The Union Ministry of Finance recently notified National Savings (Monthly Income Account) Scheme, 2019 vide GSR 917 (E) dated December 12, 2019. Under the scheme, maximum Rs 9 lakh can be deposited in a joint account. This deposit will ensure a monthly income of Rs 5700 for five years. Or, in five years, you can earn Rs 5700×60 = Rs 3,42,000 as interest on the deposit of Rs 9 lakh in the joint monthly income scheme account. The maximum deposit limit in a single monthly income scheme account is Rs 4.5 lakh. This deposit will provide you with a monthly income of Rs 2850. This total interest you will earn by depositing Rs 4.5 lakh in a single monthly income scheme account will be Rs 2850×60 = Rs 171,000.
Following are some key details of National Savings (Monthly Income Account) Scheme, 2019
– The deposit made at the time of opening of the account and the interest accrued thereupon will 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.
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