Premature Closer Rule: We invest our savings in various investment schemes so that we can get financial help. But many times we withdraw the funds before the maturity of the scheme.
In such a situation, many types of charges are levied, due to which we also have to face loss. If you are also thinking of withdrawing your funds, then this news is very important for you. Let us know about the pre-maturity rules of these schemes.
Pre-mature closure of the Senior Citizen Savings Scheme
In this scheme, you can withdraw the fund anytime. Let us know about its interest rates.
If the account is closed before one year, then no interest will be paid on it.
If the account is closed after one year and before two years, then an amount equal to 1.5% of the principal amount will be deducted.
On the other hand, 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, then you can close the account after one year without any deduction.
Premature closure of post office recurring deposit
In this scheme, you can withdraw the funds only after 3 years of account opening. The applicant has to apply for withdrawal by going to the post office. In this scheme, the customer will get the interest rate applicable to the post office savings account only.
Post Office Term Deposit Premature Withdrawal
Investors in this scheme can withdraw their funds 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, then you will get the interest rate of the Post Office Savings Account applicable at that time. The PO Savings Account interest rate for the April-June quarter of 2023 is 4 percent.
On the other hand, if you prematurely close the 3-year POTD or 5-year POTD account after one year, then the interest calculation 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 the post office monthly income scheme
In this scheme, you can withdraw the fund only after 1 year. If the account is closed after one year and three years from the date of opening the account, a deduction equal to 2% of the principal will be made. The rest of the amount will be paid. On the other hand, if the account is closed after three years and 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 pre-mature withdrawal rules
In this scheme, you cannot withdraw the funds for 5 years. Some conditions apply to this. If the single account holder or one of the joint account holders dies, then you can withdraw the funds. You can also get the funds back on the orders of the court or on seizure by the mortgagor being a gazetted officer.
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