Monthly Income Scheme

Post Office Monthly Income Saving Scheme:

• Interest rate of 8% per annum payable monthly.
• Maturity period is 6 years.
• Minimum investment amount is Rs.1500/- or in multiple thereof.
• Maximum amount is Rs. 4.5 lacs in single account and Rs. 9 lacs in a joint account.
• Account can be opened by an individual, two/three adults jointly and a minor through a guardian.
• A minor having attained 10 years of age can open an account in his/her own name directly.
• Non-Resident Indian / HUF cannot open the Account.
• Minor has a separate limit of investment of Rs. 3 lacs and the same is not clubbed with the limit of guardian.
• A separate account is opened for each deposit.
• Any number of accounts can be opened subject to the maximum prescribed limit.
• Facility of automatic credit of monthly interest to saving account if accounts are at the same post office.
• Facility of premature closure of account after one year @ 3.50% discount.
• No deduction of 3.5% if account is closed on completion of three years.
• Facility of reinvestment on maturity of an account.
• Interest not with-drawan does not carry any interest.
• Maturity proceeds not drawn are eligible to saving account interest rate for a maximum period of two years.
• Account is transferable from one post office to any Post office in India free of cost.
• Nomination facility available.
• Rebate under section 80 C not admissible.
• Interest income is taxable, but no TDS
• Only scheme in Post office where monthly interest is payable.
• Most suitable scheme for senior citizens and for those who need regular monthly income.
• Deposits are exempt from Wealth Tax

FAQ’s on MIS Click Here.

For Buy Purchase online Post office Mothly Income Schemes Small Savings Postal Saving Schemes by Goverment of India.

No Comments

No comments yet.

RSS feed for comments on this post.

Inquiry

*Name

*Email (not published)

Website

Comment Here with City name and Contact number.

CAPTCHA Code