The Tax Publishers

National Saving Recurring Deposit Scheme

1. Duration

5 years.

2. Who can invest

(a) a single adult; or

(b) upto three adults jointly;

(c) a guardian on behalf of a minor or a person of unsound mind; or

(d) a minor who has attained the age of ten years, in his own name.

An individual may have more than one account in his name or jointly with another.

3. Amount of investment

Minimum deposit is Rs. 100 per month and further deposits are to be made in multiples of Rs. 10. However, amount of deposit in future months should be same as that in the initial month. A depositor can open as many accounts as he/she wants to.

Subsequent deposits equal to the first deposit shall be made upto the fifteenth day of each month, if account is opened before the sixteenth day of a calendar month; and upto the last working day of each month, if the account is opened between the sixteenth day and the last working day of a calendar month.

4. Rebate on advance deposit

Deposits for not less than six monthly instalments may be made in advance in any month at the option of the account holder and rebate on such deposits shall be admissible as follows:--

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