National Savings (Monthly Income Account) (Amendment) Scheme, 2023

Last updated: 03 April 2023

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The National Savings (Monthly Income Account) Scheme has been updated in 2023. Key changes involve increased deposit limits within the scheme. These amendments aim to enhance the benefits and accessibility of the monthly income account for savers. The updated scheme comes into effect upon its official publication.

MINISTRY OF FINANCE
(Department of Economic Affairs)
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.