Post Office Monthly Income Account: premature withdrawal permitted after one year; 2% deduction within three years, 1% thereafter. The amendment excludes bonus on deposits in accounts opened on or after 13 February 2006 and replaces rule 10 to allow premature closure after one year: closures on or before three years incur a two per cent deduction of the deposit; closures after three years incur a one per cent deduction, with the remainder paid to the depositor.
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: premature withdrawal permitted after one year; 2% deduction within three years, 1% thereafter.
The amendment excludes bonus on deposits in accounts opened on or after 13 February 2006 and replaces rule 10 to allow premature closure after one year: closures on or before three years incur a two per cent deduction of the deposit; closures after three years incur a one per cent deduction, with the remainder paid to the depositor.
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