How much can be deposited in the account?
The account can be opened with an initial deposit of Rs 250 and thereafter, any amount in multiple of Rs 50 can be deposited, subject to the condition that a minimum of Rs 250 will be deposited in a financial year, but the total money deposited in an account on a single occasion or on multiple occasions will not exceed Rs.1,50,000 in a financial year.
Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. Thus, for a 9-year-old, deposits have to continue till the child turns 24.
An account becomes a defaulted account if a minimum deposit of Rs 250 is not deposited in a single financial year. A defaulted account can be revived before completion of 15 years by paying minimum deposit of Rs. 250 + Rs 50 as penalty for default for each year.