National Savings Monthly Income Account: single deposit accounts with specified deposit limits, 7.6% annual interest, and defined closure penalties. The Scheme creates a Monthly Income Account allowing single, joint, minor and guardian accounts with a single deposit (multiples of Rs. 1,000), capped at Rs. 450,000 (single/minor) and Rs. 900,000 (joint), bearing interest at 7.6% per annum payable monthly; excess deposits are refunded with Post Office Savings Account rate interest. Premature closure after one year is allowed with a 2% penalty if closed on or before three years and 1% thereafter; maturity payment follows five years. Forms prescribe opening, closure and nomination procedures and KYC requirements.
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.
National Savings Monthly Income Account: single deposit accounts with specified deposit limits, 7.6% annual interest, and defined closure penalties.
The Scheme creates a Monthly Income Account allowing single, joint, minor and guardian accounts with a single deposit (multiples of Rs. 1,000), capped at Rs. 450,000 (single/minor) and Rs. 900,000 (joint), bearing interest at 7.6% per annum payable monthly; excess deposits are refunded with Post Office Savings Account rate interest. Premature closure after one year is allowed with a 2% penalty if closed on or before three years and 1% thereafter; maturity payment follows five years. Forms prescribe opening, closure and nomination procedures and KYC requirements.
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