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        Direct Taxes

        Rule 5 - Deposits and withdrawals

        National Saving (Monthly Income Account) Rules, 1987

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        Post Office Monthly Income Account: single-deposit caps set for single and joint accounts; withdrawals barred for five years. The rule limits each Monthly Income Account to a single deposit in prescribed denomination multiples, with maximum ceilings of rupees four lakh fifty thousand for single accounts and rupees nine lakh for joint accounts, and prohibits withdrawals for five years from account opening except as allowed by rule 10.
                        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.

                              Post Office Monthly Income Account: single-deposit caps set for single and joint accounts; withdrawals barred for five years.

                              The rule limits each Monthly Income Account to a single deposit in prescribed denomination multiples, with maximum ceilings of rupees four lakh fifty thousand for single accounts and rupees nine lakh for joint accounts, and prohibits withdrawals for five years from account opening except as allowed by rule 10.


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