Postal Savings Schemes: Lockup Period, Extension, and Premature Closures

Scheme	Lockup Period & Premature Closure (PMC)	Extension
SB (Savings Account)	No time limit	-
RD (5 Years)	- 3 years lockup, SB interest rate if closed early.	One-time extension for the next 5 years.
1yr, 2yr, 3yr TD	- After 6 months: SB interest rate.	Maximum of 2 extensions; thereafter, only SB interest rate.
	- After 1 year: Scheme interest for completed years (minus 2%) + SB interest for remaining months.	Time limit applies; option for extension may be exercised.
5yr TD	- 4 years lockup for accounts opened after 10.11.2023; SB interest rate applies.	- ITD: 6 months
		- 2TD: 12 months
		- 3TD: 18 months
		- 5TD: 18 months
SCSS (5 Years)	- Before 1 year: No interest.	Extension every 3 years.
	- After 1–2 years: 1.5% discount.	Within 1 year of extension: 1.0% discount.
	- After 3–5 years: 1.0% discount.	No deduction after 1 year of extension.
PPF (15 Years)	- Minimum 5 financial years.	Extension every 5 years.
	- For serious ailments/life-threatening diseases (account holder/spouse): 1% discount from opening date.
MIS	- 1 year lockup.	No extension; reinvestment only.
	- After 1–3 years: 2.0% discount.
	- After 4–5 years: 1.0% discount.
MSSC (2 Years)	- After 6 months: 2% interest rate reduction from opening date.	No extension.
NSC (5 Years)	- No PMC by depositor, but forfeiture if pledged.	No extension; reinvestment only.
KVP	- 2.5 years lockup; refer to interest table for details.	No extension; reinvestment only.

Note:

• For death claims, no lockup period, but interest varies by scheme and duration.