PREMATURE WITHDRAWAL !
a) As per the Directions of the Reserve Bank of India currently in force, no withdrawal is permissible on the close of 3 months from the date of deposit. For premature withdrawals beyond this period, interest will be paid as follows.
(i) After 3 months but before the expiry of 6 months : No interest
(ii) After 6 months but before Interest @ 3% per annum less from the rate the expiry of 12 months : applicable for 12 months deposit.
(iii) After 12 months but before Interest will be paid 2% less than the rate which the date of maturity : the Company would have ordinarily paid, had the deposit been accepted for the periods for which such deposit had run.b) In the event of death of a depositor, the deposit will be repaid prematurely to the surviving depositor in the case of joint holding with Survivor clause, or to the nominee or to the legal heir/s with interest at the rate which the company would have ordinarily paid, had such deposit been accepted for the period for which such deposit had run, upto the date of repayment.
c) When the deposit held on joint names is sought to be closed, discharge should be made by all the joint holders on the deposit certificate.
d) A minimum of one week prior notice shall be given by the depositors, if the deposit is sought to be closed prematurely.