RECURRING DEPOSIT - EXTENSION OF MATURITY PERIOD.
(1). EXTENSION OF ACCOUNT
i). On expiry of the period of 5 years from the date of first deposit, the Depositor may close his/her account or may extend his/her account for a further period of 5 years either with deposits or without deposits, by submitting application in prescribed format (SB-EXT1).
ii). The Application form for extension (SB-EXT1) shall be submitted within permissible default period after maturity.
iii). The deposits can be discontinued at any time and payment can be taken at any time during the extended period of 5 years, as per Tables given in Rule 10 & 11 of NSRD Scheme 2019 and the gazette notification issued by MOF from time to time.
iv). A second Passbook in continuation of the first one will be issued to the depositor for making entries of deposits for the extended period.
