• Eligibility: an individual at age 60. If an individual at the age of 55 years or more but who is less than 60 years who has retired on superannuation or through VRS can also open account, on a condition that, the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.
• Interest rates:The interest rate on this scheme is 9.3% compounded quarterly. Interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
• No. of accounts that can be opened:More than one account can be opened, an individual account, along with a joint account (spouse).
• Deposit and tenure:Only one deposit is allowed in the multiples of Rs. 1000/- and maximum is Rs. 15 lakhs. This scheme is available for 5 years, with an extension of 3 years.
• Premature closing:It is allowed but with a penalty

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