Premature closure of account: specified grounds permit encashment with principal plus prescribed interest or table-based amounts. Premature closure is allowed on specified grounds by application in Form-3; on closure the principal plus simple interest at the Post Office Savings Account rate for complete months held is payable, and for accounts closed after two years six months the payable amount is the prescribed table-based encashment value per one thousand rupees, with different tables applying according to the account opening period as modified by subsequent notifications.
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 of account: specified grounds permit encashment with principal plus prescribed interest or table-based amounts.
Premature closure is allowed on specified grounds by application in Form-3; on closure the principal plus simple interest at the Post Office Savings Account rate for complete months held is payable, and for accounts closed after two years six months the payable amount is the prescribed table-based encashment value per one thousand rupees, with different tables applying according to the account opening period as modified by subsequent notifications.
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