Premature closure rule: We invest our savings in various investment schemes so that we can get financial help. But many times we withdraw the money before the maturity of the scheme.
In such a situation, many types of charges are imposed due to which we also have to face loss. If you are also thinking of withdrawing your money, then this news is very important for you. Let us know about the pre-maturity rules of these schemes.
Premature closure of Senior Citizen Savings Scheme
You can withdraw funds in this scheme anytime. Let us know about its interest rates.
No interest will be paid if the account is closed before one year. If the account is closed after one year and before two years, an amount equal to 1.5% of the principal amount will be deducted. Whereas if the account is closed after two years and before 5 years, then an amount equal to 1% of the principal amount is deducted. If you have an extended account, you can close the account after one year without any deduction. Premature closure of Post Office Recurring Deposit
In this scheme, you can withdraw money only after 3 years of account opening. The applicant has to apply for withdrawal by visiting the post office. In this scheme, the customer will get the same rate of interest applicable for Post Office Savings Account.
Post Office Fixed Deposit Premature Withdrawal
Investors in this scheme can withdraw their money only after 6 months. Let us know how much charge you will have to pay while withdrawing funds.
If you close the Post Office Time Deposit after six months and before one year, you will get the Post Office Savings Account interest rate applicable at that time. The PO savings account interest rate for the April-June quarter of 2023 is 4 per cent. Whereas, if you prematurely close the 3-year POTD or 5-year POTD account after one year, the interest calculated will be reduced by 2% from the deposit interest rate for the entire year (i.e. two or three years). . , PO savings interest rates will be applicable for tenure less than one year. If you want to withdraw money from Post Office Monthly Income Scheme
In this scheme, you can withdraw funds only after 1 year. A deduction equal to 2% of the principal amount will be made if the account is closed after one year and before three years from the date of account opening. The remaining amount will be paid. On the other hand, if the account is closed after three years and before five years from the date of opening the account, then a deduction equal to 1% of the principal will be made.
National Savings Scheme Certificate Premature Withdrawal Rules
In this scheme, you cannot withdraw money for 5 years. Certain conditions apply to this. If the sole account holder or one of the joint account holders dies, you can withdraw the funds. You can also get the money back on court order or on repossession by the mortgagor being a gazetted officer.
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