Section 14(3) in National Savings Recurring Deposit Scheme, 2019
(3)Simple interest at the rate of two percentage points over and above the interest rate applicable to the account of the loan shall be payable in the following manner:-(a)in the case of repayment in one lump sum, interest at the rate specified in sub-paragraph (3), shall be calculated on the amount of loan from the date of withdrawal to the date of repayment;(b)in the case of repayment in equal monthly instalments, the amount of each instalment shall be in multiples of ten rupees and the number of instalments shall not exceed the number of months remaining for maturity of the account or the post maturity period for which the account is continued under paragraph10 or paragraph 11 and the interest at the rate specified in sub-paragraph (3) shall be calculated on the amount remaining unpaid at the end of each month from the month of withdrawal of the loan, and the total amount of such interest shall be payable in lump sum alongwith the last instalment of repayment of the amount of loan or in the month following the month in which the last instalment of the loan is repaid.
