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Premature withdrawal will be permitted subject to Housing Finance Companies (NHB) Directions, 2010 for deposits and interest paid as follows:
Minimum lock in period - Three months
After three months but before six months-The interest payable shall be 4 percent per annum for individual depositor and no interest in case of other category of depositors.
After six months but before the date of maturity - The interest payable shall be one percent lower than the interest rate applicable to a public deposit for the period for which the deposit has run or if no rate has been specified for that period then two percent lower than the minimum rate at which the Public Deposits are accepted by HUDCO.
All deposit accounts standing to the credit of sole/first name depositor in the same capacity shall be clubbed and treated as one deposit account for the purpose of pre-mature repayment.
Provided that in the event of death of a depositor, the deposit may be paid pre-maturely to the surviving depositor/s in the case of joint holding with the survivor clause, or to legal heir/s with interest at the contracted rate (applicable) up to the date of repayment.
For the purpose of determining the period where the period for which the deposit had run contains any part of the year then, if such part is less than six months it shall be excluded and if such part is six months or more, it shall be reckoned as one year.
Conditions for premature withdrawal for depositors availing Tax benefits under section 80C(2)(xvi) (a) of income tax act, 1961:-
The minimum lock in period of five years is fixed for depositors availing tax benefits under section 80C and no premature withdrawal is allowed for such deposits prior to the above lock in period.
in case of joint holding by two or three persons, only the first depositor would be eligible for tax benefit for Section 80C.
As per direction of NHB vide No.NHB.HFC.DIR.9/CMD/2005 dated January 10, 2005, the premature withdrawal is, however, at the discretion of HUDCO.
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