'Depositor' means an individual-

who has attained the age of 60 years or above on the  date of opening of an account under the provisions of these rules, and by whom, or on whose behalf, money is deposited in an account under these rules, or

(ii) who has attained the age of 55 years or more but less then 60 years, and who has retired on superannuation or otherwise on the date of opening of an account under these rules, subject to the condition that the account is opened by such individual with in one month of the date of receipt of the retirement benefits.

A depositor may open the account in individual capacity or jointly with spouse.

Deposits and withdrawals:-

There shall be only one deposit in the account in multiple of one thousand rupees not exceeding rupees fifteen lakh. In case who retired between 55 years or more but less then 60 years, the deposit by the depositor shall be restricted to the retirement benefits received by them or Rupees Fifteen Lac, which ever is lower.

No withdrawal shall be permitted under these rules before the expiry of a period of five years from the date of opening of an account.

The depositor may extend the account for a further period of three years by making an application to the deposit office within a period of one year after the maturity period of five years.

Mode of deposit :-

The deposit under these rules may be made:

(a) in cash, if the amount of deposit is less than rupees one lakh.

(b) by cheque or demand draft drawn in favour of the depositor and endorsed in favour of the deposit office, or in favour of the deposit office.

Where a deposit is made by cheque or demand draft, the date of deposit under these rules shall be the date of encashment of the cheque or demand draft.

Interest on deposit :-

The deposit made under these rules shall bear interest at the rate of nine percent per annum from the date of deposit.

If the interest payable every quarter is not claimed by a depositor, such interest will not earn additional interest.

Interest shall be rounded off to the nearest multiple of rupee one and for this purpose any amount of fifty paisa or more shall be treated as rupee one and any amount less than fifty paisa shall be ignored.

The deposit in such account shall earn interest at the rate applicable to the new accounts opened or to be opened under the provisions of these rules on the date of maturity.

In case of an account which is not extended on maturity and closed at any time post maturity interest at the rate, as applicable to the deposits under the Savings Account from time to time, shall be payable on such matured deposits, upto the end of the month preceding the month of closure of the account.

In case of death of a depositor before maturity, the account shall be closed and deposit refunded, along with interest till the end of the month preceding the month in which refund is made, to the nominee or legal heirs.

Premature closure of account:- The depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions, namely:-

(a) In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and a half per cent of the deposit shall be deducted and the balance paid to the depositor.

(b) In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one per cent of the deposit shall be deducted and the balance paid to the depositor.

The depositor availing the facility of extension of account under sub-rule (3) of rule 4, may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction.

Transfer of account from one deposit office to another:- A depositor may apply on for transfer of his account from one deposit office to another in case of change of residence:

Provided that where the deposit is rupees one lakh or above, a transfer fee of rupees five per lakh of deposit shall be payable.

List of our branches authorized under PPF –1968 & Senior Citizen Scheme-2004