Minimum Age at Entry 60 Years and Above, For VRS Retires - 55 Yrs& Above

Single or Joint Account (with Spouse Only) can be opened.

Interest Rate - 9% payable quarterly (taxable).

Term - 5 years, extendable by 3 more years.

Maximum Investment - Rs. 15 Lakhs in multiples of Rs. 1000

Premature Withdrawal - After 1 year.

Penalty for Premature - 1.5% of the deposit amount if withdrawn

withdrawal after one year but before 2 years. 1% of the deposit amount after
   2 years