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Can an account holder obtain loan by pledging the deposit / account under the SCSS, 2004 ?

April 26, 2017account deposit loan obtain pledging scss

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Can an account holder obtain loan by pledging the deposit / account under the SCSS, 2004 ?

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Reply : The facility of pledging the deposit / account under the SCSS, 2004 for obtaining loans, has not been permitted since the account holder will not be able to withdraw the interest amount periodically, defeating the very purpose of the scheme (GOI letter F.