Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Entire Act]

Union of India - Section

Section 10 in National Savings Recurring Deposit Scheme, 2019

10. Accounts continued beyond maturity period.

(1)Notwithstanding anything contained in the foregoing paragraphs, if sixty monthly deposits have been made in an account during its maturity period or maturity period as extended under sub-paragraph (1) of paragraph 6, the account holder may, at his option, continue the account, by making an application in Form-4, for a further period of upto a maximum of five years and make monthly deposits which shall be equal to the first deposit, during such further period and the provisions of paragraphs 6 and 7 shall be applicable to such deposits.
(2)An account continued under sub-paragraph (1) may at any time be closed by the account holder, and on such closure he shall be entitled to receive repayment of the amount, inclusive of interest, as follows:-
(a)If the account is closed after being continued under sub-paragraph (1) for a completed number of years, the account holder shall be entitled to receive the amount inclusive of interest as specified in table-1 below:-
Table 1(Amount inclusive of interest repayable on the accounts opened on or after the publication of this scheme and continued with monthly deposits beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 10.)
Number of completed years for which theaccount continued Amount (Rupees) repayable on an account of100 rupees denomination
One year 9013.82
Two years 10928.10
Three years 12983.98
Four years 15191.92
Five years 17563.19
Amount repayable inclusive of interest on anaccount of any other denomination shall be proportionate to theamount specified in the table.
(b)If the account is closed after being continued under sub-paragraph(1) for a period of less than one year, the account holder shall be entitled to receive the amount as specified under sub-paragraph (1) of paragraph 9 together with;
(i)interest on such amount for the complete months for which the account was continued; and
(ii)the amount of deposits made by him during the period for which the account was continued;
(c)If the account is closed after being continued under sub-paragraph (1) for completed number of years not exceeding four and for a part of a year thereafter, the account holder shall be entitled to receive,-
(i)the amount under clause (a) of sub-paragraph 2;
(ii)interest on such amount for the complete months in the partial year; and
(iii)the amount of deposits made by him during the partial year;
(d)The interest referred in clause (b) and clause (c) shall be calculated at the rate applicable, from time to time, to the Post Office Savings Account.