National Savings Monthly Income Account: deposits from 1 Jan 2023 earn 7.1% per annum. The Scheme confines the previously open eligibility phrasing to the period between 1st October, 2022 and 31st December, 2022 (both days inclusive) and inserts that deposits made under the Scheme on or after 1 January, 2023 shall bear interest at the rate of 7.1 per cent. per annum. The amendment is titled as the National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and is deemed to have come into force on 1 January 2023, with an explanatory memorandum noting no adverse effect from retrospective application.
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Provisions expressly mentioned in the judgment/order text.
National Savings Monthly Income Account: deposits from 1 Jan 2023 earn 7.1% per annum.
The Scheme confines the previously open eligibility phrasing to the period between 1st October, 2022 and 31st December, 2022 (both days inclusive) and inserts that deposits made under the Scheme on or after 1 January, 2023 shall bear interest at the rate of 7.1 per cent. per annum. The amendment is titled as the National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and is deemed to have come into force on 1 January 2023, with an explanatory memorandum noting no adverse effect from retrospective application.
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