Premature closure penalty permits withdrawal after minimum tenure with higher deduction early and lower deduction later. Premature closure of a Monthly Income Account is permitted on depositor application after a prescribed minimum tenure; withdrawal and closure are subject to a tenure-linked deduction whereby closure within an earlier post-maturity period attracts a higher percentage deduction and closure after that period attracts a lower percentage deduction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Premature closure penalty permits withdrawal after minimum tenure with higher deduction early and lower deduction later.
Premature closure of a Monthly Income Account is permitted on depositor application after a prescribed minimum tenure; withdrawal and closure are subject to a tenure-linked deduction whereby closure within an earlier post-maturity period attracts a higher percentage deduction and closure after that period attracts a lower percentage deduction.
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