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Section 6: Premature closure of account

National savings monthly income account scheme 2019Central Rules · 1873

The account holder may be permitted to withdraw the deposit and close the account at any time after expiry of a period of one year from the date of opening of such account by making an application in Form-2, subject to the conditions that,-

(i) if the account is closed on or before 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.

Where this provision sits

ActNational savings monthly income account scheme 2019
Section6
Marginal notePremature closure of account
JurisdictionCentral
StatusIn force as published by the source

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