Monthly Income Account deposits bear specified interest rates varying by deposit date and conform to monthly payment rules. Deposits under the National Savings (Monthly Income Account) Scheme, 2019 bear interest at rates tied to the deposit date (7.6% for 12 Dec 2019 to 31 Mar 2020; 6.6% for 1 Apr 2020 to 30 Sep 2022; 6.7% for 1 Oct 2022 to 31 Dec 2022; 7.1% for 1 Jan 2023 to 31 Mar 2023; 7.4% for deposits on or after 1 Apr 2023). Interest is payable after one month, unclaimed monthly interest does not earn further interest, amounts are rounded to the nearest rupee, excess deposits are refunded with Post Office Savings Account interest, and payment dates falling on holidays are moved to the preceding business day.
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 deposits bear specified interest rates varying by deposit date and conform to monthly payment rules.
Deposits under the National Savings (Monthly Income Account) Scheme, 2019 bear interest at rates tied to the deposit date (7.6% for 12 Dec 2019 to 31 Mar 2020; 6.6% for 1 Apr 2020 to 30 Sep 2022; 6.7% for 1 Oct 2022 to 31 Dec 2022; 7.1% for 1 Jan 2023 to 31 Mar 2023; 7.4% for deposits on or after 1 Apr 2023). Interest is payable after one month, unclaimed monthly interest does not earn further interest, amounts are rounded to the nearest rupee, excess deposits are refunded with Post Office Savings Account interest, and payment dates falling on holidays are moved to the preceding business day.
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