As per the Directions of RBI currently in force, premature repayment:
1. Up to 3 months from the date of deposit/renewal (Lock-in-period)@ No Repayment (Not applicable in case of premature repayment in the event of death of the depositor)
2. After 3 months but before 6 months@ No interest*
3. After 6 months but before the date of maturity@ The Interest payable shall be 2 per cent lower than the Interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3 per cent lower than the minimum rate at which deposits are accepted by the Company
*The above rates are also applicable for premature repayment in the case of death of a depositor. Premature repayments will be made only in favor of the first depositor
** In the event of death of a depositor, the Company shall repay the deposit prematurely, even within the lock-in period, to the surviving depositor/s in the case of joint holding with survivor clause, or to the nominee or the legal heir/s of the deceased depositor, on the request of the surviving depositor/s/nominee/legal heir, and only against submission of proof of death, and other necessary documents to the satisfaction of the Company.