This federal government offers an interest rate of 8.77% for seniors and 8.24% for others

1. What is the deposit method?

Depositors will be allowed to deposit either by check/RTGS/NEFT/online. You will not be allowed to deposit in cash or by payment. Any individual can make a deposit. Minors can also deposit a deposit with the natural guardian. As it is fully owned by the Government of Tamil Nadu, your deposits are safe.

2. Periodic Interest Payment Plans

2. Periodic Interest Payment Plans

Under this scheme, interest has to be paid monthly, quarterly or annually. The minimum deposit amount accepted will be Rs 50,000, according to the website. Seniors must present their proof of age.

Others Old person
Period (months) Monthly (%) Quarterly (%) Annually (%) Monthly (%) Quarterly (%) Annually (%)
24 7.25% 7.50%
36.48 & 7.75% 7.75% 7.98% 8.25% 8.25% 8.51%
60 8.00% 8.00% 8.24% 8.50% 8.50% 8.77%
3. Money Multiplier System

3. Money Multiplier System

If you choose this plan, interest will be compounded quarterly at the appropriate interest rate and will be paid at maturity together with the principal amount. The minimum acceptable deposit amount is Rs 50,000, according to the website.

Others Old person
Period Basic Efficient Basic Efficient
(Month) Assess Yield pa Assess Yield pa
Pennsylvania (%) Pennsylvania (%)
(%) (%)
12 seven 7.19 7.25 7.45
24 7.25 7.73 7.5 8.01
36 7.75 8.63 8.25 9:25 a.m.
48 7.75 8.99 8.25 9.66
60 8 9.72 8.5 10:46
4. How to apply?

4. How to apply?

To apply, submit the application form completed and signed by the applicant. Submit copy of PAN card, Aadhaar card, copy of proof of address if address is different from Aadhaar, completed KYC form with signed photo, Forms 15G or 15H (2 sets signed) and the canceled check.

Stephen V. Lee