Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Multiple Post Office Monthly Income Accounts with ?4.5 lakh/?9 lakh aggregate deposit caps; joint shares counted by fraction rules.</h1> A depositor may open and operate more than one Post Office Monthly Income Account, subject to an aggregate ceiling on deposits across all such accounts of ?4,50,000 for accounts held singly and ?9,00,000 for accounts held jointly; for calculating compliance with the maximum balance limit, the depositor's share in a joint account balance is deemed to be one-half where held by two adults and one-third where held by three adults. The rules further prescribe that an account under these rules may be opened in a post office or a bank, enabling opening through either channel while preserving the aggregate deposit limits.
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