(1) Notwithstanding anything contained in the foregoing paragraphs, if sixty monthly deposits have been made in an account during its maturity period or maturity periods as extended under sub-paragraph (1) of paragraph 6, the account holder may, at his option, retain in it the amount of repayment due, by making an application in Form-3, under sub-paragraph (1) of paragraph9 for a further period upto a maximum of five years without making any fresh deposits during such further period.
(2) On closure of the account at the expiry of the further period referred to in sub-paragraph (1), the account holder shall be entitled to receive repayment as specified in Table – 1 below:- TABLE 1 Further period for which account is retained Amount due
(1) (2)
(i) If the further period is less than one year. The amount due under sub- paragraph (1) of paragraph9 together with interest on such amount for the complete months in the further period.
(ii) If the further period consists of complete years only.
The amount specified in Table IV.
(iii) If the further period consists of completed years not exceeding four and a part of the year thereafter.
The amount referred to in item (ii), relevant to the number of completed years together with interest on such amount for the complete months in the partial year.
TABLE 2 (Amount inclusive of interest repayable on an account opened on or after day of notification of this gazette and continued without any fresh monthly deposit beyond the maturity period or maturity period as extended under sub-paragraph (1) of paragraph 11.)
Number of completed years for which the account continued Amount (Rupees) repayable on an account of 100 rupees denomination One year 7766.26 Two years 8340.71 Three years 8957.65 Four years 9620.23 Five years 10331.81 Amount repayable inclusive of interest on an account of any other denomination shall be proportionate to the amount specified in the table.
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(2) The interest specified in items (i) and (iii) of sub-paragraph (2) shall be calculated at the rate applicable from time to time to the Post Office Savings Account.
(3) (a) If maturity value of a discontinued account is retained by the account holder after the date of maturity, interest at the rate applicable to this Scheme for completed years, and at the rate applicable to the Post Office Savings Account for completed months, if the period is less than a year, shall be paid on the maturity value on the date of maturity.
(b) The interest under this sub-paragraph may be paid upto a maximum period of five years from the date of maturity of the account.
(4) The accounts having permissible defaults shall also be treated at par with discontinued accounts for the payment of maturity value and in cases where the account is discontinued, or is having permissible defaults, interest shall be paid on the maturity value as per the rates specified under sub-paragraph (4).