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Eligibility
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Can be invested by individuals and HUF (NRI not allowed)
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A depositor may open an account individually or jointly or on behalf of minor.
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Minimum and Maximum limit
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Minimum amount - Rs.1000/- & in multiples of Rs.1000/- thereof.
No Maximum limit.
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Rate of Interest
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7.35%
Interest is paid on semi-annually on 1st Jan and 1st July every year.
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Tenure
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7 years
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Premature Closure
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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.
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