Who can deposit: The deposit scheme is open to individuals. The Karta of a Hindu Undivided Family (HUF) can open in his capacity as Karta. The deposit can be in the single name of the depositor or in joint names of two adults or jointly in the name of an adult with a minor (only two joint account holders are permitted) payable to either or survivor. In the case of deposits in the joint names, the tax benefit can be claimed by the first named depositor.
How much deposit can be accepted: A maximum of Rs. 1,50,000 is accepted under the scheme from one individual / under one deposit account in year (Year means one year from 1st April to 31st March). The minimum amount that can be accepted is Rs.10,000.