Common use of Non-Retirement Savings Accounts Clause in Contracts

Non-Retirement Savings Accounts. a) An account maintained in India (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of India. i. The account is subject to regulation as a savings vehicle for purposes other than for retirement; ii. The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of India are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); iii. Withdrawals are conditioned on meeting specific criteria related to the purpose of the savings account (for example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and iv. Annual contributions are limited to $50,000 or less, applying the rules set forth in Annex I for account aggregation and currency translation. b) An account established in India under the Senior Citizens Saving Scheme of 2004 to provide Indian senior citizens saving schemes and savings and deposits account.

Non-Retirement Savings Accounts. (a) An account maintained in India (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of India. i. The account is subject to regulation as a savings vehicle for purposes other than for retirement; ii. The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of India are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); iii. Withdrawals are conditioned on meeting specific criteria related to the purpose of the savings account (for example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and iv. Annual contributions are limited to $50,000 or less, applying the rules set forth in Annex I 1 for account aggregation and currency translation. (b) An account established in India under the Senior Citizens Saving Scheme of 2004 to provide Indian senior citizens saving schemes and savings and deposits account.