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.