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Savings Deposit Program assists deployed service members - Defense Finance and Accounting Service - www.dfas.mil - Brief Article
All Hands, April, 2004
Deployed uniformed service members have the chance to earn a guaranteed 10 percent interest on their savings annually.
Defense Finance and Accounting Service (DFAS), in accordance with DOD, began the Savings Deposit Program in August 1990 for members who were serving in the Persian Gulf Conflict. The Act progressively changed to include troops assigned to areas of Iraqi Freedom service members assigned to a combat zone or in direct support of a combat zone.
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"A service member can contribute up to $10,000, but interest of 10 percent will not accrue after that amount," said Roger Castillo, program director for the Savings Deposit Program. "A member can participate in the program if they are serving outside the United States or its possessions in support of Operation Enduring Freedom, and has served at least 30 consecutive days in an area that has been designated as a combat zone or in direct support of a combat zone. Also, members serving on permanent duty assignment out side the United States or its possessions in support of contingency operations and serving on active duty in the designated area for more than 30 days."
To make a deposit into the fund, troops are asked to contact their financial office. Withdrawing the money before leaving the combat zone is not authorized, unless there is an emergency. The last day to make a deposit into the fund is the date of departure from the assignment. But interest will accrue for up to 90 days after return from deployment.
"This is a great opportunity for service members to accrue at a higher interest rate than at an average interest rate of 2 or 3 percent," said Patrick T. Shine, acting director of DFAS. "We are always taking the extra step to assist our troops and their families in any way possible, especially while members are deployed."
DFAS will post the savings deposit balance of active-component members to their Leave and Earnings Statement.
For more about DFAS visit www.dfas.mil.
Story courtesy of DFAS.
COPYRIGHT 2004 U.S. Navy
COPYRIGHT 2004 Gale Group
