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Features
Rate of Interest - 9% per annum.
Interest is payable on quarterly basis on
31st
March
/
30th June
/
30th September
/
31st December.
Minimum Deposit - Rs.1,000. Maximum Deposit -
Rs.15,00,000.
Maturity
Period - 5 years. Deposit can be extended to a further period of
3 years by
making an application
within a period of 1 year after the maturity of the account.
No withdrawal is permitted before the expiry of a period of five
years from the
date of opening of an account.
Premature closure is permitted
after the lockup period of 1 year:
i. After one year before 2
years, with reduction of 1.5 % from
deposit amount.
ii. After 2 years, with reduction of 1% from deposit amount.
Interest is taxable under the provisions of the Income Tax Act.
Eligibility
Any Individual who has attained the age of 60 years or above.
Any Individual who has
attained the age of 55 years or more but less than 60 years
and
who has retired under
voluntary retirement scheme, within three months of date of
retirement. A certificate from the employer indicating the
date of retirement, retirement
scheme, retirement benefits, nature and period of employment
should be submitted along
with the application for opening the account.
Non-Resident Indians and Hindu Undivided Families are not
eligible to open an
account under this scheme.
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