The Tax Publishers

National Savings (Monthly Income Account) Scheme, 2019

1. Duration

5 years.

2. Who can invest

The account may be opened by making an application 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.

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.

For the purpose of maximum deposits specified under sub-paragraph (2), the account holders 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.

3. Amount of deposit required

At least Rs. 1,000 and multiple thereof shall be deposited in any one account. In case of more than one account, overall deposit shall not exceed Rs. 4.5 lakhs in single account and Rs. 9 lakhs in joint account.

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