|
Interest
Rates
Maturity value from time to time (for denomination of
Rs.10/):
| Period during
which opened
|
Amount
repayable for an account of Rs. 10/- denomination
|
| From
|
To
|
| 01.10.1991 |
01.09.1993 |
856.40
|
| 02.09.1993 |
31.12.1998 |
833.40
|
| 01.01.1999 |
14.01.2000 |
811.15
|
| 15.01.2000 |
28.02.2001 |
789.60
|
| 01.03.2001 |
28.02.2002 |
758.53
|
| 01.03.2002 |
28.02.2003 |
748.49
|
| 01.03.2003 |
onwards |
728.90
|
Features
Minimum amount of Deposit is Rs.10. and in multiples of Rs.5.
No maximum limit. Deposit should be made every month within
the same calendar month.
Default fee is chargeable for
delayed deposit at 0.20 P.
per month of delay, for Rs.10 Dn.
Maximum
defaults allowed in an account is four (4). After four defaults the
account is treated as
‘discontinued’. Discontinued account can be
revived by paying defaulted deposits, within two
months
fromthe fifth default.
If it is not so revived, the account cannot be
continued.
For advance deposits, including deposit for
current month, rebate
is allowed
at the rate:
Denomination Rs.10.
6 advance deposits…….Re.1/-
12 advance
deposits:
4/-
Premature closure is permitted on completion
of 3 years from the date
of opening. Interest is to
be
calculated
as per the rules and rate applicable to individual savings account.
at the rate applicable to
savings account from time to time is calculated and
paid.
One
withdrawal is permitted from the
account on completion of one year from the date of opening,
on
the conditions that:
i.
At least 12 deposits should have been made
ii.
Account should not have been discontinued one.
iii.
Amount not exceeding 50% of the balance.
iv.
Withdrawal may be repaid in one lump or in equal monthly
installments.
v.
Interest is charged at
15%.
After
maturity of the account, it can be continued for a further period of
5 years with or without further
deposits.
During this extended period, the account can be closed at any
time. Post maturity interest is
paid with reference to
table.
Under
the protected savings scheme , on the
death of depositor before maturity of the account,
the
legal
heir is entitled to get full
maturity value, i.e., not more than the maturity value of
Rs.50
denomination. The
following conditions should be fulfilled for the PSS:
i.
Age of the
depositor at the time of opening should be between 18 and 53
ii. Benefit limited to the
maturity value of Rs.50 denomination
iii. Account should not have been
discontinued as on the date of death
iv. At least two years should
have been completed
v. At least 24 deposits
should have been made.
vi. For the
first 24 months no default should be outstanding.
vii. No withdrawal should have been
taken during the first
24 months.
Interest
earned is exempted as per Section 80L of
Income Tax Act.
| 