Ministry of Finance, Department of Economic Affairs, has released a notification amending the National Savings (Monthly Income Account) Scheme, 2019 vide National Savings (Monthly Income Account) (Fourth Amendment) Scheme, 2023. The amendments aim to update the investment limits in the scheme, allowing individuals to invest higher amounts. This notification outlines the changes made and provides details regarding their implementation.
The National Savings (Monthly Income Account) Scheme, 2019 has been amended to revise the maximum investment limits. Previously, the scheme allowed a maximum investment of four lakh fifty thousand rupees. With the recent amendment, this limit has been increased to nine lakh rupees. Additionally, the amendment introduces a new limit of fifteen lakh rupees, allowing investors to further increase their investments in the scheme.
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 3rd July 2023
G.S.R 490(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, further to amend the National Savings (Monthly Income Account) Scheme, 2019, namely:-
1. Short title and commencement. – (1) This Scheme may be called the National Savings (Monthly Income Account) (Fourth 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 (3),-
(a) for the words “four lakh fifty thousand”, the words “nine lakh” shall be substituted;
(b) for the words “nine lakh”, the words “fifteen lakh” shall be substituted.
[F. No. 1/4/2023-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, G.S.R. 55(E) dated the 27th January, 2023, G.S.R. 239(E) dated the 31st March, 2023 and G.S.R. 325(E) dated the 27th April, 2023.
