Post Office Monthly Income Account: fixed deposit, 12% annual interest payable monthly, six-year lock-in, 5% early withdrawal penalty. The Post Office Monthly Income Account requires a single initial deposit in multiples of five thousand rupees within prescribed aggregate ceilings (one lakh single, two lakhs joint). Deposits bear 12% per annum interest payable monthly; interest may be credited to the depositor's savings account subject to balance limits and does not compound if unclaimed. Funds are repayable after a six-year lock-in with a 10% maturity bonus; premature closure is allowed after one year with a 5% deduction. Nomination and pass book procedures apply, and government may relax provisions for undue hardship.
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Provisions expressly mentioned in the judgment/order text.
Post Office Monthly Income Account: fixed deposit, 12% annual interest payable monthly, six-year lock-in, 5% early withdrawal penalty.
The Post Office Monthly Income Account requires a single initial deposit in multiples of five thousand rupees within prescribed aggregate ceilings (one lakh single, two lakhs joint). Deposits bear 12% per annum interest payable monthly; interest may be credited to the depositor's savings account subject to balance limits and does not compound if unclaimed. Funds are repayable after a six-year lock-in with a 10% maturity bonus; premature closure is allowed after one year with a 5% deduction. Nomination and pass book procedures apply, and government may relax provisions for undue hardship.
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