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 9 in National Savings Recurring Deposit Scheme, 2019

9. Repayment on maturity.

(1)An account in which sixty monthly deposits have been made during its maturity period or maturity period as extended under sub-paragraph (1) of paragraph 6, the account holder shall be paid, at the end of such period, to receive an amount, by making an application in Form-3, as specified in the table below:-
Period during which account is opened Amount (Rupees) repayable on an account of100 rupees denomination
From the date of notification 7231.38
Amount repayable inclusive of interest on anaccount of any other denomination shall be proportionate to theamount specified in the table.
(2)Where an account has become discontinued and which have not been revived during its maturity period or maturity period as extended under sub-paragraph (1) of paragraph 6, the account holder shall be entitled, on the expiry of such period, to receive an amount, inclusive of interest which shall be in the same proportion to the amount specified in Table in sub-paragraph (1).
(3)The amount payable on final closure on maturity or otherwise in the account shall be rounded off to the nearest rupee and for this purpose the amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.