(1) The account may be prematurely closed by the account holder by making an application in Form-3 to the accounts office, at any time before maturity under the following circumstances, namely:-
(a) on the death of the account holder in a single account, or any or all the account holders in a joint account;
(b) on forfeiture by a pledgee, being a Gazetted Officer;
(c) when ordered by a court.
(2) On the closure of the account under sub-paragraph (1), principal amount alongwith simple interest calculated at the rate applicable from time to time to Post Office Savings Account for the complete months for which the account has been held, shall be payable.
(3) Notwithstanding anything contained in sub-paragraph (2), if an account is closed any time after the expiry of two years and six months from the date of opening of the account, the amount, inclusive of interest shall be payable as specified in the table below:- (Table showing premature closure value of account opened on or after date of notification with 1,000 rupees) TABLE Period from the date of the account to the date of its pre-mature closure Amount payable inclusive of interest (Rupees)
(1) (2) Two and half years but less than three years 1173 Three years but less than three and half years 1211 Three and half years but less than four years 1251 Four years but less than four and half years 1291 Four and half years but less than five years 1333 Five years but less than five and half years 1377 Five and half years but less than six years 1421 Six years but less than six and half years 1467 Six and half years but less than seven years 1515 ¹Hkkx IIµ[k.M 3(i)] Hkkjr dk jkti=k % vlk/kj.k 137 Seven years but less than seven and half years 1564 Seven and half years but less than eight years 1615 Eight years but less than eight and half years 1667 Eight and half years but less than nine years 1722 Nine years but before Maturity of Certificate 1778 On maturity of certificate 2000