The limit of deposit of Rs. 1,00,000 (Now 1.50 Lakh) in a year by an individual in his self-account and accounts opened by him on behalf of his minor(s) of whom he is the guardian is combined under rule 3 (1) of the Scheme. This limit is separate for account opened by the HUF or an association of persons or body of individuals vide rule 3 (2) of the scheme.
[MOF (DEA) Notification No GSR 908 (E) dated 6.12.2000]
If contributions in excess of Rs. 1,50,000 are made during a year by the subscriber, the deposits in excess of Rs. 1,50,000 will be treated as irregular subscriptions and will neither carry any interest nor this excess amount will be eligible for rebate under Section 80C of the Income Tax Act. This excess amount will be refunded by the Accounts Office to the subscriber without any interest.
[MOF (DEA) letter No F.3(1)-PD/70 dated 24.9.1970 and N.S.C. Nagpur letter No. 12235/Tech/PPF/20-3/98 dated: 20.7.1998]