Amendment to National Savings (Monthly Income Account) Scheme, 2019 by DEA PDF

The Department of Posts, Ministry of Communications of the Indian Government, has released SB Order No. 07/2023 to all Head of Circles/Regions, announcing the amendment made to the National Savings (Monthly Income Account) Scheme, 2019. The maximum investment limit for the scheme has been increased from ₹4.5 lakhs to ₹9 lakhs in a single account and from ₹9 lakhs to ₹15 lakhs in Joint Account. The amendment has been made through the National Savings (Monthly Income Account) (Amendment) Scheme, 2023, as per the notification G.S.R.239(E) dated 31.03.2023, issued by MOF(DEA). The order has requested concerned parties to take necessary action, circulate the order to all concerned for information, and display it on the notice board of all Post Offices in public areas.

DEA Amends National Savings (Monthly Income Account) Scheme, 2019

SB Order No. 07/2023

F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi -110001
Dated: 31.03.2023

To

All Head of Circles/Regions

Subject: Revision of maximum limit for investment in National Savings (Monthly Income Account) Scheme, 2019

Sir/Madam,

The undersigned is directed to convey the decision of Ministry of Finance (DEA) for amendment of National Savings (Monthly Income Account) Scheme, 2019 through National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and revision of maximum investment limit for investment in National Savings (Monthly Income Account) Scheme, 2019 from ₹ four lakh fifty thousand to ₹ nine lakh in single account and from ₹ nine lakh to ₹ fifteen lakh in Joint Account. The copy of gazette notification G.S.R.239(E) dated 31.03.2023 issued by MOF(DEA) is enclosed.

• Accordingly, In the National Savings (Monthly Income Account) Scheme, 2019, in paragraph 4, in sub-paragraph (2), –

(a) for the words “rupees four lakh fifty thousand”, the words “nine lakhs” shall be substituted;
(b) for the words “nine lakhs”, the words “fifteen lakh” shall be substituted.

• It is requested to circulate it to all concerned for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area.

4. This is issued with the approval of the Competent Authority.

Yours Faithfully

(Devendra Sharma)
Assistant Director (SB-II)

NOTIFICATION

New Delhi, the 31st March, 2023

G.S.R.239(E)—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to further amend the National Savings (Monthly Income Account) Scheme, 2019, namely:-

1. (1) This Scheme may be called the National Savings (Monthly Income Account) (Amendment) Scheme, 2023.
   (2) It shall come into force on the date of its publication in the Official Gazette.
2. In the National Savings (Monthly Income Account) Scheme, 2019, in paragraph 4, in sub-paragraph (2), –

(a) for the words “rupees four lakh fifty thousand”, the words “nine lakhs” shall be substituted;

(b) for the words “nine lakhs”, the words “fifteen lakh” shall be substituted.

[F. No. 1/3/2023-NS]
ASHISH VACHHANI, Addl. Secy.

Note : The Principal Scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G. S. R. 917(E), dated the 12th December, 2019 and subsequently amended vide number G.S.R.286(E) dated the 5th May, 2022, G.S.R. 839(E) dated the 22nd November, 2022 and G.S.R. 55(E) dated the 27th January, 2023.

Source: utilities.cept.gov.in