United States Marine Corps

Press Release
Division of Public Affairs
Headquarters, U. S. Marine Corps
Washington, D. C. 20380-1775
Telephone: 703-614-4309 DSN 224-4309 Fax 703-695-7460
Contact:

Release # 0330-04-0807
March 18, 2004

Savings Deposit Program to assist members while deployed

ARLINGTON, Va.--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 the Department of Defense implemented 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 operation outside the United States on ships or mobile units. This program includes Operation Iraqi Freedom service members assigned to a combat zone or in direct support of a combat zone.

"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 the member is 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 outside 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, however, interest will accrue 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 two or three percent," said Patrick T. Shine, acting director of DFAS. "We are always taking the extra step to assist our troops and their families in anyway possible, especially while members are deployed."

DFAS will post the savings deposit balance of active-component members to their Leave and Earnings Statement.

About DFAS
The Defense Finance and Accounting Service is the world's largest finance and accounting operation. It provides responsive, professional finance and accounting services to the men and women who defend America. In fiscal year 2003, DFAS paid about 5.9 million people, processed more than 12.3 million invoices from defense contractors, disbursed more than $416 billion and managed more than $197.4 billion in military trust funds. For more about DFAS visit http://www.dfas.mil



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