|
Period |
Minimum
Amount of Deposit in a year (Rs.) |
Maximum
Amount of Deposit in a year (Rs.) |
Rate of
Interest |
|
From |
To |
|
01.04.1986 |
14.01.2000 |
100 |
60,000 |
12.0 % |
|
15.01.2000 |
28.02.2001 |
100 |
60,000 |
11.0 % |
|
01.03.2001 |
28.02.2002 |
100 |
60,000 |
9.5 % |
|
01.03.2002 |
14.11.2002 |
100 |
60,000 |
9.0 % |
|
15.11.2002 |
28.02.2003 |
500 |
70,000 |
9.0% |
|
01.03.2003 |
30.11.2011 |
500 |
70,000 |
8.0% |
|
01.12.2011 |
onwards |
500 |
1,00,000 |
8.6% |
Features
 Only one
account can be opened in the name of a person.
Twelve deposits
can be made in a financial year.
Loan is admissible from the third financial year. Loan amount is limited to
25 % of
the balance at the end of two years preceding.
Fresh loan is
not allowed when previous loan or interest thereof is outstanding.
Interest is
charged at the rate of 2% if prepaid within 36 months (1% if the
loan was
taken prior to 01.12.2011) and at 6% on
the outstanding loan after 36 months.
Withdrawal is
permissible from seventh financial year from the year of opening,
limited
to one in a financial year.
Amount of
withdrawal is limited to 50 % of balance at the end of the fourth
preceding
year less amount of outstanding loan or 50% of balance
at the end of immediate
preceding year of withdrawal less amount
of outstanding loan, if any whichever is less.
A subscriber
can close the account in the 16th financial year. The account can
also
be continued with or without subscription, for further blocks
of 5 years.
Deposits are
qualified for Income Tax rebate under section 88 of Income Tax
Act.
Deposits
completely exempted from wealth tax. Interest is completely tax
free under
section 10 of Income Tax Act.
Default fee of Rs.50 will be charged
if no deposit is made during a financial year.
|
