India Post Not To Charge Late Fee For Recurring Deposit Holders In May

The decision was taken keeping in view that that movement was restricted during the lockdown

India Post Not To Charge Late Fee For Recurring Deposit Holders In May

Late fee on recurring deposit under India Post have been waived for May

The India Post will not charge any late payment fees from the Recurring Deposit (RD) holders till end of June in view of the COVID-19 lockdown situation, an official said. Considering that the movement is restricted during the nationwide lockdown, the Department of Posts has announced that RD account holders may deposit the installment of May till June 30 and there would not be any "revival fee", the official said. The same will be also applicable to advance deposit of installments to get the benefit of rebate.

"Subscribers of RD account who could not deposit the advance installments to get the benefit of rebate during the lockdown period may deposit the same by June 30. The rebate admissible as per the scheme provisions will be available at the time of deposit," a statement from the Chief Postmaster
General (West Bengal) Circle said.

It further said that if the account is to be extended as per extant rule, the same shall be done by the depositor till June 30, submitting the pending monthly installments.

"In such case, no default fee shall be charged for the period of March, April and May 2020, it added.