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        Direct Taxes

        Para 6 - Premature closure of account

        National Savings (Monthly Income Account) Scheme, 2019

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        Monthly Income Account premature closure: withdrawal allowed after one year with 2% or 1% deduction. Withdrawal and closure of a Monthly Income Account is allowed after one year on application in Form-2. Closure on or before three years from opening attracts a two per cent deduction of the deposit; closure after three years from opening attracts a one per cent deduction, with the remainder payable to the account holder.
                      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 premature closure: withdrawal allowed after one year with 2% or 1% deduction.

                            Withdrawal and closure of a Monthly Income Account is allowed after one year on application in Form-2. Closure on or before three years from opening attracts a two per cent deduction of the deposit; closure after three years from opening attracts a one per cent deduction, with the remainder payable to the account holder.


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