Savings program assists deployed servicemembers Published March 18, 2004 ARLINGTON, Va. (AFPN) -- Deployed servicemembers have the chance to earn a guaranteed 10-percent interest on their savings annually.Defense Finance and Accounting Service officials implemented the Savings Deposit Program in August 1990 for servicemembers who were serving in the Persian Gulf conflict. The program progressively changed to include troops assigned to areas outside the United States, on ships, or mobile units. This program includes Operation Iraqi Freedom servicemembers assigned to a combat zone or in direct support of a combat zone."A servicemember can contribute up to $10,000, but interest of 10 percent will not accrue after that amount," said Roger Castillo, program director.A person can participate in the program if he or she is serving outside the United States or its possessions supporting 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, he said.Also, people serving on permanent duty assignments outside the United States or its possessions supporting contingency operations and serving on active duty in the designated area for more than 30 days can participate.To make a deposit into the fund, people should 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 their return from deployment."This is a great opportunity for servicemembers 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.DFAS officials will post the savings-deposit balance of active-component servicemembers to their leave and earnings statements. (Courtesy of DFAS)