Rule 10 - Premature closure of account - Post Office (Monthly Income Account) Rules, 1987

Premature closure of account 10. Notwithstanding anything contained in sub-rule (2) of rule 5, on an application made by the depositor in this regard, he may be permitted to withdraw the deposit and close the account any time after the expiry of a period of one year from the date of opening of such account, subject to the condition that: (i) if the account is closed on or before expiry of three years of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and remainder paid to him, and (ii) if the account is closed after expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and remainder paid to the depositor.