Salient Features:
Interest rate of 8.5% per annum payable monthly w.e.f. 01.04.2012
Maturity period is 5 years.
No Bonus on Maturity w.e.f. 01.12.2011.
No tax deduction at source (TDS).
No tax rebate is applicable.
Minimum investment amount is Rs.1500/- or in multiple thereafter.
Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.
Auto credit facility of monthly interest to saving account if accounts are at the same post office.
Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
Non-Resident Indian / HUF cannot open an Account.
Facility of premature closure of account after 1 year but on or before 3 years @ 2.00% discount.
Deduction of 1% if account is closed prematurely at any time after three years.
Suitable scheme for retired employees / senior citizens and for those who need regular monthly income.
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