| Who can open the account |
|
An Individual who attained the age of
60 years and above on the date of opening of an account.
An Individal who attained the age of 55 years but less than 60 years who has
retired under VRS on the date of opening of the account.
Joint Account with Spouse |
|
| Deposit Office |
|
Any Post office doing savings bank work.
|
|
| Limit of Investment |
|
There can be only one deposit in the account
Minimum limit : Rs.1,000/-
Maximum Limit : Rs.15,00,000/-
|
|
| Maturity Period |
|
5 years
May be extended for another 3 years on the option of depositor |
|
| Rate of interest |
| 9% p.a |
|
| Mode of payment of interest |
| Interest payable Quarterly basis
- from the date of deposit to 31st march
- 30th June
- 30th September
- 31st December |
|
| Pre Mature Encashment |
Account can be closed after one year and before second year. The amount equal
to 1.5% on the balance amount will be deducted and balance will be paid to depositor
If the account is closed after 2 years from the date of opening of account, then the amount equal to 1% on the balance amount will be deducted and balance will be paid.
|
|
| Post Maturity Interest |
| Payment will be made at POSB rate |
|
| Special Features |
- Nomination facility available
- May be transferred from one post office to another post office
- Automatic credit of interest in POSA
- SAS agency facility can be availed
- 0.5% commission is payable to SAS agents
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|
