Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Eligibility and deposit ceiling rules for National Savings Monthly Income Accounts, including joint holders' share calculations under para 4(2)</h1> The Scheme prescribes eligibility and manner for opening a National Savings (Monthly Income Account). An account may be opened by a single adult, up to three adults jointly, a minor who has attained ten years of age, or a guardian on behalf of a minor or a person of unsound mind; this determines who may validly apply and hold the account. It also permits an individual to open and operate one or multiple accounts, whether singly or jointly, but subjects total holdings to the maximum deposit ceiling under paragraph 4(2); for computing compliance with that ceiling, the holder's share in a joint account balance is deemed to be one-half where two adults hold the account and one-third where three adults hold it.
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