Deposit limit rule restricts aggregate balances across monthly income accounts and sets account opening and joint share rules. Rule 4 permits a depositor to operate more than one National Savings Monthly Income Account provided deposits across all accounts do not exceed the prescribed aggregate limits for single and joint accounts; accounts must be opened in a post office or a bank; and for maximum balance purposes a depositor's share in a joint account is treated as one half or one third of the balance where two or three adults hold the account.
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.
Deposit limit rule restricts aggregate balances across monthly income accounts and sets account opening and joint share rules.
Rule 4 permits a depositor to operate more than one National Savings Monthly Income Account provided deposits across all accounts do not exceed the prescribed aggregate limits for single and joint accounts; accounts must be opened in a post office or a bank; and for maximum balance purposes a depositor's share in a joint account is treated as one half or one third of the balance where two or three adults hold the account.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
