The scheme features interest payable at the contracted rate after every three months on your fixed deposit which might help you to meet your daily expenses. On maturity principal amount will be paid or renewed, as interest is already been credited to your account. 

1.  Period of deposit:

Minimum 1 year maximum 10 years

2.  Interest Payment: 

Quarterly interest by credit to account/pay order

3. Maximum amount on deposit: 

No limit

4. Premature Withdrawal: 

Allowed with 1% penal interest for the tenure of deposit as on the date of deposit

5. Additional benefits for Senior citizens: 0.10%

6.​​​​​​ Benefits: 

Loan against TDR, Nomination Facility, Insurance coverage upto 5 lakh per customer

TDS

• The tax on interest earned is deductible in accordance with the provisions of the Income Tax Act 1961.
• ​​​​​15G/15H is required to be submitted for exemption of TDS