Interest Rates
Interest payable annually but calculated on quarterly basis (with
effect from
01.12.2011)
|
Duration of
Deposit |
Rates of interest |
|
1 year |
7.70 % |
|
2 years |
7.80 % |
|
3 years |
8.00 % |
|
5 years |
8.30 % |
Investment
Limits & Denominations
Minimum Rs. 200/- and it's multiples.
No maximum limit.
Features
Account may be opened by an individual, Trust, Regimental Fund and
Welfare Fund.
2, 3 and 5 year accounts can be closed after one year at a
discount of 1%
of the applicable interest rate
Account can be closed after 6 months but before 1 year with
interest at the rate of 4%.
Tax
Rebate
The amount of interest earned is tax free under Section 80-L of
Income Tax Act.
The investment
under this scheme qualify for the benefit of Section 80C
of the Income Tax Act, 1961 from
1.4.2007.
|
