Post Office Monthly Income Account limits aggregate deposits to Rs. 3 lakh for single and Rs. 6 lakh for joint accounts. Depositors may open multiple Monthly Income Accounts provided aggregate deposits across those accounts do not exceed rupees three lakhs for single accounts and rupees six lakhs for joint accounts. Each account shall have only one deposit of six thousand rupees or multiples thereof, subject to the aggregate maximums. These amendments replace the prior rule and take effect on publication in the Official Gazette.
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 limits aggregate deposits to Rs. 3 lakh for single and Rs. 6 lakh for joint accounts.
Depositors may open multiple Monthly Income Accounts provided aggregate deposits across those accounts do not exceed rupees three lakhs for single accounts and rupees six lakhs for joint accounts. Each account shall have only one deposit of six thousand rupees or multiples thereof, subject to the aggregate maximums. These amendments replace the prior rule and take effect on publication in the Official Gazette.
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