New Maturity values and Premature values of RD, NSC, KVP wef 01/04/2016 to 30/06/2016 -- SB order 01/2016

We are all aware of the fact that New interest rates have come into affect from today i.e., 01/04/2016. These interest rates will prevail up to 30/06/2016. As per the new SB Order 01/2016 it is announced that these interest rates will be reviewed and revised on quarterly basis. Have a look at the below table for the new interest rates.

The decrease in the rates may cause a slight decrease in the deposits. But the good news is RBI will decrease the Repo rate by another 25 points in its next quarterly review of interest rates. Then again post office saving rates will again be more than what banks can offer. So get ready for another huge rush at counters.

Maturity values as per new interest rates.

Let's see the new maturity values, monthly and quarterly interest amounts as per these new interest rates.

Recurring Deposit

1) Maturity value of RD account with denomination of Rs.10/-(Ten only) after 5 years will be Rs.726.97/-

2) If RD account is extended for 1 year then the maturity value will be Rs.907.17/-

3) If RD account is extended for 2 years then the maturity value will be Rs.1101.07/-

4) If RD account is extended for 3 years then the maturity value will be Rs.1309.73/-

5) If RD account is extended for 4 years then the maturity value will be Rs.1534.27/-

6) If RD account is extended for 5 years then the maturity value will be Rs. 1775.88/-

In case of RD accounts with no fresh deposits after 5 years but maintained without closing the account the maturity value will be as follows

1) After 1 year from the date of maturity, the maturity value will be 782.28/-

2) After 2 years from the date of maturity, the maturity value will be 841.79/-

3) After 3 years from the date of maturity, the maturity value will be 905.84/-

4) After 4 years from the date of maturity, the maturity value will be 974.75/-

5) After 5 years from the date of maturity, the maturity value will be 1048.91/-

Please refer to the SB order 01/2016 to view the amount payable to the nominees in case of death claims.  

  

NSC

The new maturity value of NSC certificates purchased on or after 01/04/2016 will be Rs.147.61 for denomination of Rs.100/- and at proportionate rate for other denominations.

The interest accrued for each financial on an NSC certificate is show below. 

This order also gives as a table showing the premature discharge values for NSC. Does that mean NSC can be discharged prematurely? We don't know the answer for that. But we will give you the premature closures values below.

KISAN VIKAS PATRA

The maturity period for KVP from 01/04/2016 shall be 9 years and 2 months. After this period the initial principle amount will be doubled. Premature encashment value of KVPs  shall be as follows.

Also Read: How to do transactions when Finacle is Down

Important Note

For new NSC/KVP to be issued from 01/04/2016 revised maturity value/period should be noted on old stock through rubber stamp. In no case NSC/KVP shall be issued to customers without noting the revised maturity value and periods.

You can download the actual copy  of SB order 01/2016 by clicking here.