Section 6: Defaults in deposits

National Savings Recurring Deposit Scheme 2019Central Rules · 1873

(1) If there are not more than four defaults in monthly deposits, the account holder may, at his option, extend the maturity period of the account by as many months as the number of defaults and deposit the defaulted instalments during the extended period.

(2) If there are more than four defaults, the account shall be treated as discontinued and revival of the account shall be permitted only within a period of two months from the month of fourth default.

(3) Revival fee at the rate of one rupee for every hundred rupees of a defaulted instalment for each month of default (proportionate amount for other denominations) shall also be paid alongwith such deposit in lumpsum.

(4) An account in which defaulted instalments are so deposited, shall not be treated as discontinued.

Where this provision sits

Act	National Savings Recurring Deposit Scheme 2019
Section	6
Marginal note	Defaults in deposits
Jurisdiction	Central
Status	In force as published by the source

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