In case there is an urgent need of money, is premature withdrawal of deposit receipt allowed?

Yes.

The prematurity payment norms are as under:

Upto 6 months from the date of deposit/ renewal

No interest*

After 6 months but before the date of maturity

The interest payable shall be 1% lower than the interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3% lower than the minimum rate at which deposits are accepted by the company*

*The above rates are also applicable for premature repayment in the case of death of a depositor