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Post Office Monthly Income Scheme (MIS)

Post Office Monthly Income Scheme (MIS)

Salient Features:

  • Interest rate of 8.4% per annum payable monthly w.e.f. 01-04-2013
  • Maturity period is 5 years.
  • No Bonus on Maturity w.e.f. 01.12.2011.
  • No tax deduction at source (TDS).
  • No tax rebate is applicable.
  • Minimum investment amount is Rs.1500/- or in multiple thereafter.
  • Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.
  • Auto credit facility of monthly interest to saving account if accounts are at the same post office.
  • Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
  • Non-Resident Indian / HUF cannot open an Account.
  • Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.
  • Facility of premature closure of account after 1 year but on or before 3 years @ 2.00% discount.
  • Deduction of 1% if account is closed prematurely at any time after three years.
  • Suitable scheme for retired employees/ senior citizens and for those who need regular monthly income.

Post Office Savings Account

Salient Features:

  • Rate of interest 4.0% per annum
  • Minimum amount Rs 50/- in case of non-cheque account, Rs.500/- in case of cheque account.
  • Maximum balance permissible is Rs 1,00,000/- in a single account and Rs 2,00,000/- in a joint account.
  • Interest Tax Free.
  • Any individual can open an account.
  • Cheque facility available.
  • Group Account, Institutional Account, other Accounts like Security Deposit account & Official Capacity account are not permissible.

Post Office Monthly Income Scheme (MIS)

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