TaxTMI 
TaxTMI 
National Savings (Monthly Income Account) Scheme, 2019
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....of twelve months commencing from the date of deposit in the account. (2) Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and in the General Rules. 3. Opening of account.- (1) The account may be opened by making an application in Form-1 by- (i) a single adult; (ii) upto a maximum of three adults in joint names; (iii) a minor who has attained the age of ten years; (iv) a guardian on behalf of a minor or a person of unsound mind. (2) An individual may open and operate one or more than one account as a single account or a joint account under this Scheme subject to the ceiling of maximum deposit limit as prescribed in sub-paragraph (2) of paragraph 4. For the purpose of maximum deposits specified under sub-paragraph (2), the account holder's share in the balance of a joint account shall be taken as one half or one third of such balance as if the account is held by two adults or three adults. 4. Deposits and withdrawals.- (1) The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees and there shall be only one ....
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....re the expiry of three years from the date of opening of such account, an amount equal to two per cent. of the deposit shall be deducted and the remainder shall be paid to him; and (ii) If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted and the remainder shall be paid to him. 7. Closure of account.- (1) The deposit made at the time of opening of the account and the interest accrued thereupon, shall be paid by the accounts office after completion of five years from the date of the opening the account to the account holder on an application in Form-3. (2) In case the account holder dies before the maturity of the account, the account may be closed and the deposit shall be refunded as per provisions of the General Rules, alongwith interest upto the month preceeding the month in which refund is made. 8. Application of General Rules.- The provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provision have been made in this Scheme. 9. Power to relax.- Where the Central Government is satisfied that the oper....
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....n for minor or person of unsound mind or blind or differently abled through authorized person. 10. (*) Details of date of birth of minor ______________________ (Applicable in case of minor account) a) Certificate No. ______________________ b) Date of Issue ______________________ c) Issuing authority ______________________ 11. (*) Name of Guardian (Natural/Legal) ______________________ (In case the account is opened on behalf of a Minor/person of unsound mind) 12. Details of other KYC documents attached 1. Proof of identification ______________________ 2. Address proof ______________________ The following documents are accepted as valid documents for the purpose of identification and address proof: 1. Passport 2. Driving license 3. Voter's ID card 4. Job card issued by NREGA signed by the State Government officer 5. Letter issued by the National Population Register containing details of name and address; 13. The operation of the account will be:- (a) By all the holders together or the surviving holder/s. (In case of joint account) (b) By either....
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....______________ Name & Address______________________ 2. Signature of witness______________________ Name & Address______________________ Signature or thumb impression of account holder(s) or guardian Place: Date: For use of Post Office/Bank The account has been opened in the name of______________________ on________________ with initial deposit of Rs______________________ under______________________.(name of the scheme) vide Account No. ______________________dated__________ Customer identification Number ______________________Nomination has been registered vide No______________________ dated____________________ Signature and seal of competent authority. FORM - 2 [See paragraph 6] (Application for premature closure of account) To, The Postmaster/Manager ______________________ ______________________ Sir, 1. I/we wish to prematurely close my/our Account No. ______________________having balance of ______________________ (Rupees ______________________ Only) opened under National Savings (Monthly Income Account) Scheme and request you to pay the amount after deduction of applicable penalty as per details given belo....