Salient Features:
Interest @ 9.3% per annum from the date of deposit on quarterly basis w.e.f. 01.04.2012
Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
Maturity period is 5 years and can be extended for a further period of 3 years.
Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
The account may be opened in individual capacity or jointly with spouse.
TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.
Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.
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