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of <h1>Monthly Income Savings Accounts: who can open, deposit caps (?4.5L/?9L), 7.6% monthly interest, early closure deductions</h1> Prescribes the National Savings (Monthly Income Account) Scheme, 2019 governing eligibility, deposit limits, interest payment, and closure of monthly income accounts. It permits opening by a single adult, up to three adults jointly, a minor aged 10 years or above, or a guardian for a minor/person of unsound mind, and allows multiple accounts subject to aggregate deposit ceilings, with joint-account balances apportioned for ceiling computation; the operative effect is to cap permissible holdings per individual. It mandates a single opening deposit of at least ?1,000 (multiples thereof) with maximum deposits of ?4.5 lakh in a single/minor/guardian account and ?9 lakh in a joint account, provides interest at 7.6% p.a. payable monthly without compounding on unclaimed interest, requires immediate refund of excess deposits with savings account interest, and allows premature closure after one year with a 2%/1% deduction before five-year maturity payout.
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