Post Office Monthly Income Scheme limits increased to following w.e.f. 01/08/2007
6 lakhs for a single account
9 lakhs for joint a/cs
Post Office (Monthly Income Accounts) (Amendment) Rules, 2007
NOTIFICATION no. G.S.R. 521(e), dated 1-8-2007
In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:—
1. 1. (1) These rules may be called the Post Office (Monthly Income Accounts) Amendment) Rules, 2007.
(2) They shall come into force on the date of their publication in the Official Gazette.2. 2. In the Post Office (Monthly Income Account) Rules, 1987,—
(i) in rule 4, for the words “three lakh” and “six lakh”, the words “four lakh fifty thousand” and “nine lakh” respectively shall be substituted;
(ii) in rule 5 in sub-rule (1), for the words “one thousand”, “three lakh” and “six lakh”, the words “one thousand five hundred”, “four lakh fifty thousand” and “nine lakh” respectively shall be substituted.
i have invested Rs 2 lac in post office mis scheme in sept 2010 is the scheme fully tax free and is tds applicable ?
As per NOTIFICATION no. G.S.R. 521(e), dated 1-8-2007 under para (2) it was stated that ” They shall come into force on the date of their publication in the Official Gazette.2. 2. In the Post Office (Monthly Income Account) Rules, 1987 “.
Does this amendment apply to the accounts already opened and running prior to the date of notification?. Can one proceed with further deposits in the account till the ceiling of 9 lakhs is reached in a joint account ?