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>Monthly Income Account closure after three years: rules remove deductions, allowing depositors to withdraw full amount</h1> The rules are designated as the National Savings (Monthly Income Account) Rules, 1987 and take effect from 15 August 1987, thereby prescribing the operative name and commencement date for the Monthly Income Account scheme governed under these rules. A proviso further prescribes that where an account is closed after expiry of three years from the date of its opening, no deduction is to be made on such closure, with the consequence that the depositor becomes entitled to closure without the specified deduction once the three-year period has elapsed.
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