• Individual above 60 years (VRS persons 55 and above) can invest.
• Duration 5 years. Can be extended for further 3 years.
• Multiple/Joint accounts are allowed.
• Maximum Limit 15 Lakh.
• Lock-in period 1 year. Premature closure allowed with penal interest.
• Interest @ 9.2% p.a. payable Qly.
• 1.5 Iakh invested earns Rs. 3450 per Qtr.
• Interest earned is taxable.
• Tax Exemption: Eligible for exemption U/s 80C for overall Invest. upto Rs. 1.5 lakh. Int. earned is taxable.
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