Section 3: Opening of account

National savings monthly income account scheme 2019Central Rules · 1873

(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.

Where this provision sits

Act	National savings monthly income account scheme 2019
Section	3
Marginal note	Opening of account
Jurisdiction	Central
Status	In force as published by the source

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