Eligibility

Can be invested by individuals and HUF (NRI not allowed)

A depositor may open an account individually or jointly or on behalf of minor.

Minimum and Maximum Limit

Minimum amount - Rs.1000/- & in multiples of Rs.1000/- thereof.

No Maximum limit.

Rate of Interest

7.35%

Interest is paid on semi-annually on 1^st Jan and 1^st July every year.

Tenure

7 Years

Premature Closure

Premature encashment is allowed for individual investors of age 60 years & above, after the minimum lock in period (as per the age bracket), from the date of issue as below:

• Investors of 60 to 70 years - 6 years
• Investors of 70 to 80 years - 5 years
• Investors of 80 years & above - 4 years

Also 50% of interest due and payable for the last six months of the holding period will be recovered in such cases.