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admin — Sun, 15 Jan 2012 21:24:44 +0000

THE POST OFFICE RECURRING DEPOSIT RULES 1981

[Issued vide Ministry of Finance (DEA) Notification No. F.3/15/81-NS(v) dated 17.12.1981 and further amended from time to time]

GSR 666(E) :- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules, namely :-

1. Short title and commencement :- (1) These rules may be called the Post Office Recurring Deposits Rules 1981.

2. They shall come into force on the 1^st day of April, 1982.

2. Definitions :- In these rules, unless the context otherwise requires :-

(a) ‘Accounts’ means a Recurring Deposit Account;

(b) ‘Table’ means a Table appended to these rules;

(d) words and expressions used herein and not defined but defined in the Post Office

Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules.

3. Application of the Post Office Savings Bank General Rules, 1981 :-

For matters not provided in these rules, the provisions of the Post Office Savings Bank General Rules, 1981 shall apply.

4. Persons who can open the account :-

(1) An account may be opened by :-

(a) A single adult; or

(b) two adults jointly, the amount due on the account being payable-

(i) to both jointly or survivor or (ii) to either of them or survivor, or

(d) a minor who has attained the age of ten years, in his own name.

(2) A depositor can have more than one account in his name or jointly with another.

Note 1 :- Non Resident Indians (NRIs) are not eligible to open RD account. Provided that if a resident who opened a RD account, subsequently becomes Non Resident Indian during the currency of the maturity period, may continue such account till its maturity on a non-repatriation basis.

Note 2 :- The RD account in the name of minor cannot be opened by a person other than a guardian by contravening the provision of Rule 4 (1)(c) of P.O.R.D Rules.

5. Maturity period :- Maturity period of an account shall be five years.

6. Deposits :- (1) subject to the provisions of sub rule (2) to (4) and rule 10. A depositor shall make sixty monthly deposits in an account.

(2) The amount of monthly deposit on accounts opened on a or after the 1^st day of April, 1986 shall be a multiple of five rupee, subject to minimum of ten rupees.

(3) The first monthly deposit shall be made at the time of opening the account and the amount of such deposit shall be the denomination of the account. Each subsequent monthly deposit shall be made before the end of the calendar month and shall be equal to the first deposit.

(4) Where a deposit is made by means of a cheque, payorder or demand draft, the date of its presentation to the Post Office Savings Bank shall be deemed to be the date of deposit.

7.` Defaults in deposits :- (1) If there are not more than four defaults in the monthly deposits, the depositor may at his discretion, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted instalments during the extended period.

(2) If there are more than four defaults, the account shall be treated as discontinued. Revival of the account shall be permitted only within a period of two months from the month of fifth default. Interest at the rate of ten paise for every five rupees of a defaulted instalment for each month of default shall also be paid along with such deposit in lump sum and an account in which defaulted instalments are so deposited, shall not be treated as discontinued.

8. Advance deposits : (1) In an account which has not become discontinued account under rule 7, deposits for not less than six monthly instalments may be made in advance in any calendar month at the option of the depositor and rebate on such deposits shall be admissible as follow :

Advance deposits	Rebate for an account of
	Rs. 10 denomination
(i) Six or more deposits but not	One rupee
exceeding eleven deposits made in any calendar
month.
(ii) Twelve or more deposits made in any calendar	Four rupees for every twelve deposits
month.	and one rupee for the balance, if any, of
	not less than six deposits.

(2) For accounts of other denominations, the amounts of rebate shall be proportionate to the rates specified in sub rule (1)

9. Repayment of Maturity :- (1) (a) In the case of an account in which sixty monthly deposits have been made during its maturity period or maturity period as extended under sub-rule (1) of rule 7, the depositor shall be entitled at the end of such period to receive the amount inclusive of interest.

(b) Amount repayable, inclusive of interest, on an account of any other denomination shall be proportionate to the amount specified in the Schedule.

(2) (a) Where an account has become discontinued or where the defaults in monthly deposit in an account have not been rectified during its maturity period or maturity period as extended under sub rule (1) of rule 7, the depositor 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 .

9 A Premature Closure :- The holder of an account may prematurely close the account after three years from the date of opening of the account provided that interest at the rate applicable from time to time to post office savings account shall be payable on such premature closure of account. However, no premature closure of account is permissible until the period for which the advanced deposits made under rule 8 is over.

10. Accounts continued beyond maturity period :- (1) Notwithstanding anything contained in the forgoing rules, if sixty monthly deposits have been made in an account during its maturity period or maturity period as extended under sub-rule (1) of the rule 7, the depositor may, at his option, continue the account for a further period up to maximum of five years and make monthly

deposits during such further period. Each such monthly deposit shall be equal to the first deposit in the account. The provision of rules 7 and 8 shall be applicable to such deposits also.

(2) An account continued under sub-rule (1) may, at any time, be closed by the depositor and on such closure he shall be entitled to receive repayment of the amount, inclusive of interest as follows :

(a) If the account is closed after being continued under sub-rule (1) for a completed number of years, the depositor shall be entitled to received the amount.

(b) If the account is closed after being continued under sub rule(1) for a period of less than one year, the depositor shall be entitled to receive the amount as specified under sub rule (1) of rule 9 together with (i) interest on such amount for the complete months for which the account was continued and (ii) the amount of deposits made by him during the period for which the account was continued and (ii) the amount of deposits made by him during the period for which the account was continued.

(c) If the account is closed after being continued under sub-rule (1) for a completed number of years not exceeding 4 and for a part of a year thereafter, the depositor shall be entitled to receive (i) the amount as specified in table 1,2,11,13,17, 20,22, 26,29,32,35,38 or 41 as the case may be relevant to the completed number of years

(ii) interest on such amount for the complete months in the partial years, and (iii)_ the amount of deposits made by him during the partial year.

(d) The interest referred to in a clause (b) and (c) shall be calculated at the rate applicable, from time to time, to savings accounts of the type of single or joint account.

11. Retention of amount repayment beyond maturity period :-

(1) Notwithstanding anything contained in the foregoing rules, if sixty monthly deposits have been made in an account during its maturity period or maturity period as extended under sub-rule (1) of rule 7, the depositor may at his option continue the account and retain in it the amount of repayment due under sub-rule (1) of rule 9 for a further period up to a maximum of five years without making any fresh deposits during such further period.

(2) On closure of the account at the expiry of the further period referred to in sub-rule (1), the depositor shall be entitled to received repayment as follows

a) If the further period is less than	The amount due under sub-rule (1) of rule 9
one year	together with interest on such amount for the
	complete months in the further period.
b) If the further period consists of	The amount specified in Table
completed years only.	3.4.,12,14,18,21,23,27,30,33,36,39
	or 42 as the case may be.
c) If the further period consists of completed	The amount specified in Table 3.4
years not exceeding four and part of the	12,14,18,21,23,27,30,33,36,39 or 42 as the case
year thereafter.	may be, relevant to the number of completed
	years together with interest on such amount for
	the complete months in the partial year.

3) The interest specified in clauses (a) and (c) of sub-rule (2) shall be calculated at the rate applicable from time to time to savings accounts of the type of single or joint account.

12. Repayment on death of a depositor (1) Subject to sub-rule (2), on the death of the depositor in a single account or of both the depositors in a joint account, no further deposits shall

be made in the account and the procedure specified in rule 13 of the Post Office Savings Bank General Rules, (1981) shall apply. For the purpose of such procedure, the amount due for repayment on the account shall be as follows :-

a) If sixty monthly deposits have bee made The amount specified in sub-rule (1) of rule 9 and the account has not been continued

under sub-rule (1) of rule 10 or rule 11

b) If less than sixty monthly deposits have

been made in the account; and

i) If the nominee or legal heir desires to receive the amount due on the Expiry of maturity period or extended

period under sub rule (1) of rule 7; or

ii) If the nominee or legal heir desires to receive the amount due at any time earlier than under (1) above.

c) If the account has been continued Under sub-rule (1) of rule 10 or rule 11

The amount specified in sub-rule (2) of rule 9, subject to the provisions of rule 13.

The amount specified in Table 5, 6, 7,8,9, 10,15,16,19,24,25,28,31,34, 37,40 or 43

as the case may be subject to the provisions of rule 13

The amount specified in sub-rule(2) of rule 10 or rule 11, as the case may be.

2) Notwithstanding anything contained in sub-rule (1) if there are only one or two surviving nominees or legal heirs, he or they may continue the account and receive repayment of the amount inclusive of interest, in the manner provided for in these rules, as if the account had been opened by him or them.

3) On the death of a depositor in a joint account, the surviving depositor shall be treated as the sole owner of the account and he may deal with in my manner provided for in these rules, as if he had opened the account in his name. If less than sixty monthly deposits have been paid into the account, he shall also have the option to close the account immediately and receive the amount specified in Table 5,6,8,9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40 or 43 as the case may be.

4) On the death of the guardian of minor or lunatic depositor, the new guardian may close the account and claim the amount as specified in sub-rule (1) or (2) of rule 9 or sub rule

(2) of rule 10 or sub rule (2) of rule 11 or Table 5, 6, 7, 8, 9, 10, 15, 16, 19, 24, 25, 28, 31, 34, 37, 40 or 43, as the case may be, if the same is required in the interest of such depositor.

13. Repayment of full maturity value on the death of the depositor in certain cases (Protected Savings Scheme) (1) Where the depositor in a single account or the surviving depositor in a joint account dies during the maturity period of an account or its extension under sub-rule (1) rule 7, the legal heir or nominee, as the case may be of such depositor shall be entitled to receive the amount specified in sub-rule (1) of rule 9 as if the depositor had paid all the sixty monthly deposits subject to the following conditions namely :

i) The payment of full maturity value under this rule shall be restricted to the maturity value of an account of denomination of fifty rupees.

ii) The account has not become a discontinued account.

iv) The period from the date of opening the account to the date of death of the depositor or surviving depositor, as the case may be, is not less than two years.

iv) The age of the depositor or depositors, as the case may be, at the time of opening the account is not less than 18 years and not more than 53 years. At the time of opening the

account or thereafter, every depositor shall give a declaration in writing to the Post Office Savings bank indicating his age at the time of opening the account. Where such declaration has not been given by the depositor or depositors, the claimant shall furnish a certified copy of the School Leaving Certificate of the deceased depositor or a declaration on a plain paper as to the age of deceased depositor at the time of the opening the account duly attested by a Gazetted Officer or a Magistrate (including Honorary Magistrate) or a member of Parliament or of a Legislature (including the Metropolitan Council for Delhi) or a Panchayat President or Pramukh.

v) The first twenty-four monthly deposit have been made without default.

14) Withdrawal :- (I) Subject to the provisions of sub rules (2) to (7), where an account has not become a discontinued account under sub rule (2) of Rule 7, one withdrawal not exceeding fifty percent of the deposits made in the account may be allowed after the account has been in operation for at least one year and twelve monthly deposit have been made in the account.

2) The amount of such withdrawal shall be multiple of five rupees. It may be repaid at any time during the currency of the account, in one lump sum or a in equal monthly instalments

3) Simple interest at the rate specified below shall be payable by the depositor :

a) For withdrawal made during the Period from 1^st April, 1993 to 31^st December, 2004.

b) For withdrawal made on or after 1^st January, 2005.

- 15 per cent per annum.

-2 per cent over and above the interest rate applicable to the deposits made for a period

of five years under the POTD Rules, 1981, on the date of withdrawal. [7.5+2 =9.5% p.a)

4) In the case of repayment in one lump sum, interest at the rate specified in sub rule (3) shall be calculated on the amount of withdrawal for full calendar months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid. If the repayment with interest is made on or before the 10^th of a month, no interest shall be payable for that month.

5) In the case of repayment in equal monthly instalments the amount of each instalment shall be be multiple of five 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 rule 10 or 11. The interest at the rate specified in sub-rule (3) shall be calculated on the amount remaining unpaid at the end of each month from the month of withdrawal and the total amount of such interest shall be payable in lump sum alongwith the last instalment of repayment of the amount withdrawn or in the month next following the month in which the last instalement of the amount withdrawn is repaid.

6) During the maturity period of an account or its extension under sub-rule (1) of rule 7 or sub-rule (1) of rule 10, the monthly instalment of repayment of withdrawal, if any, shall be payable alongwith the monthly deposits. If an account is continued beyond the maturity period without any fresh deposits under sub-rule (1) of rule 11, monthly instalment of repayment of withdrawal, if any, may be paid during the period of such continuance.

7) Where, for any reason, the amount of withdrawal or a part thereof has not been re-paid or the interest thereon has not been paid by the depositor before the closure of the account, any outstanding amount due from him in this behalf shall be recovered from the amount payable to him or to his nominee or legal heir, as the case may be, on the closure of the account.

14A Mode of payments :- All transactions of recoveries, withdrawals , repayments, etc. under these rules shall be rounded off to the nearest rupee and for this purpose any amount of 50- paise or more shall be treated as one rupee and any amount less than 50 paise shall be ignore.

(15) Procedure on the minor attaining majority : (1)_ A minor on whose behalf an account has been opened may on his attaining majority :

a) continue the account for full maturity period or maturity period as extended under sub-rule (1) or rule 7 or for a further period under rule 10 or rule 11, as the case maybe; or

b) if he does not continue the account any longer, claim proportionate amount as specified in sub-rule (2) or rule 9 on expiry of maturity period, or the amount due under suble-rule (2) of rule 10 or sub-rule (2) of rule 11, as the case may be.

2) For purpose of clause (a) of sub-rule (1) the ex-minor shall give a declaration as follows :

“ I hereby declare that the post office savings Bank General Rules, 1981 and the Post Office Recurring Deposits rules 1981 have been read by/to me and that I accept the said rules and all such amendments thereto as may be issued from time to time as binding on me. ”

16. Repeal and Saving : (1) The Post Office (Recurring Deposits) Rules 1970 are hereby repealed.

2) Notwithstanding such repeal, anything done or any action taken under the rules so repealed shall be deemed to have been done or taken under the corresponding provisions of these rules or the Post Office Savings Bank General Rules, 1981

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admin — Wed, 11 Jan 2012 21:22:07 +0000

Interest payable annually but calculated on quarterly basis (w.e.f.01.03.2003)

Account	Rates of interest
1 year Account	6.25 %
2 year Account	6.5 %
3 year Account	7.25 %
5 year Account	7.5 %

Who can Open ?

Account may be opened by an individual, i.e., Single, Joint A/B (not more than two adults) Trust, Regimental Fund and Welfare Fund.

Interest is calculated on compounded quarterly basis and payable annually. The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Investment Limits & Denominations

Minimum Rs. 50/- and it's multiples.
No maximum limit.

Features and Tax Rebate

Account may be opened by an individual, Trust, Regimental Fund and Welfare Fund.
2, 3 and 5 year accounts can be closed after one year at a discount.
Account can be closed after 6 months but before 1 year without interest.
The amount of interest earned is tax free under Section 80-L of Income Tax Act.

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admin — Sat, 18 Sep 2010 19:25:39 +0000

Public Provident Fund (PPF) is the Best Tax saving as well as Investment Scheme sponsored by the government of India. PPF is the scheme for every kind of Investor. In fact, PPF has several advantages. This Article is all about the Detailed Description of PPF, its Pros & Cons and How to Invest in PPF.

Key Features of PPF -

The Public Provident Fund Scheme is a statutory scheme of the Central
Government of India.
The Scheme is for 15 years.
The rate of interest is 8% compounded annually.
The minimum deposit is 500/- and maximum is Rs. 70,000/- in a financial year.
One deposit with a minimum amount of Rs.500/- is mandatory in each financial year.
The deposit can be in lumpsum or in convenient installments, not more than 12 Installments in a year or two installments in a month subject to total deposit of Rs.70,000/-.
It is not necessary to make a deposit in every month of the year. The amount of deposit can be varied to suit the convenience of the account holders.
The account in which deposits are not made for any reasons is treated as discontinued account and such account can not be closed before maturity.
The discontinued account can be activated by payment of minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.
Account can be opened by an individual or a minor through the guardian.
Joint account is not permissible.
Those who are contributing to GPF Fund or EDF account can also open a PPF account.
A Power of attorney holder can neither open or operate a PPF account.
The grand father/mother cannot open a PPF behalf of their minor
grand son/daughter.
The deposits shall be in multiple of Rs.5/- subject to minimum amount of Rs.500/-.
The deposit in a minor account is clubbed with the deposit of the account of the Guardian for the limit of Rs.70,000/-.
No age is prescribed for opening a PPF account.
Interest is not contractual but rate is notified by Ministry of Finance, Govt. of India, at the end of each year.
The facility of first withdrawal in the 7th year of the account subject to a limit of 50% of the amount at credit preceding three year balance. Thereafter one Withdrawal in every year is permissible.
Pre-mature closure of a PPF Account is not permissible except in case of death.
Nominee/legal heir of PPF Account holder on death of the account holder can not continue the account, but account had to be closed.
The account holder has an option to extend the PPF account for any period in a block of 5 years on each time.
The account holder can retain the account after maturity for any period without making any further deposits. The balance in the account will continue to earn interest at normal rate as admissible on PPF account till the account is closed.
One withdrawal in each financial year is also admissible in such account.
The PPF scheme is operated through Post Office and Nationalized banks.
PPF account can be opened either in Post Office or in a Bank.
Account is transferable from one Post office to another and from Post office to Bank and from Bank to Post office.
Account is transferable from one Bank to another bank as well as within the bank to any branch.
Deposits in PPF qualify for rebate under section 80-C of Income Tax Act.
The interest on deposits is totally tax free.
Deposits are exempt from wealth tax.
The balance amount in PPF in PPF account is not subject to attachment under any order or decree of court in respect of any debt or liability.
Nomination facility available.
Best for long term investment.

Pros & Cons of PPF -

The advantages of the Public Provident Fund – PPF (Pros)

- Lowest Risk than any other Government or private sector schemes in India

- Tax Benefits – You are eligible for 20% tax rebate. The Maximum you can invest is Rs.20,000.

- Great Returns – 8% Compounded Annually

- No Tax on Interest Earned – This is perhaps the great feature. Unlike other Schemes, the Tax on Interest earned from PPF is NIL,

- Flexibility of Investment – You can invest from Min. Rs.500 per annum to Maximum Rs.70,000 per Annum by this Scheme.

- Exempt from All Wealth Tax – The Corpus accumulated under PPF is exempt from all types of Wealth Taxes.

The Disadvantages of the Public Provident Fund – PPF (Cons)

- The Interest rate keeps changing – The main problem with PPF is that, the interest rate keeps changing according to the government policy. Once upon a time (In 80s), the interest rate from PPF was as high as 17% per annum. The Government has gradually reduced the interest rate to 12%, 10%, 9.5% and today it is 8% only.

- Long Lock-in Period – The Long lock-in period of 15 years is another disadvantage. Because if one have to put aside money fro 15 Full years than why to go for Fixed return Instruments? Instead of that why not go for Equity because in the long run (More than 10 years), the risk from equity becomes almost ZERO.

- Lack of Liquidity -

Your money is stuck for years on end. It is not as easy as selling some shares or mutual fund units.
How to make this work for you: Take a loan from the third year of opening your account to the sixth year. So if the account is opened during the financial year 1997-98, the first loan can be taken during financial year 1999-2000 (the financial year is from April 1 to March 31).

The loan amount will be up to a maximum of 25% of the balance in your account at the end of the first financial year. In this case, it will be March 31, 1998.
If you repay the loan in 36 months, interest will be charged at 12% pa. Otherwise, interest will be charged on the outstanding sum at 6% per month. You can obtain a second loan before the end of the sixth financial year if the first one is fully repaid.

You can make a partial withdrawal only after five financial years are completed from the end of the year in which the initial subscription was made. So, in effect, it works out from the seventh year onwards.

The amount of withdrawal is limited to 50% of the balance in your account at the end of the fourth year immediately preceding the year in which the amount is to be withdrawn; or at the end of the preceding year, whichever is lower.

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admin — Tue, 09 Mar 2010 14:55:00 +0000

Is the benefit of Tax Deduction under section 88 of the Income Tax Act available to a spouse when he or she contributes to the Public Provident Fund account maintained by the other ?

Permissible ! The benefit under Section 88 is admissible to both, a husband contributing to the wife's account and the wife contributing to the husband's account. However, there is one condition, the contributions should be made out of the contributor's taxable income.

If one wishes to continue a PPF account after the completion of a 15 years tenure, is it better to go for extension in blocks of five years or should one start a fresh account after closing the previous one ?

If you close the account and open another fresh PPF account , you have access to 100% of your account balance, while extending the same account for a block of five years give you access to only 60% of your account balance at that time. This means that a large amount of money gets blocked for five years. Starting a fresh account gives you the opportunity to decide the amount you want to invest with the entire maturity amount at your disposal. This is an important factor keeping in mind the recent interest rate cut.

For how many years can a PPF account be extended after the initial 15 years of operating a PPF account ?

After the PPF account has been in operation for 15 years, it can be extended for a duration of five years at a time. There is no limit, extensions can be taken any number of times.

What is the procedure for transfer of a PPF account from one branch of a bank to another branch, or one post office to another post office ?

Simple ! PPF Account Transfers Forms are available with the postmaster, fill up the form and submit for transfer.

What is the procedure for transfer of a PPF account from a Bank to a post office ?

The State Bank of India/its subsidiary will issue an "Account Payee Cheque" or a Demand Draft for an outstation transfer. The "Account Payee Cheque" will be in favour of the transferee Head Post Office along with a certified copy of the ledger and all other related records in original like -

application for opening the account
application form
signature cards and
nomination forms.

The cheque/draft will be drawn by designation and will indicate that it relates to PPF Account No……….. On receipt of the PPF account on transfer with the cheque or draft from the bank, the account will be opened at the transferee Head Post Office like any other new account is opened. The transaction will not be included in the credit transfer journal but will be entered in the list of transactions like other new accounts opened by cash.

Can the PPF account be attached ?

Yes, the PPF account can be attached by the Income Tax and Estate Duty authorities. The PPF act only gives the account holder immunity against attachment under a decree / order of a court of law.

Can I open an account in the name of a minor ?

Certainly. Under the Public Provident Fund Scheme, an individual may open one Public Provident Fund account on behalf of a minor child of whom he is the guardian. It may be reiterated that only one account may be opened in one name. Thus, if a guardian opens an account on behalf of a minor child, another guardian cannot open an account on behalf of the same minor child.

What is the rate of interest in a PPF account ?

The interest rate in a PPF account for the year 2001-2002 is 9.5%.

In the event of the death of a guardian, in relation to a minor, should the PPF account in the name of the minor be closed and a new account opened ?

In such a case, the minor is treated as subscriber. The amount in his/her account does not become payable on the death of the guardian. Under Section 8 of the PPF Act it becomes payable only on death of the subscriber. In case of death of guardian the account of minor remains operative and a new account need not be opened. The surviving natural guardian or a guardian appointed by a competent court may continue the account of minor after producing the necessary guardianship certificate.

In the event of the death of the minor subscriber is the balance in the account payable to the guardian ?

No, the guardian is not entitled to the payment of the balance. The balance in such cases is payable to the legal heirs of the minor, in accordance with Section 8 of Public Provident Fund Act and para 12(6)(ii) of the Public Provident Fund Scheme.

Is there any fee for cancellation or variation of nomination the way it is charged in a savings accounts ?

No, don't worry there isn't. Rule 12 of the Scheme has no provision for any such fee, therefore there is no fee for cancellation or variation of nominations.

Can a person having a PPF account in the State Bank open another account in the post office and vice-versa ?

Absolutely not ! An individual can have only one account in his/her name, either in the post office or in the State Bank and is required to declare this in the account opening application form.

Can a PPF account be allowed to continue if the total deposit in a financial year falls short of Rs.100/- or should it be closed without interest ?

If a subscriber does not subscribe Rs. 100/- in the first year, subscriptions paid by him will be refunded to him without interest, simply because the account is not considered as validly open. But if the subscriber after paying Rs. 100/- in the first year, defaults on the minimum subscription in the following year, he can continue with his PPF account only after paying the Accounts Office the prescribed default fee along with the arrears in the subscription.

Can one get a loan or withdraw money from those accounts to which regular subscriptions haven't been made every year ?

No, because a subscriber who has not maintained his subscriptions in the account as per Rule 3 of the Scheme and has defaulted on his subscriptions in any year, will not be eligible either for a loan or for a partial withdrawal from the account. This will be allowed only if the person pays the subscription arrears along with the default fee.

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admin — Tue, 09 Mar 2010 14:42:03 +0000

SCHEME	Interest Payable, Rates, Periodicity etc.	Investment Limits and Denominations	Salient features including Tax Rebate
PostOffice Savings Account	3.5% per annum on individual/ joint accounts.	Minimum Rs. 50/-. Maximum Rs. 1,00,000/- for an individual account. Rs. 2,00,000/- for joint account.	Cheque facility available. Interest Tax Free.
5-YearPost Office Recurring Deposit Account	On maturity Rs. 10/- account fetches Rs. 728.90/-. Can be continued for another 5 years on year to year basis. Rate of interest 7.5% (quarterly compounded)	Minimum Rs. 10/- per month or any amount in multiples of Rs. 5/-. No maximum limit.	One withdrawal upto 50% of the balance allowed after one year. Full maturity value allowed on R.D. Accounts restricted to that of Rs. 50/- denomination in case of death of depositor subject to fulfillment of certain conditions. 6 & 12 months advance deposits earn rebate.
PostOffice Time Deposit Account	Interest payable annually but calculated quarterly. Period Rate 1 yr. A/c 6.25% 2 yr. A/c 6.50% 3 yr. A/c 7.25% 5 yr. A/c 7.50%	Minimum Rs. 200/- and in multiple thereof. No maximum limit.	Account may be opened by individual. 2,3 & 5 year account can be closed after 1 year at discount. Account can also be closed after six months but before one year without interest. The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
PostOffice Monthly Income Account	8% per annum payable i.e. Rs. 80/- will be paid every month on a deposit of Rs. 12000/-.	In multiples of Rs. 1500/- Maximum Rs. 4.5 lakhs in single account and Rs. 9 lakhs in joint account.	Maturity period is 6 years. Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.) A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07
15year Public Provident Fund Account	8% per annum (compounded yearly).	Minimum Rs. 500/- Maximum Rs. 70,000/- in a financial year. Deposits can be made in lumpsum or in 12 installments.	Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free. Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd Financial year. No attachment under court decree order.
KisanVikas Patra	Money doubles in 8 years & 7 months. Facility for premature encashment. Rate of interest 8.4% (compounded yearly)	No limit on investment. Available in denominations of Rs. 100/-, Rs. 500/-, Rs. 1000/-, Rs. 5000/-, Rs. 10,000/-, in all Post Offices and Rs. 50,000/- in all Head Post Offices.	A single holder type certificate may be issued to an adult for himself or on behalf of a minor or to a minor, can also be purchased jointly by two adults
National Savings Certificate (VIII issue)	8% Interest compounded six monthly but payable at maturity. Rs. 100/- grows to Rs 160.10 after 6 years.	Minimum Rs. 100/- No maximum limit available in denominations of Rs. 100/-, 500/-, 1000/-, 5000/- & Rs. 10,000/-.	A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor. Deposits quality for tax rebate under Sec. 80C of IT Act. The interest accruing annually but deemed to be reinvested will also qualify for deduction under Section 80C of IT Act.
Senior Citizens Savings Scheme	9% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December	There shall be only one deposit in the account in multiple of Rs.1000/- maximum not exceeding rupees fifteen lakh.	Maturity period is 5 years. A depositor may operate more than a account in individual capacity or jointly with spouse. Age should be 60 years or more, and 55 years or more but less than 60 years who has retired on superannuation or otherwise on the date of opening of account subject to the condition that the account is opened within one month of receipt of retirement benefits. Premature closure is allowed after one year on deduction of 1.5% interest & after 2 years 1% interest. TDS is deducted at source on interest if the interest amount is more than Rs.10,000/- p.a. The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Sec 80C benefit: Investments up to Rs 1 lakh in specified securities (maximum of Rs 70,000 in PPF) qualify for deduction

Compounded half-yearly
Compounded yearly
Compounded quarterly
Payable quarterly

Popular Posts:

admin — Tue, 09 Mar 2010 14:35:21 +0000

Senior Citizens Savings Scheme (SCSS) Application Forms

Application for Opening of an account

Application for Extension of Account

Application for Nomination/ Variation

Pay-in-Slip for deposit

Application for Closure

Application for Closure by legal heirs

Application for Transfer

Popular Posts:

Senior Citizens Savings Scheme (SCSS)

admin — Tue, 09 Mar 2010 14:31:35 +0000

A new avenue of investment and return for Senior Citizen.

The account may be opened by an individual,

Who has attained age of 60 years or above on the date of opening of the account.

Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.

No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.

The account may be opened in individual capacity or jointly with spouse.

Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

The individual may open one or more account in the multiple of Rs.1000/-, subject to a maximum limit of Rs.15 lakh. Further, more than one account cannot be opened in the same post office during a calendar month.

No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account. The depositor may extend the account for a further period of 3 years.

Premature closure of account is permitted

After one year but before 2 years on deduction of 1 ½ % of the deposit.

After 2 years but before date of maturity on deduction of 1% of the deposit.

In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest.

Interest @ 9% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.

Interest rounded off to the nearest multiple of rupee one.

Post Maturity Interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time is admissible for the period beyond maturity.

Nomination facility is available in the Scheme.

The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are the best for Senior Citizens who desire monthly/quarterly interest. Invest in MIS / SCSS and transfer interest into RD account through SB account through written request and earn a combined interest of 10.5 % (approx.).

This is the safest investment option for the Senior Citizens.

Popular Posts:

admin — Tue, 09 Mar 2010 14:00:00 +0000

PUBLISHED IN THE GAZETTE OF INDIA : EXTRAORDINARY, PART II – Sec.3(i)]

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 2^nd August, 2004

(UPDATED ON 29^TH OCTOBER, 2004)

GSR 490(E) :- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 ( 5 of 1873), the Central Government hereby makes the following rules, namely:-

Short title and commencement :-

These rules may be called the Senior Citizens Savings Scheme Rules,

2004.

They shall come into force on the 2^nd day of August, 2004.

Definitions :- In these rules, unless the context otherwise requires:-

'Account' means a savings account opened by the depositor in accordance with the provisions of these rules;

'Act' means the Government Savings Banks Act, 1873 ( 5 of 1873);

'deposit' means the money deposited in an account under the provisions of these rules;

'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

who has attained the age of 55 years or more but less than 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 within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) alongwith a certificate from the employer indicating the fact of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer is attached with the application form in Form-A:

Provided that the persons who have retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account under these rules, shall also be eligible to subscribe under the scheme within a period of one month of the date of this notification, subject to the fulfilment of other specified conditions:

Provided further that the retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to subscribe under the scheme irrespective of the above age limits subject to the fulfilment of other specified conditions.

(e) "Deposit Office" means,-

any post office in India doing savings bank work and authorised by Director General Posts, to open an account under these rules, or

an office or branch of a banking company, or any other company or institution, authorised by the Central Government to receive subscriptions under the Public Provident Fund Scheme.'.

(f) 'Form' means a form appended to these rule s.

3. Opening of account:- (1) Any depositor may open an account at any deposit office by making an application in FORM -A alongwith the amount of deposit as per the pay-in-slip in FORM-D, duly filled in, alongwith age proof.

A depositor may operate more than one account under these rules subject to the condition that the deposits in all accounts taken together shall not exceed the maximum limit as specified under rule 4:

Provided that more than one account shall not be opened in the same deposit office during a calendar month.

A depositor may open the account in individual capacity or jointly with spouse.

Deposits and withdrawals :- (1) There shall be only one deposit in the account in multiple of one thousand rupees not exceeding rupees fifteen lakh:

Provided that deposits by depositors under sub-rule (ii) of rule 2, shall be restricted to the retirement benefits received by them or rupees fifteen lakh, whichever is lower.

Explanation:- For the purposes of this sub-rule, "retirement benefits" means any payment due to the

depositor on account of retirement whether on superannuation or otherwise and includes Provident Fund dues, retirement/superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings linked Insurance Scheme payable by employer to the employee on retirement, retirement-cum-withdrawal benefit under the Employees' Family Pension Scheme and ex-gratia payments under a voluntary retirement or a special voluntary retirement scheme.'.

Except as provided in rule 9, 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 in FORM-B to the deposit office within a period of one year after the maturity period of five

years as specified in sub-rule (2).

Explanation.- Extension of account under this sub-rule shall be deemed to have been made from the date of maturity irrespective of the date of application.

(4) A deposit office shall, as soon as it comes to the notice that a deposit exceeds the ceiling prescribed under sub-rule (1), request the depositor in writing, to withdraw the excess deposit immediately.

Mode of deposit :- (1) The deposit under these rules may be made:

in cash, if the amount of deposit is less than rupees one lakh.

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.

	(2) 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.
	(3) Where a deposit is made by means of an outstation cheque or demand draft, collection charges at
	the prescribed rate shall be payable alongwith the deposit and the date of realisation of the cheque or
	demand draft shall be the date of deposit.
6.	Nomination:- (1) The depositor may at the time of opening of the account under these rules, nominate
	a person or persons who, in the event of death of the depositor, shall be entitled to payment due on the
	account.
	(2) If such nomination is not made at the time of opening	of the account, it may be made by the
	depositor at any time after the opening of the account but	before its closure, by an application in
	FORM-C, accompanied by the pass book to the deposit office.

The nomination made by the depositor may be cancelled or varied by a fresh nomination in FORM-C to the deposit office in which the account stands.

Nomination facility shall be available in the case of joint account also. However, in such case, the joint holder will be the first person entitled to receive the amount payable in the event of death of the

depositor and the nominee's claim shall arise only after the death of both the depositor and the joint holder.

Explanation.- In case of joint account or where the sole nominee is the spouse, the spouse may continue the account in accordance with the proviso below sub-rule (3) of rule 8.3

(5) In case of a joint account or where the spouse is the sole nominee, the spouse shall also be eligible to make, cancel or vary the nomination made earlier, after the death of the depositor, in accordance with sub-rule (2) to (4).

(6) Every nomination and every cancellation or variation thereof shall be registered in the deposit office and shall be valid from the date of such registration, the particulars of which shall be entered in the pass book.

Interest on deposit :- (1) The deposit made under these rules shall bear interest at the rate of nine per cent per annum from the date of deposit.

(2)Interest shall be payable from the date of deposit to 31^st March/30^th June/30^th September/31^st December as the case may be, in the first instance and thereafter, interest shall be payable on 31^st March, 30^th June, 30^th September and 31^st December.

(3) In case any of the dates of interest payment, specified under sub-rule (2), fall on a Sunday or a holiday, the previous working day shall be deemed to be the due date for the purpose of interest payment.

(4) If so authorised, interest payable on the due dates as specified in sub rule (2), shall be credited to the depositor's savings account in the deposit office in which the account exists subject to the condition that by so credit of the interest amount, the maximum limit of balance, if any, in the savings account, is not exceeded.

(5) If the interest payable every quarter is not claimed by a depositor, such interest will not earn additional interest.

(6)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.

(7)The excess amount referred to in sub-rule (4) of rule 4, shall carry interest at the rate applicable from time to time to the Post Office Savings Account and such interest shall be payable from the date of deposit of excess amount to the end of the month preceding the month in which the deposit office requests the depositor to withdraw the excess amount; the amount of excess interest, if any, already paid to the depositor, shall be deducted.

(8) In case of an account, continued after maturity under sub-rule (3) of rule 4, 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.

(9)In case of an account which is not extended on maturity and closed at any time as per provisions of sub-rule (2) of rule 8, post maturity interest at the rate, as applicable to the deposits under the Post Office 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.

Closure of account:- (1) The deposit made at the time of opening of account shall be paid by the deposit office at which the account stands to the depositor on or after expiry of five years from the date of the opening of the account on production of the pass book accompanied by a written application (withdrawal form) in FORM-E.

(2) In case the depositor does not close the account on maturity as specified under sub-rule (1), and also does not extend the account under sub-rule (3) of rule 4, the account shall be treated as matured and the depositor will be entitled to close the account at any time subject to the condition that post maturity interest as prescribed under sub-rule (9) of rule 7, shall only be admissible for the period beyond maturity.

(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in FORM-F, along with interest till the end of the month preceding the month in which refund is made, to the nominee or legal heirs in case the nominee has also expired or nomination, as provided in rule 6, was not made, as the case may be:

Provided that in case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account on the same terms and conditions as specified under these rules:

Provided further that in case the spouse does not continue the joint account, the account shall be closed on an application in FORM-F and the deposit refunded along with interest as above.

Provided also that where both the spouses have opened separate accounts under the scheme, and either of the spouses dies during the currency of the account(s) under the scheme, the account(s) standing in the name of the deceased depositor/spouse shall not be continued in accordance with the first proviso and such accounts shall be closed.

(4) Where there is no nomination in force at the time of death of the depositor, the amount standing to the credit of the deceased depositor shall be paid by the deposit office to the legal heirs of the deceased depositor on receipt of an application in FORM-F along with a certificate of death of the depositor and a succession certificate or Letter of Administration with attested copy of probated will of the deceased depositor issued under the provisions of the Indian Succession Act, 1925 (39 of 1925).

Provided that the total amount including interest, payable upto rupees one lakh may be paid to the legal heirs on production of (i) a letter of indemnity, (ii) an affidavit, (iii) a letter of disclaimer on affidavit, and (iv) a certificate of death of the depositor on stamped paper, in the forms as in Annexures to Form-F.

	(5) No deduction, as specified under rule 9, shall be made in case of premature closure of an account at
	any time due to death of a depositor.
9.	Premature closure of account:- (1) Notwithstanding anything contained in sub-rule (2) of rule 4, on
	an application in FORM-E, in this regard, 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.
	(2) 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.

10. Pass Book:- (1) On opening of an account, the depositor shall be given a pass book immediately, alongwith the depositor's copy of the pay-in-slip (Form-D) duly stamped and signed by the deposit office in token of having received the amount of deposit. The pass book shall bear the date of opening of account, the number of the account, the depositor's name, photograph(also name and photograph of the spouse in case of joint account) and address, the amount deposited, the quarterly interest payable alongwith due dates of payment, the date on which the deposit will be due for final payment, the name(s) of the nominee(s) and agent's name, agency code number, date and validity, in case the account has been introduced through an agent:

Provided that if the deposit is made by means of a cheque or a demand draft, the pass book shall be given to the depositor only on the date of deposit after encashment of the cheque or demand draft as provided under sub-rule (2) of rule 5.

The depositor availing of the facility of credit of interest in savings account under sub-rule (4) of rule 7, shall present the pass book to the deposit office at least once in a year for completion of entries.

The depositor not availing of the facility of credit of interest in savings account under sub-rule 4 of rule 7, shall present the pass book to the deposit office at the time of collecting interest every quarter.

In case of original pass book being lost, or mutilated or damaged, a duplicate pass book may be issued on payment of a fee of rupees ten in case of issue of first duplicate pass book and rupees twenty in case of any subsequent issue, on a simple application on plain paper. The issue of duplicate pass

book(s) shall be noted by the deposit office in its office records including the ledger folio bearing particulars of the account.

(5) In case the lost pass book is found after issue of a duplicate pass book, it shall not be treated as valid for any purpose and shall be surrendered mmediately to the deposit office who shall destroy the same immediately in presence of the depositor.

11.Transfer of account from one deposit office to another:- A depositor may apply on FORM-G, enclosing the pass book thereto, 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.

Account opened in contravention of rules:- Whenever it comes to notice that an account has been opened in contravention of these rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor.

Deposits by Non-Resident Indians(NRIs) and Hindu Undivided Families (HUF):-

(1) The Non Resident Indians are not eligible to open an account under these rules:

Provided that if a depositor who subsequently becomes a Non-Resident Indian during the currency of the account under these rules, the account may continue till its maturity on a non-repatriation basis and the account shall be marked as a Non-Resident account:

Provided further that the account continued under the above proviso, shall not be extended for any further period as provided under sub-rule (3) of rule 4.

Hindu Undivided Family is also not eligible to open an account under these rules.

Power to relax:- Where the Central Government is satisfied that the operation of any of the provisions of these rules, causes undue hardship to the depositor, it may, by order, for reasons to be

recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provis ions of the Act.

[F.No.2-8/2004-NS-II]

sd/- .

(D. SWARUP) Secretary to Government of India

FORM-A

(See clause (d) of rule 2 and sub rule (1) of rule 3)

Serial No…………………..

APPLICATION FOR OPENING OF AN ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004

TO
The Postmaster/Incharge	Paste here a copy of
The Postmaster/Incharge
……………………………………………………(name of the Deposit office)	recent
	recent
…………………………………………………….	photograph.
	photograph.
…………………………………………………….
	(Joint Photograph of both the
	Depositor & Spouse in case of a
	joint account)

*Name of Agent (in case of the account introduced through agent)………………………………………………………………….

Agency Code No…………………………………………….Dated……………………………….valid upto………………………………………

PAN No . (of applicant)……………………………….**.

Sir,

1. I, ……………………………………………………………………, son/daughter/wife of………………………………………… ……, a permanent resident of…………………………………………………………………………………………………………………………………….…., aged…………years, hereby apply for opening of an account under the Senior Citizens Savings Scheme, 2004, (hereinafter referred to as the said scheme), in my name / jointly in my name and my spouse..…………………………………

…………………………………………………………………………….(name and address of spouse with age)* and tender herewith Rs………………….. (Rupees………………………………………………………………………) in cash / cheque / demand draft, the particulars of which are filled in the enclosed 'pay-in-slip'( Form- D), towards deposit in the account.

2. I/we* hereby declare that,-

(i) I/we* have clearly understood the Senior Citizens Savings Scheme Rules, 2004 governing the accounts under

the said scheme, as amended from time to time(hereinafter referred to as the said rules);

I/we* shall abide by the said rules in letter and spirit;

the details of other accounts opened earlier by me/us* under the said scheme, are as under:-

(iv) I/we* shall adhere to the ceiling on deposits, taking the deposits in all the accounts opened by me/us* together, as specified in rule 4 and amended from time to time. In case, at any time, any excess deposit is found, such excess deposit will be refunded to me/us* after recovery of excess interest under sub-rule (8) of rule 7.

3. I nominate the following person / persons, mentioned below, to whom, to the exclusion of all other persons, in the event of my death the amount standing to my credit in the account would be payable in accordance with the provisions contained in rule 6:

TABLE

Sl.

Name(s)of

the

nominee(s)

Date(s)

birth

the

No.

alongwith

relationship

with

Permanent Address

nominee(s)

case

nominee(s)

the

the depositor

a minor/ age

amount payable.

other case(s)

(1)

(2)

(3)

(4)

(5)

Photograph(s) of the nominee(s)

Signature/thumb impression of the nominee(s)

(6)

(7)".

3(a) As the nominee(s) at Serial No.(s)……………………………above is/are minor(s), I appoint Shri/Smt./Kumari………………………………………………………………………………………………………[name(s) with permanent address(es) of the person(s) in respect of each minor nominee] to receive the sum due under the said account in the event of my death during the minority of the nominee(s).

			Signature/Thumb impression of the depositor
Witnesses(Signature, name and address):
1………………………………………………………………………
2………………………………………………………………………			Date……………………………At (Place)………………………….
My/our* specimen signatures (thumb impression), are as below:-
(i) First depositor:-

1.	2.	`			3.	.

(ii) *Joint depositor:-

1.	2.	`			3.	.

#Witness………………………………………	#Witness……………………………………			#Witness……………………………………………
(Countersigned Postmaster/Incharge)	(Countersigned		Postmaster/Incharge)		(Countersigned Postmaster/Incharge)
Date……………………….…& office Seal	Date……………………………& office Seal				Date…………………………& office Seal

4. I also declare that the information provided by me / us* in the application hereinabove, is true to the best of my/our knowledge and belief and in case, at any time, any of the information and/or declaration is found false, no interest on the deposits shall be payable to me/us*, the deposit office shall close the account(s) and refund the deposits after recovery of the interest, if any, already paid on the deposits.

Yours faithfully,

(Signature of the applicant)

Date…………………………………

Place……………………………….. (Present Postal Address)

Enclosures:
1.	Age proof.
2.	Copy of receipted application form for allotment of PAN, if PAN is not allotted.
3.	Pay-in-Slip (Form-D), duly filled in alongwith amount of deposit.
4.	Certificate from the employer as specified in sub-clause (ii) of clause (d) of rule 2.

————————————————————————————————————–

*: Score out whichever is not applicable.

**: (1)The applicant(s) who are not assessed to income tax, may fur nish a self declaration, that their income from all sources (including the interest income from the account to be opened vide this application) does not cross the exemption limit and the applicant is not required to obtain PAN under Income Tax Act, 1961, as amended from time to time.

(2) All other applicants shall mention the PAN No. compulsorily and in case they have not so far been allotted PAN by the Income Tax Authorities, attested photocopy of the receipted application form for allotment of PAN should be attached to the application form.

#: in case of thumb impression.

NOTE: (1) Self attested copies of any of the following documents can be enclosed as age proof:- Birth Certificate issued by the Municipal authority/ Gram Panchayat/District Office of the Registrar of Births and Deaths; Voter Identity Card issued by the Election Commission of India; PAN Card; Passport; Ration Card; Date of birth certificate from the school last attended by the applicant or any other recognised educational institution or Driving Licence issued by the local licensing authority.

(2) Originals of the documents attached, should also be produced simultaneously for verification and return immediately.

FOR THE USE OF DEPOSIT OFFICE

The account has been opened on…………………………….with Rs…………………………………….(Rupees…………………

…………………………………………………) under the Senior Citizens Savings Scheme, 2004. Account No……………………………………..Ledger folio No…………………………………

Agent's name, agency code number, date and validity have been entered in the ledger folio as well as Pass book(in case of account introduced through agent).

Pass Book No…………………………………….has been issued.

Date…………………………………….. Signature of the Incharge of Deposit Office

(alongwith name and designation stamp)

FORM-B

(See sub-rule (3) of rule 4)

Serial No…………………..

APPLICATION FOR EXTENSION OF AN ACCOUNT UNDER

SENIOR CITIZENS SAVINGS SCHEME, 2004

The Postmaster/Incharge,

……………………………………………………(name of the Deposit office)

…………………………………………………….

Subject: Application for extension of an account for three years, with effect from……………………………….(date/month/year).

Sir,

I, ……………………………………………………………………, son/daughter/wife of………………………………………… ……, a depositor of account No. …………………….….,, (hereinafter referred to as the 'said account') hereby apply for continuation of the account under the Senior Citizens Savings Scheme, 2004 (hereinafter referred to as 'the said scheme'), for a further period of three years from the date of maturity of my above-said account.

I have understood the terms and conditions applicable to the account during the period of extension under the Senior Citizens Savings Scheme Rules, 2004 as amended from time to time.

I shall close the account immediately on completion of the extended period and get back the deposit standing at my credit in the account after adjustment of the interest paid in excess, if any, and any other charges recoverable in connection with the said account.

Date…………………………

Signature of the Depositor

Place…………………………………

( name and address)

———————————————————————————————————————————————–

FOR THE USE OF DEPOSIT OFFICE

The account No……………………….. which was opened on…………………………….with Rs……………………………………. (Rupees………………… …………………………………………………) under the Senior Citizens Savings Scheme, 2004 and matured on…………………………….., has been extended for a period of three years with effect from……………………….. to………………………….. Rate of interest at…..……………… per cent per annum as applicable under the scheme to fresh deposits opened or to be opened on the date of maturity, shall be applicable during the extended period of the deposit.

Necessary entries have been made in the Pass Book No………………………… and relevant Ledger folio No……………………… accordingly.

Date…………………………………….. Signature of the Incharge of Deposit Office

(along with name and designation stamp)

FORM-C

(See rule 6)

Serial No…………………..

APPLICATION FOR NOMINATION/CHANGE/CANCELLATION OF NOMINATION UNDER SENIOR CITIZENS

SAVINGS SCHEME, 2004

The Postmaster/Incharge,

……………………………………………………(name of the Deposit office)

…………………………………………………….

Subject: Application for Nomination or Change/Cancellation of Nomination.

Sir,

1.* I,………………………………………………hereby nominate the following person / persons, mentioned below, to whom, to the exclusion of all other persons, in the event of my death the amount standing to my credit in the account No………………………would be payable in accordance with the provisions contained in rule 6 of Senior Citizens Savings Scheme Rules, 2004.

TABLE

Sl.

Name(s)of

the

nominee(s)

Date(s)

birth

the

No.

alongwith

relationship

with

Permanent Address

nominee(s)

case

nominee(s)

the

the depositor

a minor/ age

amount payable.

other case(s)

(1)

(2)

(3)

(4)

(5)

Photograph(s) of the nominee(s)

Signature/thumb impression of the nominee(s)

(6)

(7)".

2.* As the nominee(s) at Serial No.(s)……………………………above is/are minor(s), I appoint Shri/Smt./Kumari………………………………………………………………………………………………………[name(s) in full with complete address(es) of the person(s) in respect of each minor nominee] to receive the sum due under the said account in the event of my death during the minority of the nominee(s).

3.* This is in supercession of the nomination(s), made by me earlier at the time of opening of account/vide my application dated……………………………… .

4.* I…………………………………………………, hereby request to cancel the nomination made by me earlier vide my application dated…………………………..

Witnesses(Signature, name and address):

1………………………………………………………………………… Signature of the depositor

(Name and address)

2………………………………………………………………………….

Date……………………………At (Place)………………………….

*Score out whichever is not applicable.

FOR THE USE OF DEPOSIT OFFICE

The above nomination has been registered on…………………………………….. AND/OR the earlier nomination dated………………………………………has been changed/cancelled.

Necessary entries have been made in the Pass Book (No…………………………) and relevant Ledger folio No………………………… accordingly.

Date…………………………………….. Signature of the Incharge of Deposit Office

(alongwith name and designation stamp)

				FORM-D
			(See sub-rule (1) of rule 3 and rule 10)
								Serial No…………………..
			PAY – IN – SLIP FOR DEPOSITS
			UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004
			Counterfoil (1)					Counterfoil (2)

		Depositor's copy					Deposit Office's copy
Name of Deposit Office						Name of Deposit Office

Name of depositor………………………………………….						Name of depositor………………………………………….
Address:						Address:

Father's/Husband's name:						Father's / Husband's Name:

*Name of Agent (in			case of account	ntroducedi through		*Name of Agent (in		case of account	introduced	throug
agent) with agency code No., date and validity………………						agent) with agency code No., date and validity…………………
……………………………………………………………………………………..						…………………………………………………………………………………….
Account No…………………….. Date……………………						Account No…………………….. Date……………………
(to be filled in by deposit office)						(to be filled in by deposit office)
Ledger Folio……………….(to be filled by deposit office)						Ledger Folio……………….(to be filled by deposit office)

Amount of Deposit			(Rs.)#			Amount of Deposit		(Rs.)#
Cheque/Demand Draft						Cheque/Demand Draft
realisation charges			(Rs.)##			realisation charges		(Rs.)##
Account Transfer Fee			(Rs.)##			Account Transfer Fee		(Rs.)##
Fee for issue of Duplicate Pass Book						Fee for issue of Duplicate Pass Book
(Rs.)##						(Rs.)##
Other charges, if any. (Rs.)##						Other charges, if any. (Rs.)##
TOTAL		AMOUNT	(Rs.)			TOTAL AMOUNT (Rs.)

Total Amount in words (Rupees…………………………….						Total Amount in words (Rupees…………………………….
……………………… …………………………………………….)						……………………… …………………………………………….)
Details of CASH DEPOSIT:					AMOUNT	Details of CASH DEPOSIT:			AMOUNT
1000	x					1000	x
500	x					500	x
100	x					100	x
50	x					50	x
20	x					20	x
10	x					10	x
05	x					05	x
02	x					02	x
01	x					01	x
COINS						COINS
TOTAL (CASH):						TOTAL (CASH):
Cheque /Demand Draft No. and date:						Cheque /Demand Draft No. and date:
………………………………………………..						………………………………………………….
Bank / Branch on which drawn:						Bank / Branch on which drawn:
…………………………………………………..						…………………………………………………
AMOUNT		(RUPEES) :				AMOUNT (RUPEES) :
By (Depositor's signature)						By (Depositor's signature)

	( P. T. O.)		( P. T. O

Continued from prepage………………….		Continued from prepage………………….

TO BE COMPLETED BY DEPOSIT OFFICE		TO BE COMPLETED BY DEPOSIT OFFICE

Head of Government Account(to be entered by Deposit		Head of Government Account(to be entered by Depos
Office)# / ##……………………….…………………………………		Office)# / ##……………………….………………………………….
………………………………………………………………………………………		…………………………………………………………………………………….
Received Rs………………….. (Rupees………………………		Received Rs………………….. (Rupees……………………..
…………………………………………………………………….)		……………………………………………………………………..
as detailed hereinabove. For deposit in Account		as detailed hereinabove. For deposit in Accoun
No……………………………………..		No…………………………………..
*Agent's Commission at the rate of………	per cent of deposit	*Agent's Commission at the rate of………	per cent of deposit
amounting to Rs………… (Rupees……………………………..)###		amounting to Rs………… (Rupees …………………………… ) ###
has been paid at source (under receipt).		has been paid at source (under receipt).
Cashier's scroll No…………………………..		Cashier's scroll No…………………………..
	Signature of Cashier		Signature of Cashie
(with name and office seal)		(with name and office sea
	Supervisor/Incharge		Supervisor/Incharg
of Deposit office alongwith office seal		of Deposit office alongwith office se
NOTE: 1. The cheque/demand draft should be in favour of		NOTE: 1. The cheque/demand draft should be in favour o
the Deposit Office, or in favour of the depositor duly		the Deposit Office, or in favour of the depositor dul
endorsed in favour of the deposit office.		endorsed in favour of the deposit office.
2. Cheques / Demand Drafts are subject to realisation of		2. Cheques / Demand Drafts are subject to realisation o
the proceeds.		the proceeds.
* Score out if not applicable		* Score out if not applicable
#: *In respect of Deposits:-Major Head:8001*- National		#: *In respect of Deposits:-Major Head:8001*- Nationa
Savings Deposits.		Savings Deposits.
##: In *respect of various charges:- Major Head:*		##: In *respect of various charges:- Major Head*
*8008-* Income and Expenditure of NSSF.00.104.Other		*8008-* Income and Expenditure of NSSF.00.104.Othe
Incomes.		Incomes.
###:*In respect of agency commission to agents*:		###:*In respect of agency commission to agents*:
*Major Head: 8008-* Income and Expenditure of		*Major Head: 8008-* Income and Expenditure of
NSSF.03.104		NSSF.03.104

FORM – E

(See sub rule (1) of rule 8 and rule 9)

Serial No…………………..

APPLICATION FOR CLOSURE OF AN ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004

The Postmaster/Incharge,

……………………………………………………(name of the Deposit office)

…………………………………………………….

Subject: Application for withdrawal/closure of account.

Sir,

1. I,……………………………………………………………………,son/daughter/wife of……………………………………… …… resident of ………………………………………………………………………………………………………………………… …………………,

and depositor of account No. …………………….….….. (hereinafter referred to as the 'said account') hereby apply for closure of the said account with immediate effect. The interest of Rs…………………………. and deposit of Rs……………………………………………………………………………..TOTAL(INTEREST+DEPOSIT) Rs………………………….. (Rupees………………………………………………………… ………………………), *after adjustment of overpaid interest and/or deduction equal to …………per cent of the deposit, amounting to Rs……………………………….. (Rupees………………………………………………………………… ……………………) and any other charges, recoverable from me in respect of the account in question, may kindly be refunded to me immediately.

2. The Pass Book is enclosed.

Signature or thumb impression of the Depositor

—————————————————————————————————————————————-

————–

FOR USE BY THE DEPOSIT OFFICE

ACCOUNT No…………………………DATE OF DEPOSIT……………………………AMOUNT OF DEPOSIT: Rs……………………………….

Withdrawal on account of Interest Rs………………………….. and deposit Rs…………………………………………..totalling to Rs.……………………………………… (Rupees…………………………………………………………………………………………………) is sanctioned in favour of the depositor.

*Recovery of overpaid interest Rs…………………………………, deduction of Rs.……………………………………………. and Other Charges (to be specified) Rs…………………………… totalling to Rs…………………………………. (Rupees…………………..……………………………………………………………………………………………) has been adjusted.

NET AMOUNT PAID Rs………………… (Rupees……………………………………………………………………)

RECEIPT

Received a sum of Rs…………………………………… (Rupees…………………………………………………………….……………….) from…………………………………………………………..(Name of Deposit office) as per details furnished above.

Signature / Thumb impression of the depositor

Signature of in-charge of Deposit Office (Alongwith name and designation stamp)

*: Score out whichever is not applicable.

FORM – F

(See sub-rules (3) and (4) of rule

Serial No…………………..

APPLICATION FOR CLOSURE OF ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004

BY SPOUSE(JOINT HOLDER) / NOMINEE(S)/LEGAL HEIRS

TO

The Postmaster/Incharge,

……………………………………………………(name of the Deposit office)

…………………………………………………….

Subject: Application for withdrawal /closure of account.

Sir,

I/WE* …………………………………………………………………… the spouse (Joint holder) / nominee(s) /legal heirs of late……………………………………………. , the depositor to the Senior Citizens Savings Scheme, 2004 account No…………………………………………….. wish to withdraw the entire amount standing to the credit of the deceased in the said account.

Please find enclosed:-

(i) A certificate in regard to the death of the Depositor.

(ii)*A Certificate in regard to the death of Shri/ Shrimati…………………………………………………………………….and Shri/Shrimati………………………………..……………………… also the nominee(s) appointed by the Depositor.

(iii)** Succession Certificate/Letter of Administration with attested copy of probated will of the deceased depositor issued under the provisions of the Indian Succession Act, 1925.

(iv) Pass Book of the Depositor. (v)# Letter of Indemnity.

(vi)# Affidavit.

(vii)# Letter of disclaimer on affidavit

Signature or thumb impression of claimant(s)

Witness……………………………………………

…………(Signature, name and address)………..

Date………………………………………………………………..

Place……………………………………………………………….

FOR USE BY THE DEPOSIT OFFICE

Withdrawal of Rs…………………………………… (Rupees………………………………………………………………………….…….)

is sanctioned.

Adjustments made (to be specified) Rs………………………………………….

(Rupees…………………………………………………..)

NET
AMOUNT

PAYABLE
Rs………………..………………

(Rupees…………………………………………………………………………)

RECEIPT TO BE SIGNED BY THE CLAIMANT(S)

Received a sum of Rs……………………………………. (Rupees………………………………………………………………………….) from………………………………………………………….. (Name of Deposit office) as per details furnished above, in full settlement of our claim.

Signature / Thumb impression of the claimant(s)

Signature of in-charge of Deposit Office (Alongwith name and designation stamp)

*: Delete whichever is not applicable.

**: Strike off if there is a valid nomination.

#: To be produced by legal heirs, in the absence of nomination(s) for claims upto Rs. 1 lakh.

ANNEXURE- I TO FORM - F

(Letter of indemnity)

TO

The Postmaster / Incharge,

……………………………………… (Name of the deposit office)

In consideration of your payment or agreeing to pay me / us…………………………………………………………………………

………………………………………………………………………………………………………………………………………………………………

………………..

[Name(s) of Legal heir(s)] the sum of Rs………………………… (Rupees……………………………………………………

……………………………………………………..) standing in the account No…………………………………………under SENIOR CITIZENS SAVINGS SCHEME, 2004 with your office in the name of ……………………………………………………….

…………… ……………… …………without production of letters of administration or a succession certificate to the estate of the deceased……………………………………………………………………(name of the depositor), I/We……………………………………………………………………………………………………………………… and we…………………………………… ……………………………………………….. (sureties) do hereby for ourselves and our heirs, legal representatives, executors and administrators jointly and severally undertake and agree to indemnify you and your successors and assigns against all claims, demands, proceedings, losses, damages, charges and expenses which may be raised against or incurred by you by reason or in consequence of having agreed to pay/or paying me/us the sum as aforesaid.

In witness whereof we have hereunto set my/our hands at this……………..day of………………………………in the presence of witnesses,

Signed and delivered by the above named heir/heirs of the deceased.

Signed and delivered by the

above named sureties (Signature, names and address)

1.

2.

Signature, names and address of witnesses:

1.

2.

ATTESTED

NOTARY PUBLIC

ANNEXURE- II TO FORM - F

(Affidavit)

TO

The Postmaster / Incharge,

………………………………………(Name of the deposit office)

I / We……………………………………………….Husband of / wife of late……………………………………..……………………………… aged………….. aged………….. aged………….. sons/daughters of the said late…………………………………………………………………… resident of………………………………………………………………………….do hereby declare and solemnly affirm as under :-

That I / we am/are the only heir(s) of the deceased………………………………………….who died at…………………………….. on……………………………………. I / We alone represent the estate of Shri/Smt……………………………………………………

That the deceased…………………………………..did not leave any will and therefore I / we are the only successor(s) to the estate of the said deceased.

1.

2.

3.

DEPONENTS

VERIFICATION: I / We, the above-named deponents do hereby verify on solemn affirmation in………………………………… (name of place) that the contents of this affidavit are true to the best of my/our knowledge and nothing material has been concealed.

Dated………………….

1.

2.

3.

DEPONENTS

ATTESTED

OATH COMMISSIONER

ANNEXURE- III TO FORM - F

(Letter of disclaimer on Affidavit)

TO

The Postmaster / Incharge,

………………………………………(Name of the deposit office)

I / We (i) …………………………………………….Husband of / wife of …………………………………………..…………………………….

Resident of…………………..……………………………………………………………………………………………………………………………………………

……………………………………………………….………… son/daughter of ………………………………………….………………………………

…………………………… ………………………………………son/daughter of ……………………………………….……………………………………

do hereby declare and solemnly affirm as follows :-

That Shri/Smt………………………………………………………………………………….died intestate on…………………………….…… leaving behind us……………………………………………………………………………………………..his/her only heirs.

That we…………………………………………………………………………………………………..heirs of our late father/mother for ourselves and on behalf of our heirs, executors, representatives and assigns to hereby relinquish our claims to the balance of Rs………………………………………………………which may be credited to the account sought by our mother/father to be opened in the deposit office in the name of the estate of the said………………………………………………………………………………… deceased father/mother after the realisation of Draft No…………………………………………………on ………………………………….

issued by …………………………………………………………………………………………………….. (name of the deposit office) and we have no objection whatsoever in the balance in the above-referred account No………………………………………together with interest, if any, accrued thereon being paid by the Deposit office to our mother/father Mrs./Mr……………………………………………………………

1.

2.

3.

DEPONENTS

VERIFICATION: I / We, the above -named deponents do hereby verify on solemn affirmation that the contents of this affidavit are true to the best of my/our knowledge and nothing material has been concealed.

Dated………………….

1.

2.

3.

DEPONENTS

I identify the deponent(s) who is/are personally known to me and who has/have signed in my presence.

Dated…………………………

Oath Commissioner

FORM – G

(See rule 11)

Serial No…………………..

APPLICATION FOR TRANSFER OF ACCOUNT UNDER SENIOR CITIZENS SAVINGS SCHEME, 2004

TO

The Postmaster/Incharge,

……………………………………………………(name of the Deposit office)

…………………………………………………….

Subject: Application for Transfer of account to another Deposit office.

Sir,

1. I, ……………………………………………………………………, son/daughter/wife of…………………………………………………… ……, Resident of …………………………………………………………………………………………………………………………………………………………, a depositor of account No. …………………….….….hereby apply for TRANSFER OF MY ACCOUNT No…………………………with a deposit, of Rs………………(Rupees……………………………… ………………………… ………………………) under the Senior Citizens Savings Scheme, 2004 to……………………………………………………………………..……………………………………………………………………

…………………………………………………………………………………………..(Name and full address of the transferee deposit office)

2. The Pass Book is enclosed.

Signature or thumb impression of the Depositor

Witness……………………………………………*

………(signature, name and address)…………..

My specimen signature/thumb impressions, as available in the record of transferer deposit office, are as below:-

(i) Ist Depositor:-

1.
2. 3.

*Witness……………………………………… *Witness…………………………………… *Witness……………………………………………

(i) Joint Depositor:-

1.
2. 3.

Countersigned Postmaster/Incharge (Countersigned Postmaster/Incharge (Countersigned Postmaster/Incharge

of Transferer office)
of Transferer office) of Transferer office)

Date……………………….…& office Seal Date……………………………& office Seal Date…………………………& office Seal

Forwarded to:…………………………………………………………….………(Transferee Deposit office) and necessary entries passed in the office record(s).

Signature & office seal (Transferer Deposit office) Date……………………………………

FOR USE BY THE TRA NSFEREE DEPOSIT OFFICE

A. Received application for transfer of account No…………………………………………………opened on…………………………….. under SENIOR CITIZENS SAVINGS SCHEME, 2004, in the name of …………………………………………………………

&………………………………………………(joint holder, if any) standing on the books of the………………………………

…………………………………………………………………………….(name and address of the transferer deposit office) showing a deposit of Rs……………………….(Rupees…………………………..………………………………………), due to mature on………………………

B. The entries in the pass book have been checked, necessary entries indicating transfer, have been made and pass book has been returned to the depositor.

Pass Book received in Original.

#(Signature/thumb impression of the depositor ) Date…………………………………………

Date……………………………

*: In case of thumb impression.

Signature of Postmaster / In-charge (with office seal)Transferee Deposit Office.

#: to be signed on receipt of the pass book at the transferee deposit office.

THIS IS FOR PUBLIC INFORMATION:

Given hereinabove is the electronic version of the Senior Citizens Savings Scheme Rules, 2004. The accuracy of conversion to the electronic medium is subject to usual constraints. Hence, nothing in the above document may in any case be construed as an authority. For legal purposes and/or ruling position, the nearby post office or a designated branch of a bank operating the scheme, may be contacted.

Popular Posts:

admin — Tue, 09 Mar 2010 04:33:07 +0000

National Savings Certificate

Interest Rate

Period during which purchased		Maturity Value for a Denomination of Rs.100.00
From	To	Maturity Value for a Denomination of Rs.100.00
01.01.1999	14.01.2000	Rs.195.60
15.01.2000	28.02.2001	Rs.190.12
01.03.2001	28.02.2002	Rs.174.52
01.03.2002	28.02.2003	Rs.169.59
01.03.2003	onwards	Rs.160.10

Features

One person can be nominated for certificates of denomination of Rs. 100- and more than one person can be nominated for higher denominations.

Maturity period is 6 years. No premature encashment is permitted in the normal course.

PREMATURE ENCASHMENT under sub-rule (1) of rule 16 after the expiry of three years from the date of purchase of certificate. Table below for a certificate of Rs.100 denomination and at a proportionate rate for a certificate of any other denomination.

Period from the date of the certificate to the date of its encashment.

Issued from 01.03.2001 to 28.02.2002

Issued from 01.03.2002 to 28.02.2003

01.03.2003

onwards

Three years or more, but less than three years and six months

126.43

124.62

121.15

Three years and six months or more, but less than four years.

131.71

129.51

125.09

Four years or more, but less than four years and six months.

136.90

134.29

129.16

Four years and six months or more, but less than five years.

142.48

139.43

133.36

Five years or more, but less than five years and six months.

147.98

144.46

137.69

Five years and six months or more, but less than six years

153.89

149.83

142.16

Popular Posts:

Name of depositor(s) & Type of

Name and Addresss

Amount of Deposit

account (Individual/Joint)

of the Deposit office

date of opening

admin — Tue, 09 Mar 2010 04:25:46 +0000

Money doubles in 8 years and 7 months. Facility for premature encashment as per the table given below (for the KVP purchased on or after 1st March 2003).

After	Amount Payable
2 years 6 months or more but less than 3 years	1170.51
3 years more but less than 3 years 6 months	1207.95
3 years 6 months or more but less than 4 years	1267.19
4 years or more but less than 4 years 6 months	1310.80
4 years 6 months or more but less than 5 years	1355.90
5 years or more but less than 5 years 6 months	1435.63
5 years 6 months or more but less than 6 years	1488.49
6 years or more but less than 6 years 6 months	1543.30
6 years 6 months or more but less than 7 years	1649.13
7 years or more but less than 7 years 6 months	1713.82
7 years 6 months or more but less than 8 years	1781.06
8 years or more but less than 8 years 7 months	1850.93

Investment Limits and Denominations

No limit on investment.
Available in denominations of Rs.100,Rs. 500/-, Rs. 1,000/-, Rs. 5,000/-, Rs. 10,000/- in all post offices and Rs. 50,000/- in Head Post Offices.

Features and Tax Rebate

A Single Holder type certificate may be issued to:
    An adult for himself or on behalf of a minor or to a minor
    Can be purchased jointly by two adults
    A Trust. Interest accrued on early basis for Tax purposes.

The Govt. of Maharashtra has declared the KVP as a "Public Security" under the provision of Mumbai Public Trust Act. 1950.

Interest accrued on yearly basis will be taken as income for Income Tax purposes

Popular Posts:

					Signature or thumb impression of claimant(s)
Witness……………………………………………
…………(Signature, name and address)………..
Date………………………………………………………………..
Place……………………………………………………………….
			FOR USE BY THE DEPOSIT OFFICE
Withdrawal of	Rs…………………………………… (Rupees………………………………………………………………………….…….)
is sanctioned.
Adjustments	made	(to	be	specified)	Rs………………………………………….
(Rupees…………………………………………………..)
NET	AMOUNT			PAYABLE	Rs………………..………………

1.		2.		3.

*Witness………………………………………		*Witness……………………………………		*Witness……………………………………………
(i) Joint Depositor:-

1.		2.		3.

Countersigned Postmaster/Incharge	(Countersigned		Postmaster/Incharge	(Countersigned	Postmaster/Incharge
of Transferer office)			of Transferer office)		of Transferer office)
Date……………………….…& office Seal		Date……………………………& office Seal		Date…………………………& office Seal