Monthly Income Account permits opening by single or up to three adults, minors aged 10+, and guardians. An account may be opened in Form-1 by a single adult, up to three adults jointly, a minor aged ten years or over, or a guardian for a minor or a person of unsound mind. An individual may open one or more accounts subject to the maximum deposit limit; for that ceiling an account holder's share in a joint account is treated as one half for two adults or one third for three adults.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Monthly Income Account permits opening by single or up to three adults, minors aged 10+, and guardians.
An account may be opened in Form-1 by a single adult, up to three adults jointly, a minor aged ten years or over, or a guardian for a minor or a person of unsound mind. An individual may open one or more accounts subject to the maximum deposit limit; for that ceiling an account holder's share in a joint account is treated as one half for two adults or one third for three adults.
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