If someone is 50+, I am assuming the maturity period of 15 years is already over.
Then the person has 2 options to extend for 5 years.
1.Wish to continue but not invest further.
In case the account is extended without contribution, any amount can be withdrawn without restrictions. However, only one withdrawal is allowed per year. The balance will continue to earn interest till it is completely withdrawn.
2. Choose to extend account with fresh subscription.
The person can withdraw up to 60% of the balance to his credit at the commencement of each extended period in one or more instalment, but only one per year.
Then the person has 2 options to extend for 5 years.
1.Wish to continue but not invest further.
In case the account is extended without contribution, any amount can be withdrawn without restrictions. However, only one withdrawal is allowed per year. The balance will continue to earn interest till it is completely withdrawn.
2. Choose to extend account with fresh subscription.
The person can withdraw up to 60% of the balance to his credit at the commencement of each extended period in one or more instalment, but only one per year.