Rule 16 - Payment on maturity - Social Security Certificates Rules, 1982

Payment on maturity. 16. On the expiry of the maturity period of a certificate, its holder or, in the event of his death, his nominee, or if there is no surviving nominee, the legal heir of the holder, as the case may be, shall be entitled to receive a sum inclusive of interest of Rs. 1,500 if the certificate is of the denomination of Rs. 500 or Rs. 3,000 if the certificate is of the 'denomination of Rs. 1,000 and such interest shall accrue at the end of each year as specified in the Table below and the interest so accruing at the end of each year up to the end of the ninth year shall be deemed to have been reinvested on behalf of the holder and aggregated with the amount of face value of the certificate. TABLE The year for which Amount of interest (Rs.) accruing on interest accrues certificate of denomination of Rs. 500 Rs. 1,000 ____________________________________________________________ 1 2 3 ____________________________________________________________ First Year 58.06 116.12 Second Year 64.80 129.60 Third Year 72.33 144.66 Fourth Year 80.73 161.46 Fifth Year 90.10 180.20 Sixth Year 100.57 201.14 Seventh Year 112.24 244.48 Eighth Year 125.28 250.56 Ninth Year 139.83 279.66 Tenth Year 156.06 312.12 __________________________________________________________