|Interest payable, Rates, Periodicity etc.||Minimum Amount for opening of account and maximum balance that can be retained|
From 01.07.2022, interest rates are as follows:-
|Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year.
Deposits can be made in lump-sum or in instalments.
|Channel of Subscription/Opening of accounts: - Through all Branches, Mobile Banking & Internet Banking.|
(a) Can take maturity payment by submitting account closure form along with passbook at concerned Branch.
(b) Can retain maturity value in his/her account further without deposit, the PPF interest rate will be applicable and payment can be taken any time or can take 1 withdrawal in each FY.
(c) Can extend his/her account for further block of 5 years and so on (within one years of maturity) by submitting prescribed extension form at concerned Branch.
(Discontinued account cannot be extended).
(d) In extended account with deposits, 1 withdrawal can be taken in each FY subject to maximum limit 60% of balance credit at the time of maturity in the block of 5 years.
-> In case of life threatening disease of account holder, spouse or dependent children.
-> In case of higher education of account holder or dependent children.
-> In case of change of resident status of account holder ( i.e. became NRI).
(ii) At the time of premature closure 1% interest shall be deducted from the date of account opening/date of extension as the case may be.