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The account can be opened by a single adult or 2-3 adults jointly. Period of maturity of an account is six years. Only one deposit can be made in an account. Minimum deposit limit is Rs 1000. Maximum deposit limit is Rs. 3 lakhs in case of single account and Rs. 6 lakhs in case of joint account.
Interest @ 8% per annum is payable monthly. In addition, bonus equal to 10% of the deposited amount is payable at the time of repayment on maturity. Premature closure facility is available after one year subject to condition. Income tax relief is available on the interest earned as per limits fixed vide section 80L of Income Tax, as amended from time to time.
