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INTEREST ON REGISTRATION MONEY

1. No interest will be paid if the draw is held within four months from the last date of closure of the scheme in case of successful applicants.



2. In case of unsuccessful applicants, no interest will be paid, if the amount is refunded within four months from the last date of the closure of the scheme.



3. In case registration money is not refunded within four months from the closure of the scheme, in case of unsuccessful applicants, simple interest @ 5% p.a. will be paid on the registration money for the period beyond four months after the closure of the scheme up to the last date of the preceding month in which refund has been made. Illustration: In case four month’s period expires on 24thApril, interest as per this clause would be due from 1stMay i.e. after the last date of the month in which refund has been made.



4. Applicants not getting refund within one month from holding the draw are advised to contact the nodal branch of the bank in which application was deposited. DDA will not pay any interest in case of postal delay or applicant not available at given address or in case of incomplete address.