'Depositor' means an individual-
who has attained the age of 60 years or above on the
date of opening of an account under the provisions
of these rules, and by whom, or on whose behalf, money is
deposited in an account under these rules, or
(ii) who has attained the age of 55 years or more but less
then 60 years, and who has retired on superannuation or otherwise
on the date of opening of an account under these rules, subject
to the condition that the account is opened by such individual
with in one month of the date of receipt of the retirement
benefits.
A depositor may open the account in individual capacity or
jointly with spouse.
Deposits and withdrawals:-
There shall be only one deposit in the account in multiple
of one thousand rupees not exceeding rupees fifteen lakh.
In case who retired between 55 years or more but less then
60 years, the deposit by the depositor shall be restricted
to the retirement benefits received by them or Rupees Fifteen
Lac, which ever is lower.
No withdrawal shall be permitted under these rules before
the expiry of a period of five years from the date of opening
of an account.
The depositor may extend the account for a further period
of three years by making an application to the deposit office
within a period of one year after the maturity period of five
years.
Mode of deposit :-
The deposit under these rules may be made:
(a) in cash, if the amount of deposit is less than rupees
one lakh.
(b) by cheque or demand draft drawn in favour of the depositor
and endorsed in favour of the deposit office, or in favour
of the deposit office.
Where a deposit is made by cheque or demand draft, the date
of deposit under these rules shall be the date of encashment
of the cheque or demand draft.
Interest on deposit :-
The deposit made under these rules shall bear interest at
the rate of
nine percent per annum from the
date of deposit.
If the interest payable every quarter is not claimed by a
depositor, such interest will not earn additional interest.
Interest shall be rounded off to the nearest multiple of rupee
one and for this purpose any amount of fifty paisa or more
shall be treated as rupee one and any amount less than fifty
paisa shall be ignored.
The deposit in such account shall earn interest at the rate
applicable to the new accounts opened or to be opened under
the provisions of these rules on the date of maturity.
In case of an account which is not extended on maturity and
closed at any time
post maturity interest at the rate,
as applicable to the deposits under the Savings Account from
time to time, shall be payable on such matured deposits, upto
the end of the month preceding the month of closure of the
account.
In case of death of a depositor before maturity, the account
shall be closed and deposit refunded, along with interest
till the end of the month preceding the month in which refund
is made, to the nominee or legal heirs.
Premature closure of account:- The depositor
may be permitted to withdraw the deposit and close the account
at any time after the expiry of one year from the date of
opening of the account subject to the following conditions,
namely:-
(a) In case the account is closed after the expiry of one
year but before the expiry of two years from the date of opening
of the account, an amount equal to one and a half per cent
of the deposit shall be deducted and the balance paid to the
depositor.
(b) In case the account is closed on or after the expiry of
two years from the date of opening of the account, an amount
equal to one per cent of the deposit shall be deducted and
the balance paid to the depositor.
The depositor availing the facility of extension of account
under sub-rule (3) of rule 4, may be permitted to withdraw
the deposit and close the account at any time after the expiry
of one year from the date of extension of the account without
any deduction.
Transfer of account from one deposit office to another:- A
depositor may apply on for transfer of his account from one
deposit office to another in case of change of residence:
Provided that where the deposit is rupees one lakh or above,
a transfer fee of rupees five per lakh of deposit shall be
payable.
List
of our branches authorized under PPF –1968 & Senior Citizen
Scheme-2004
