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Union of India - Section

Section 7 in National Savings Recurring Deposit Scheme, 2019

7. Advance deposits.

(1)In an account which has not become a discontinued account under paragraph 6, deposits for not less than six monthly instalments may be made in advance in any month at the option of the account holder and rebate on such deposits shall be admissible as follows:-
S.No. Number of advance deposits Rebate for an account of one hundred rupeesdenomination
(1) (2) (3)
1. Six or more deposits but not exceeding elevendeposits made in any calendar month. Ten rupees.
2 Twelve or more deposits made in any calendarmonth. Forty rupees for every twelve deposits and tenrupees for the balance, if any, of not less than six deposits.
(2)For accounts of other denominations, the amount of rebate shall be proportionate to the rates specified in sub-paragraph (1).
(3)The advance deposit of six months or more will be inclusive of the month in which the deposit is made.
(4)If advance deposits are made for a period less than six months, no rebate shall be allowed and if the advance deposits are made for a period less than twelve months, the rebate shall be allowed to the extent admissible for six monthly advance deposits only.
(5)The rebate for six monthly deposits or more made in advance may be given to the account holder irrespective of whether the amount was deposited in one lump sum in any calendar month or on different dates in any calendar month.
(6)Where deposits are made on different dates, the rebate shall be paid at the time of deposit which makes advance deposit for six or more months, as the case may be.
(7)The advance deposit may be made at the time of opening of the account or any time thereafter.
(8)The advance deposit under this paragraph may be made net of the applicable rebate.
(9)Advance deposits may be made for any period upto five years.