(i) Retirement Advisers which are body corporate or partnership firm or any registered trust or society, on registration shall provide security deposit in the form of bank deposit or performance guarantee of Rs. one lac to the Authority before commencement of its business. The deposit/ Guarantee shall be valid for a period of six months beyond the original or renewed period of registration so granted. Such security deposit or guarantee shall be issued by a scheduled commercial bank and where any bank is offering services of a retirement adviser, then security deposit shall be issued by another scheduled commercial bank.
(ii) Retirement Advisers who are individuals or carrying on proprietary concerns, upon registration shall provide security deposit in the form of bank deposit or performance guarantee of Rs. ten thousand to the Authority before commencement of business. The bank deposit/Guarantee shall be valid for a period of six months beyond the original or renewed period of registration period so granted. The registration is liable to be cancelled if such deposit is not received within the time stipulated by the Authority, unless extended.