As mentioned there are no restrictions on withdrawal from Type A – savings account. While premature withdrawal from Type B account is allowed, it is allowed only after transferring the amount to Type A account and there may also be consequential penalty.
Any amount withdrawn is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount may be re-deposited to Type A account immediately.
Form C shall be submitted for withdrawal from an account for the first time and Form D for subsequent withdrawal providing details of the manner of utilisation of money withdrawn earlier. Hence, no chequebook or debit card is issued to the depositor.
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