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Union of India - Section

Section 7 in National Savings Certificates (VIII Issue) Scheme, 2019

7. Premature closure of account.

(1)The account shall not be closed before maturity except in the following cases, namely:-
(a)on the death of the account holder in a single account, or any or all the account holders in a joint account;
(b)on forfeiture by a pledgee being a Gazetted Officer, when the pledge is in conformity with this Scheme;
(c)when ordered by a court.
(2)Where an account is prematurely closed under sub-paragraph (1) before the expiry of one year from the date of deposit, only principal amount shall be payable.
(3)If the account is prematurely closed under sub-paragraph (1) after the expiry of one year but before the expiry of three years from the date of deposit, the premature closure shall be allowed and on such premature closure of the account interest on principal amount at the rate applicable to the Post Office Savings Account from time to time for the complete months for which the account has been held, shall be payable.
(4)If an account is prematurely closed under sub-paragraph (1) after the expiry of three years from the date of the opening, the amount payable, inclusive of interest accrued under paragraph 5 for a deposit of one thousand rupees and at a proportionate rate for other amounts of deposits, shall be as specified in the table below:-TABLE(Table showing premature closure value of account opened on or after date of notification with 1000 rupees)
Period from the date of the account to thedate of its pre-mature closure Amount payable inclusive of interest (Rupees)
(1) (2)
Three years or more, but less than three yearsand six months 1221.61
Three years and six months or more, but lessthan four years 1263.05
Four years or more, but less than four years andsix months 1305.90
Four years and six months or more, but less thanfive years 1350.20