Tenure of the scheme - 5 years which can be extended by 3 more years.
Rate of interest - 9 per cent per annum.
Frequency of computing interest - Quarterly.
Taxability - Interest is fully taxable.No income tax / wealth tax rebate is admissible under the scheme. The prevailing income tax provisions shall apply .The tax will be deducted at source
Investment to be in multiples of - Rs. 1000/-
Maximum investment limit - Rs. 15 lakh
Minimum eligible age for investment - 60 years (58 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
Premature withdrawal facility - Available after one year of holding but with penalty
Transferability feature - Not transferable to others
Tradability - Not tradable
Nomination facility - Nomination facility is available
Modes of holding - Accounts can be held both in single and joint holding modes. Joint holding is allowed but only with spouse
Applicability to NRI, PIO and HUFs - Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.
Transferability - Transfer of account from one deposit office to another in case of change of residence is permitted.
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