These post office RD investors to get refund of default fee

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The Department of Posts (DoP) has stated that recurring deposit (RD) investors will get a refund of the excess default fee that they had to pay as a result of a system failure. “This action was taken in response to the problems that the RD depositors and MPKBY Agents faced as a result of the CBS Finacle system’s failure on the last few working days of August 2022,” stated the Department of Post in a notification issued on August 31, 2022.

This is what the department stated regarding who will get the refund and what about, according to the August 31 notification:

“The default fee for the month of August 2022 and the excess default fee collected for the previous months shall be refunded in respect of those accounts opened during the period from sixteenth day and the last working day of a calendar month as follows.

(i). Refund of default fee to the RD depositors whose accounts are operated through MPKBY agents shall be done centrally by CEPT, Chennai. The default fee collected on 01.09.2022 and 02.09.2022 shall be refunded and credited into the MPKBY Agents’ commission credit savings account concerned.

(ii) Agents in turn should return the default fee, if collected from the depositors, to the depositors. They will submit a declaration to this effect to the post office while submitting their schedules for the next cycle.

(iii). In respect of individual depositors, Circles shall refund the default fee subject to the conditions stated in para (i) above.

(iv). If any account becomes discontinued account due to system failure and if any grievance / representation is received from the depositors, Circles may take action to restore the account to live status by removing freeze.

Post offices are required to collect deposits in accordance with current regulations since it has been decided to refund the default fee that was collected as a result of system failure as stated, the department instructed.

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