 60 months instead of wrongly calculated 72 months in old calculator. 
• (But, If you enter Date of opening in MIS, it will correctly calculate "Total Interest" for 60(or)72 months according to the entered Date of opening, even in old calculator)
• "PPF Loan/Withdrawal" calculation link and "MIS to RD Automatic credit Maturity" calculation link have been included in main table; 
• Welcome message will be displayed at the bottom of calculator (according to the time of opening calculator file)

Updated on 15/04/2013:

• In the Link "PPF Interest Calculation", Provision has been added to find out Eligible Loan and Withdrawal amount that can be taken in PPF account.
• In the Link "Print Tables/Forms", Claim Forms for SB/SC and Application for Reinvestment of Maturity value, and Interest Rate Table (in Tamil) and link to access "Indiapost Forms page" are included.

Updated on 01/04/2013:

• New Interest rates w.e.f. 01/04/2013 configured for all schemes. 
• Old interest rates can also be calculated by entering the concerned Date of opening 
• RD PMC Calculator can be downloaded from RD "View More" link
• "Print Tables/Forms" link is provided in Main calculator page to Print Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms.

Updated on 06.11.2012:

• Validation for KVP Date of Purchase (Now Date can be entered only from 01.03.2003 to 30.11.2011)
• Feedback form modified.

Updated on 31.10.2012

• Option for Entering Date of Opening of Accounts
• Their Respective Maturity/Interest Amounts, A/c periods, Date of maturity,etc.,
• Current status of A/c for Closure/PMC/extn., etc.,
• Reduced Int. for TD, Bonus, Deductions, PMI details,etc.,
• KVP discharge value calc,
• SB,PPF,PMI calc,
• PPF approx maturity value calc,
• Easy Initialisation of Interest rates for schemes, if changed...
• Option to download the latest excel calculator (if any), right from this excel file itself...  

 Source : https://sites.google.com/site/posbinterestcalculator/

Prepared by :

M. Dhamotharan, CDL,

email : dhamotharan@outlook.com

Installation of ATMs at Post Offices

The following 14 prioritized  offices  of the A.P. Circle have been selected for construction of ATMs  for the 1st quarter of FY 2014-15.

Sl No.	Name of Region	Name of Division	Office Name
1	HYDERABAD CITY	HYDERABAD GPO	Hyderabad G.P.O.
2	HYDERABAD CITY	SECUNDERABAD	Secunderabad H.O
3	HYDERABAD CITY	HYDERABAD CITY	Khairatabad H.O
4	HYDERABAD CITY	HYDERABAD SOUTH EAST	Hyderabad Jubilee H.O
5	HYDERABAD CITY	SECUNDERABAD	Trimulgherry H.O
6	VIJAYAWADA	VIJAYAWADA	Vijayawada H.O
7	KURNOOL	KURNOOL	Kurnool H.O
8	KURNOOL	TIRUPATI	Tirupati H.O
9	VISAKHAPATNAM	VISAKHAPATNAM	Visakhapatnam H.O
10	VISAKHAPATNAM	RAJAHMUNDRY	Rajahmundry H.O
11	HYDERABAD	WARANGAL	Warangal H.O
12	HYDERABAD	NIZAMABAD	Nizamabad H.O
13	VIJAYAWADA	GUNTUR	Guntur H.O
14	VIJAYAWADA	NELLORE	Nellore H.O

POSTING OF INTEREST ENTRIES FROM SANCHAY POST TO V2SBCO

This  tool  is  intended  for  posting  the  interest  entries  generated  in  Sanchay  Post,  to V2SBCO  database files.  This tool should be used before the SBCO data is upgraded to the next financial year, but after generation of annual interest in V2SBCO software.

Download(Size : 25MB)

PoTools(Google Drive)

Download

SDC Chennai:(Dropbox)

Download

Preparatory Work

1. Take a backup of SBCO files.
2. Regular process  for generation of  annual  interest  in V2SBCO should be  done upto IBB calculation. Upgradation Process in V2SBCO should not be done at this stage.
3. View  the  reports  to  check  whether  interest  is  generated  in  V2SBCO  using  the  option Reports > Annual Reports. If interest is generated in V2SBCO then continue the below mentioned  steps  otherwise check  the  reason  for  non-generation  of  interest  with  the V2SBCO software technical person for solution.
4. Take a print out of Interest (63) report  in V2SBCO  before proceeding further  without fail for future reference. 

Interest Posting Procedure

1. Unzip SP2V2IntPosting.zip and run the setup.exe to install the tool.
2. Enter Sanchay Post Server name, SQL user name, SQL password and click on OK.
3. Enter the SBCO folder path and click on OK.
4. If any error is thrown in step  2  or step  3, verify the correctness of  data  entered  in the respective fields. 
5. Select the Sanchay Post Office Name and its respective V2SBCO office name.
6. Click on Start Posting. 
7. After  the  message  showing  completion  of  postings  is  displayed,  ensure  that  the  error report  is checked  by  clicking  on  ‘View  Error’  button.    The  error  report  will  list  the accounts for which interest is  not posted.    Take a print out of the error report  separately for each office for future reference.
8. Steps 5,6 & 7 should be repeated for each office.
9. Take a print out of Interest  (63) report  in V2SBCO  and compare with the report printed earlier, to check whether Sanchay Post interest entries are posted in V2SBCO database. 

Upgradation of V2SBCO data to next year

After completiong of posting interest entries from Sanchay Post for all the offices, V2SBCO data should be upgraded to next financial year. 

Source: aisbceuchq.blogspot.in

RBI grants in-principle approval to IDFC, Bandhan for new bank licences

The Reserve Bank of India( RBI) on Wednesday granted "in-principle" approvals to Mumbai-based infrastructure lender IDFC and Kolkata- based micro-finance Bandhan Financial Services for new bank licences.

The RBI will also consider the application of India Post, but the central bank said it would done separately in consultation with the government.

This would be the first time in a decade that new banking licences are handed out, since the formation of Yes Bank in 2004.

There were 25 companies in the running.  Public sector unit IFCI and private players such as Anil Ambani group and Aditya Birla group were among the applicants. Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital had also applied.

The approval comes a day after the Election Commission (EC) cleared the decks for RBI to announce approvals for new banking licences.
The RBI had sought permission of the EC before announcing the awardees, as the model code of conduct is in place in the run up to the elections.

The "in-principle" approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the banking licence guidelines and fulfil the other conditions as may be stipulated by the RBI.

On being satisfied that the applicants have complied with the requisite conditions, the RBI would consider granting of a licence for commencement of banking business. Until a regular licence is issued, the applicants would be barred from doing banking business.

In February, the Bimal Jalan panel, which scrutinized applications for new bank licences, submitted its report to RBI.

MUMBAI: RBI on Wednesday said it has given in-principle approval to IDFC Ltd and Bandhan Financial Services to set up new banks in a country where about half of the households do not have access to formal banking services.

The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank, according to a statement.

The central bank said it will also consider th ..

Read more at:
http://economictimes.indiatimes.com/articleshow/33137000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

MUMBAI: RBI on Wednesday said it has given in-principle approval to IDFC Ltd and Bandhan Financial Services to set up new banks in a country where about half of the households do not have access to formal banking services.

The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank, according to a statement.

The central bank said it will also consider th ..

Read more at:
http://economictimes.indiatimes.com/articleshow/33137000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

MUMBAI: RBI on Wednesday said it has given in-principle approval to IDFC Ltd and Bandhan Financial Services to set up new banks in a country where about half of the households do not have access to formal banking services.

The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank, according to a statement

Read more at:
http://economictimes.indiatimes.com/articleshow/33137000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

MUMBAI: RBI on Wednesday said it has given in-principle approval to IDFC Ltd and Bandhan Financial Services to set up new banks in a country where about half of the households do not have access to formal banking services.

The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank, according to a statement

Read more at:
http://economictimes.indiatimes.com/articleshow/33137000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

No penalty for bank balance below minimum limit: RBI to banks

 

 

 

 

 

MUMBAI: Customers may soon be spared penalties for non-maintenance of minimum balances in savings accounts with the Reserve Bank India asking banks to cut down services on low-balance accounts and do away with fines. Banks however say the new regime will lead to higher charges on services for customers. 

In its first bi-monthly policy on Tuesday, RBI said that it proposes to frame comprehensive consumer protection regulations based on domestic experience and global best practices. "Banks should not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to basic savings bank deposit accounts and restore the services when the balances improve to the minimum required level," RBI said. 

Many account holders who maintained dormant accounts, which were short of the Rs 10,000 insisted on by most private banks, found that their balances had vanished as the bank had deducted a penalty every quarter for not maintaining adequate balance.

Basic savings bank deposit accounts are those that have to be mandatory offered by banks without any minimum balance requirement. However, they can be used only for deposit and withdrawal of cash or receipt of money. There are no other services such as cheque books. 

Banks however say that new norms will hit customers as the sum of all charges for individual services for they avail will be higher than the penalty. "The consumer will end up paying more. On the minimum balance of Rs 10,000 we earn only Rs 400 against which we provide ATM transactions, statement and cheque book. The break-even for providing these services is minimum balance of Rs 30,000. The alternative is that we have to charge for these services as against the Rs 400 we earn on minimum balance and the customer may end up paying more than the penalty if he regularly uses cheques and other services," said Aditya Puri, MD, HDFC Bank. He added that this was not yet a directive and IBA has to get back to RBI with the viewpoint of banks that the customer may actually suffer," said Puri. 

"The direction is very clear. You create a set of accounts where you do not charge for not maintaining minimum balance but you will be entitled to only limited services. If you want more you will probably have to pay for it," said KR Kamath, chairman, Punjab National Bank and also head of the Indian Banks Association. RBI also said that in the interest of their consumers, banks should consider allowing their borrowers the possibility of prepaying floating rate term loans without any penalty. It has also asked banks to limit the liability of customers in electronic banking transactions in cases where banks are not able to prove customer negligence.

Source : http://timesofindia.indiatimes.com/

To fix timeline for redressal of grievances

To view Department of Pension and Pensioners' Welfare memo No. 15/18/2014-P&PW (C) dated 28th March 2014, please CLICK HERE. 

FAQs on Children Education Allowance

No.1-11020/1/2014-EStt.(AL)
Government of India/Bharat Sarkar
Ministry of Personnel, Public Grievances and Pensions
Department of Personnel & Training

 

Date : 1/4/2014

 

The following FAQs supplement the FAQs in respect of Estt.(Allowances) Section already placed in public domain vide F. No.21011/08/2013-Estt.(AL)Establishment Allowances Section Children Education Allowance Scheme(CEA)

1.Whether the examination fees as charged by the school is reimbursable?

“Examination fee” has been included as part of reimbursable items as indicated in para 1(e) of O.M. dated 2nd September, 2008, subject to the fulfillment of other existing conditions vide) OM No.12011/01/2012-Estt.(AL) dated 31-07-2013. The said orders do not have a retrospective effect.
 

2. Whether reimbursement of amount of fee paid during 1at and 2nd quarter could be claimed in 3rd or 4th quarter, without the fee receipts of the 3rd and 4th quarter?

No. As it is reimbursement for the whole year, original receipts for the fee paid for the 3rd / 4th quarter has to be submitted to ensure that the child has notdropped out of the school in the mid-session. O.M. No.12011/01/2013-Estt. Allowances dated 23.04.2013 refers.

 

3. Whether a Government servant is required to give a certificate that the spouse, if earning, has not claimed CEA?

Yes. In terms of O.M. No.12011/01/2013-Estt.(Allowances) dated 23.04.2013, the claimant Government servant is required to furnish an undertaking that reimbursement of CEA has not been claimed in respect of the child by the spouse of the claimant.