| 1. Who can invest? |
I. A single adult
II. Two adults jointly, the amount due on the account
being payable.
- to both jointly or survivor
- to either of them or survivor
III. A guardian on behalf of a minor or a person of
unsound mind.
IV. A minor who has attained the age of ten years in his
own name.
|
| 2. How much to invest ? |
Minimum Rs. 10/- and there after multiples of Rs. 5/-
without limit.
|
| 3. Where to Invest ? |
In any Head post office/Sub post office |
| 4. Rate of Interest |
7.5% quaterly compounded |
| 5. Duration |
Five years |
| 6. Deposits |
- The deposit made at the time of opening of the account shall be the denomination of the account.
- Subsequent monthly deposit shall be made before the end of the calendar month and shall be equal to the first deposit.
|
| 7. Withdrawls |
- Premature withdrawls after 3 years from the date of opening of the account.
- 50% of the deposits made in the account may be allowed as loan after the account has been in operation for at least one year.
|
| 8. Rebate on advance deposits |
(I). Deposits :-
Six or more but not exceeding eleven deposits made in a
calender month.
Rebate :-
Rs. 10/- for an account of Rs. 100/- denomination
(II). Deposits :-
Twelve or more deposits made in a calender month.
Rebate :-
Rs. 40/- for every twelve deposits of Rs. 100/-
denomination
|
| 9. Nomination facility |
Available |
10. Extension of accounts
after maturity period |
Continue account may be for a further period of five years and make monthly deposits during such extended period. |
11. Retention of amount of
repayment beyond maturity
period. |
The Depositor may at his option. continue the account and retain in it the amount of repayment due for a further period upto maximum of five years without making any fresh deposits. |
| 12. IncomeTax benefits |
No Tax deduction at source. |
